Year Ended
Registration number:
East Devon Properties Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
East Devon Properties Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
East Devon Properties Limited
Balance Sheet
31 March 2024
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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 08369310
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
East Devon Properties Ltd
PO Box 64
Exmouth
Devon
EX8 5YP
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the value of goods and services provided to date can be reliably measured. Rental income is recognised in the period to which it relates.
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Freehold property |
2% straight line |
Fixtures, fittings and equipment |
15% reducing balance |
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for obsolete, deteriorated or unusable stock.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2023 |
|
|
|
Additions |
- |
|
|
Disposals |
- |
( |
( |
At 31 March 2024 |
|
|
|
Depreciation |
|||
At 1 April 2023 |
|
|
|
Charge for the year |
- |
|
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2024 |
|
|
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
|
|
Included within the net book value of land and buildings above is £899,999 (2023 - £899,999) in respect of freehold land and buildings.
Investment properties |
2024 |
|
At 1 April 2023 |
|
Additions |
|
Fair value adjustments |
|
At 31 March 2024 |
|
Details of the basis of valuation can be found in accounting policies.
There has been no valuation of investment property by an independent valuer.
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Loans and borrowings |
2024 |
2023 |
|
Loans and borrowings due after one year |
||
Bank borrowings |
74,725 |
81,853 |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Security has been provided on the company's loans and borrowings by a charge over the financed assets.
Financial commitments, guarantees and contingencies |
The company exchanged contracts during the year ended 31 March 2023 in respect of the sale of the hotel property. The planned completion date of 31 August 2024 was extended by way of deed of variation. The new completion deadline is 31 August 2025.
Related party transactions |
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Mr N R Fowler |
||||
Loan repayable on demand. Interest charged at HMRC official rate |
( |
|
( |
- |
East Devon Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,591 |
|
2,591 |
|
|
2,591 |
|
2,591 |
|
|
2,453 |
|
2,453 |
|
|
2,365 |
|
2,365 |
|
|
|
|
Non-Distributable Reserves |
Included within the profit and loss reserve is £1,892,480 (2023: £nil) of non-distributable reserves in respect of revaluation gains on investment property, net of a deferred tax provision on such gains.