Company Registration No. 11301153 (England and Wales)
El Nido Properties Ltd
Unaudited accounts
for the year ended 30 April 2024
El Nido Properties Ltd
Unaudited accounts
Contents
El Nido Properties Ltd
Company Information
for the year ended 30 April 2024
Directors
Roy Charles Hancock
Diana Lee Barden
Company Number
11301153 (England and Wales)
Registered Office
62
Keverstone Court
97 Manor Road
Bournemouth
Dorset
BH1 3BY
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
El Nido Properties Ltd
Accountants' report
Accountants' report to the board of directors of El Nido Properties Ltd on the preparation of the unaudited statutory accounts for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
El Nido Properties Ltd for the year ended
30 April 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of El Nido Properties Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of El Nido Properties Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than El Nido Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that El Nido Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of El Nido Properties Ltd. You consider that El Nido Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of El Nido Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
12 November 2024
El Nido Properties Ltd
Statement of financial position
as at 30 April 2024
Tangible assets
1,469
3,668
Investment property
358,531
376,332
Cash at bank and in hand
107,520
108,135
Creditors: amounts falling due within one year
(216,340)
(225,340)
Net current liabilities
(108,820)
(117,205)
Total assets less current liabilities
251,180
262,795
Creditors: amounts falling due after more than one year
(237,328)
(219,460)
Provisions for liabilities
Deferred tax
(4,775)
(11,596)
Called up share capital
100
100
Revaluation reserve
33,353
46,704
Profit and loss account
(24,376)
(15,065)
Shareholders' funds
9,077
31,739
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by
Diana Lee Barden
Director
Company Registration No. 11301153
El Nido Properties Ltd
Notes to the Accounts
for the year ended 30 April 2024
El Nido Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 11301153. The registered office is 62, Keverstone Court, 97 Manor Road, Bournemouth, Dorset, BH1 3BY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% on cost
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
El Nido Properties Ltd
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 May 2023
376,332
Net loss from fair value adjustments
(17,801)
6
Creditors: amounts falling due within one year
2024
2023
Loans from directors
215,320
222,320
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
237,328
219,460
Aggregate of amounts that fall due for payment after five years
234,828
215,859
In October 2020, the company received a Bounce Back Loan of £5,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
Included in long term creditors are bank loans secured on investment properties. Personal guarantees have been provided.
El Nido Properties Ltd
Notes to the Accounts
for the year ended 30 April 2024
8
Deferred taxation
2024
2023
Revaluation of investment property
11,118
15,568
Tax losses carried forward
(6,343)
(3,972)
Provision at start of year
11,596
-
(Credited)/charged to the profit and loss account
(6,821)
11,596
Provision at end of year
4,775
11,596
Comparatives have been restated for deferred tax on revaluation of investment properties and taxable losses.
9
Transactions with related parties
At the year end, the company owed the directors £215,320 (2023 - £222,320). Interest of £8,000 (2023 - £8,000) has been charged in the year.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).