REGISTERED NUMBER: |
THE ESPLANADE PROPERTY COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
THE ESPLANADE PROPERTY COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
THE ESPLANADE PROPERTY COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Tudor House |
16 Cathedral Road |
Cardiff |
CF11 9LJ |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The results for the year are set out on page 4 of the full financial report. The outline of the results are shown below. The profit before taxation is shown as slightly lower than 2023; this is mainly due to increased interest charges. |
2024 |
2023 |
Movement Favourable/Adverse |
£ | £ | £ |
Turnover - rental income etc | 230,404 | 247,447 | (17,043) |
Administrative and property expenses | 124,648 | 136,496 | 11,848 |
Net interest payable | 40,884 | 29,863 | (11,201) |
Profit before taxation | 65,063 | 81,155 | (16,092) |
Tax on profit | 13,495 | 15,419 | 1,924 |
Carston Chartered Accountants remain as the reporting accountants who have prepared these accounts. |
The new arrangement, whereby the contractors dealing with the lettings also provide the rent collection service, is working well. |
With the company having a variable rate mortgage, the company experienced rising interest during the year. |
There was full occupancy throughout the year subject to the usual tenancy changes at Esplanade Buildings. There have been the usual property repairs, maintenance and improvements when the occupancy changes. |
The Directors continue to closely monitor the performance of the Company and where a property is not representing good value, they will consider the options for marketing the property, depending on current building values. |
The administrator, contractors and Directors ensure that the Company is kept up to date with legal requirements such as "Rent Smart Wales", electrical and gas inspections etc. |
The Directors are not aware of any adverse matters affecting the Company as a landlord. |
The Directors thank their professional advisors and administrator for their assistance during the year. |
This report was approved by the board of Directors on 22nd May 2024 and signed on behalf of the board by: |
Paul Dyer |
Director |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
The Esplanade Property Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises rent, service charges and insurance contributions receivable and are exclusive of value added tax where applicable. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Property maintenance costs |
n the absence of a specific intention by the board of either a disposition or substantial reconstruction of letting units in investment properties, all expenditure incurred on general repair, maintenance and upgrade is written off as incurred. It is the opinion of the board that the nature of the company's property ownership is such that any appreciation in value is due to the passage of time rather than intent to improve as policy and is as such reflected through the revaluation reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2010 | 284,509 |
Valuation in 2015 | 108,836 |
Valuation in 2019 | 300,000 |
Valuation in 2022 | 423,173 |
Cost | 1,207,482 |
2,324,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,207,482 | 1,207,482 |
The main Investment property was valued on an open market basis on 31 March 2022 by a third party valuer and the directors . |
THE ESPLANADE PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 00226574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Building society mortgages | 453,302 | 484,537 |
Secured debt comprising building society mortgages are secured by way of a fixed and floating charge on certain of the company's investment properties. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |