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Registration number: 05000470

ER Property Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

ER Property Developments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

ER Property Developments Ltd

Company Information

Directors

Mr Daniel Peter Fox

Ms Elizabeth Mary Shand

Ms Rachel Mary Cruickshank

Ms Emma Louise Cruickshank

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

ER Property Developments Ltd

(Registration number: 05000470)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

12,623

16,871

Investment property

5

4,710,000

2,979,328

Investments

6

35

71

 

4,722,658

2,996,270

Current assets

 

Debtors

7

7,253

13,854

Cash at bank and in hand

 

23,617

25,501

 

30,870

39,355

Creditors: Amounts falling due within one year

8

(1,193,439)

(1,191,307)

Net current liabilities

 

(1,162,569)

(1,151,952)

Total assets less current liabilities

 

3,560,089

1,844,318

Creditors: Amounts falling due after more than one year

8

(578,150)

(588,149)

Provisions for liabilities

(547,710)

(127,071)

Net assets

 

2,434,229

1,129,098

Capital and Reserves

 

Called up share capital

100

100

Other reserves

1,859,776

456,425

Retained Earnings

574,353

672,573

Shareholders' funds

 

2,434,229

1,129,098

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

ER Property Developments Ltd

(Registration number: 05000470)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mr Daniel Peter Fox
Director

   
     
 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the Board on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Computer equipment

33% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

At the end of the period, and amount equal to the fair value movement for the year, net of the deferred tax charged or released on the underlying investment property is transferred to the fair value reserve.

The movement in fair value recognised within the period are not subject to corporation tax until such time as the underlying investment property gains are realised.

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

4

4

4

4

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

3,622

27,620

31,242

At 31 March 2024

3,622

27,620

31,242

Depreciation

At 1 April 2023

2,445

11,926

14,371

Charge for the year

324

3,924

4,248

At 31 March 2024

2,769

15,850

18,619

Carrying amount

At 31 March 2024

853

11,770

12,623

At 31 March 2023

1,177

15,694

16,871

5

Investment properties

2024
£

At 1 April

2,979,328

Additions

32,948

Fair value adjustments

1,697,724

At 31 March

4,710,000

Investment property is shown at fair value as measured by the director, D P Fox.

6

Investments

2024
£

2023
£

Investments in subsidiaries

35

71

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

71

Disposals

(36)

At 31 March 2024

35

Provision

Carrying amount

At 31 March 2024

35

At 31 March 2023

71

7

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

2,675

-

Amounts owed by related parties

2,243

2,243

Prepayments

 

2,335

1,611

Other debtors

 

-

10,000

   

7,253

13,854

 

ER Property Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

31,064

60,660

Trade Creditors

 

1,619

1,130

Amounts due to related parties

18,686

9,350

Social security and other taxes

 

2,595

2,491

Other payables

 

1,121,306

1,088,091

Accrued expenses

 

14,784

14,249

Corporation tax liability

3,385

15,336

 

1,193,439

1,191,307

Due after one year

 

Loans and borrowings

9

578,150

588,149

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

578,150

588,149


The bank loans are secured on properties owned by the company and the director.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

578,150

588,149

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

21,064

50,660

31,064

60,660