Company No:
Contents
Note | 28.02.2024 | 31.08.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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860,000 | 710,000 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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91,393 | 27,960 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets/(liabilities) | 22,525 | (89,705) | ||
Total assets less current liabilities | 882,525 | 620,295 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Esworthy Properties Limited (registered number:
B W Palmer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Esworthy Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The reporting period of these financial statements have been extended to cover an 18 month period, meaning the comparative figures are not entirely comparable.
The change of accounting period was administered by the directors to spread the filing deadlines of related parties throughout the year to relieve administrative pressures.
Turnover is recognised in the rental period to which the rent relates.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Period from 01.09.2022 to 28.02.2024 |
Year ended 31.08.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 September 2022 |
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Fair value movement | 243,600 |
Disposals | (93,600) |
As at 28 February 2024 |
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Valuation
The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £850,000 (2022 - £700,000).
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Historic cost | 366,071 | 422,715 |
28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Other investments and loans |
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28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Other debtors |
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28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Bank loans (secured) |
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28.02.2024 | 31.08.2022 | ||
£ | £ | ||
Deferred tax |
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Other related party transactions
During the period ended 28 February 2024, related party loans which totalled £17,180 (2022: £Nil) were deemed irrecoverable and written off by the director. These costs have been recorded as exceptional administration costs in the profit or loss account.