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REGISTERED NUMBER: 00226574 (England and Wales)













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: Mr N G Banbury
Mr P S Dyer
Mr J D Martel
Ms J I Ryan





REGISTERED OFFICE: First Floor, Tudor House
16 Cathedral Road
Cardiff
Cardiff
CF11 9LJ





REGISTERED NUMBER: 00226574 (England and Wales)





ACCOUNTANTS: Carston ETL
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 - 11
Investment property 5 2,324,000 2,324,000
2,324,000 2,324,011

CURRENT ASSETS
Debtors 6 23,849 20,610
Cash at bank 57,041 63,457
80,890 84,067
CREDITORS
Amounts falling due within one year 7 70,236 81,157
NET CURRENT ASSETS 10,654 2,910
TOTAL ASSETS LESS CURRENT LIABILITIES 2,334,654 2,326,921

CREDITORS
Amounts falling due after more than one year 8 (415,802 ) (447,037 )

PROVISIONS FOR LIABILITIES (136,645 ) (136,645 )
NET ASSETS 1,782,207 1,743,239

CAPITAL AND RESERVES
Called up share capital 12,600 12,600
Revaluation reserve 10 1,016,333 1,016,333
Retained earnings 753,274 714,306
SHAREHOLDERS' FUNDS 1,782,207 1,743,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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


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

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 28 June 2024 and were signed on its behalf by:





Mr P S Dyer - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises rent, service charges and insurance contributions receivable and are exclusive of value added tax where applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% straight line on cost

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 4 (2023 - 4 ) .

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 13,848
DEPRECIATION
At 1 April 2023 13,837
Charge for year 11
At 31 March 2024 13,848
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 11

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,324,000
NET BOOK VALUE
At 31 March 2024 2,324,000
At 31 March 2023 2,324,000

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 17,155 10,353
Other debtors 6,694 10,257
23,849 20,610

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 37,500 37,500
Trade creditors - 4,721
Taxation and social security 18,546 21,219
Other creditors 14,190 17,717
70,236 81,157

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other creditors 415,802 447,037

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 1,016,333