Silverfin false false 28/02/2024 01/09/2022 28/02/2024 B W Palmer 30/08/2014 26 November 2024 The principal activity of the company during the period was renting its investment properties to tenants. 09195611 2024-02-28 09195611 bus:Director1 2024-02-28 09195611 2022-08-31 09195611 core:CurrentFinancialInstruments 2024-02-28 09195611 core:CurrentFinancialInstruments 2022-08-31 09195611 core:Non-currentFinancialInstruments 2024-02-28 09195611 core:Non-currentFinancialInstruments 2022-08-31 09195611 core:ShareCapital 2024-02-28 09195611 core:ShareCapital 2022-08-31 09195611 core:FurtherSpecificReserve1ComponentTotalEquity 2024-02-28 09195611 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 09195611 core:RetainedEarningsAccumulatedLosses 2024-02-28 09195611 core:RetainedEarningsAccumulatedLosses 2022-08-31 09195611 2022-09-01 2024-02-28 09195611 bus:FilletedAccounts 2022-09-01 2024-02-28 09195611 bus:SmallEntities 2022-09-01 2024-02-28 09195611 bus:AuditExemptWithAccountantsReport 2022-09-01 2024-02-28 09195611 bus:PrivateLimitedCompanyLtd 2022-09-01 2024-02-28 09195611 bus:Director1 2022-09-01 2024-02-28 09195611 2021-09-01 2022-08-31 09195611 core:Non-currentFinancialInstruments 2022-09-01 2024-02-28 iso4217:GBP xbrli:pure

Company No: 09195611 (England and Wales)

ESWORTHY PROPERTIES LIMITED

Unaudited Financial Statements
For the financial period from 01 September 2022 to 28 February 2024
Pages for filing with the registrar

ESWORTHY PROPERTIES LIMITED

Unaudited Financial Statements

For the financial period from 01 September 2022 to 28 February 2024

Contents

ESWORTHY PROPERTIES LIMITED

BALANCE SHEET

As at 28 February 2024
ESWORTHY PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 28 February 2024
Note 28.02.2024 31.08.2022
£ £
Fixed assets
Investment property 3 850,000 700,000
Investments 4 10,000 10,000
860,000 710,000
Current assets
Debtors 5 63,821 23,080
Cash at bank and in hand 27,572 4,880
91,393 27,960
Creditors: amounts falling due within one year 6 ( 68,868) ( 117,665)
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 ( 306,269) ( 306,269)
Provision for liabilities 8 ( 101,054) ( 73,663)
Net assets 475,202 240,363
Capital and reserves
Called-up share capital 1 1
Fair value reserve 382,875 0
Profit and loss account 92,326 240,362
Total shareholder's funds 475,202 240,363

For the financial period ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Esworthy Properties Limited (registered number: 09195611) were approved and authorised for issue by the Director on 26 November 2024. They were signed on its behalf by:

B W Palmer
Director
ESWORTHY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2022 to 28 February 2024
ESWORTHY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2022 to 28 February 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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

Turnover is recognised at the fair value of the rent received or receivable from tenants.

Turnover is recognised in the rental period to which the rent relates.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

Period from
01.09.2022 to
28.02.2024
Year ended
31.08.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 September 2022 700,000
Fair value movement 243,600
Disposals (93,600)
As at 28 February 2024 850,000

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

4. Fixed asset investments

28.02.2024 31.08.2022
£ £
Other investments and loans 10,000 10,000

5. Debtors

28.02.2024 31.08.2022
£ £
Other debtors 63,821 23,080

6. Creditors: amounts falling due within one year

28.02.2024 31.08.2022
£ £
Trade creditors 0 730
Taxation and social security 19,660 0
Other creditors 49,208 116,935
68,868 117,665

7. Creditors: amounts falling due after more than one year

28.02.2024 31.08.2022
£ £
Bank loans (secured) 306,269 306,269

The bank loans are secured on the investment properties to which they relate by way of fixed and floating charge and are repayable in more than 5 years from the period end date.

8. Provision for liabilities

28.02.2024 31.08.2022
£ £
Deferred tax 101,054 73,663

9. Related party transactions

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.