Registered number
10062419
Essential Property Development Limited
Filleted Accounts
31 March 2024
Essential Property Development Limited
Registered number: 10062419
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2 2,953,801 2,405,420
Current assets
Cash at bank and in hand 5,517 649
Creditors: amounts falling due within one year 3 (5,153) (5,099)
Net current assets/(liabilities) 364 (4,450)
Total assets less current liabilities 2,954,165 2,400,970
Creditors: amounts falling due after more than one year 4 (3,024,427) (2,428,088)
Net liabilities (70,262) (27,118)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (71,262) (28,118)
Shareholders' funds (70,262) (27,118)
Average number of employees - -
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Xue Ming Zhang
Director
Approved by the board on 2 December 2024
Essential Property Development Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 2,456,420
Additions 566,381
At 31 March 2024 3,022,801
Depreciation
At 1 April 2023 51,000
Charge for the year 18,000
At 31 March 2024 69,000
Net book value
At 31 March 2024 2,953,801
At 31 March 2023 2,405,420
3 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 1,773 1,727
Other creditors 3,380 3,372
5,153 5,099
4 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,419,766 1,085,011
Obligations under finance lease and hire purchase contracts 3,618 -
Director's Loan Account 1,601,043 1,343,077
3,024,427 2,428,088
5 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,419,766 1,085,011
One saving Bank Plc hold the charge of Property of no 02 Westminster Drive London N13 4NU.
Lendinvest BTL Limited hold the charges of Property of no 63 A, 63B AND 63C Montreal Road, Tilbury, RM18 8XU.Paragon Bank PLC hold the charges of Property of no 78 Dereham Road, Barking, IG11 9EY
6 Other information
Essential Property Development Limited is a private company limited by shares and incorporated in England. Its registered office is:
48 Wards Road
Ilford
Redbridge
Essex
IG2 7BA
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