Company Registration No. 08578465 (England and Wales)
ESJA Properties Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
ESJA Properties Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
ESJA Properties Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,129,399
1,129,399
Current assets
Debtors
5
24,691
3,010
Cash at bank and in hand
5,642
18,052
30,333
21,062
Creditors: amounts falling due within one year
6
(472,954)
(522,046)
Net current liabilities
(442,621)
(500,984)
Total assets less current liabilities
686,778
628,415
Provisions for liabilities
7
(57,170)
(57,170)
Net assets
629,608
571,245
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
229,657
229,657
Profit and loss reserves
398,951
340,588
Total equity
629,608
571,245

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ESJA Properties Limited
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Edward Awty
June Awty
Director
Director
Company Registration No. 08578465
ESJA Properties Limited
Statement of changes in equity
For the year ended 31 March 2024
3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
1,000
229,657
289,482
520,139
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
51,106
51,106
Balance at 31 March 2023
1,000
229,657
340,588
571,245
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
58,363
58,363
Balance at 31 March 2024
1,000
229,657
398,951
629,608
ESJA Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information

ESJA Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income and is recognised in the profit and loss account over the period to which it relates, net of VAT where applicable.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and represents cash in hand.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ESJA Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ESJA Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
15,935
11,988
Tax overprovided in previous year
(15)
-
0
Total current tax
15,920
11,988
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,129,399

Investment property comprises three real estate properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by Edward Awty, a director and shareholder of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
24,691
3,010
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
15,935
11,988
Other taxation and social security
8,203
6,692
Other creditors
448,816
503,366
472,954
522,046
ESJA Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
57,170
57,170
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
57,170
57,170
There were no deferred tax movements in the year.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

Each ordinary share has attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

10
Related party transactions

Included within other creditors is a balance due to the directors at 31 March 2024 amounting to £424,550 (2023 - £484,573). These loans are on an interest free basis and there is no specific repayment date.

11
Controlling party

There is no ultimate controlling party.

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