Eagle One MMVI Limited 05997053 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and development. Digita Accounts Production Advanced 6.30.9574.0 true 05997053 2023-04-01 2024-03-31 05997053 2024-03-31 05997053 core:CurrentFinancialInstruments 2024-03-31 05997053 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05997053 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05997053 bus:SmallEntities 2023-04-01 2024-03-31 05997053 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05997053 bus:FullAccounts 2023-04-01 2024-03-31 05997053 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05997053 bus:RegisteredOffice 2023-04-01 2024-03-31 05997053 bus:Director1 2023-04-01 2024-03-31 05997053 bus:Director2 2023-04-01 2024-03-31 05997053 bus:Director3 2023-04-01 2024-03-31 05997053 bus:Director4 2023-04-01 2024-03-31 05997053 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05997053 countries:UnitedKingdom 2023-04-01 2024-03-31 05997053 2023-03-31 05997053 2021-10-01 2023-03-31 05997053 2023-03-31 05997053 core:CurrentFinancialInstruments 2023-03-31 05997053 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05997053 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05997053

Eagle One MMVI Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Eagle One MMVI Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Eagle One MMVI Limited

Company Information

Directors

P J Goodes

N I Hole

J M Symons

P R Withers

Registered office

Eagle House
1 Babbage Way
Exeter Science Park
Exeter
Devon
EX5 2FN

 

Eagle One MMVI Limited

(Registration number: 05997053)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,750,000

1,750,000

Current assets

 

Work in progress

5

37,152

37,152

Debtors

6

53,924

792

Cash at bank and in hand

 

100

100

 

91,176

38,044

Creditors: Amounts falling due within one year

7

(765,253)

(93,748)

Net current liabilities

 

(674,077)

(55,704)

Total assets less current liabilities

 

1,075,923

1,694,296

Creditors: Amounts falling due after more than one year

7

-

(679,500)

Net assets

 

1,075,923

1,014,796

Capital and reserves

 

Called up share capital

100

100

Non-distributable reserve

431,089

431,089

Profit and loss account

644,734

583,607

Total equity

 

1,075,923

1,014,796

 

Eagle One MMVI Limited

(Registration number: 05997053)
Balance Sheet as at 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................
P J Goodes
Director

 

Eagle One MMVI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Eagle House
1 Babbage Way
Exeter Science Park
Exeter
Devon
EX5 2FN

These financial statements were authorised for issue by the Board on 3 December 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

Revenue comprises rental income from tenants of the company's investment properties. Rental income includes the income from managed operations. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rental income from investment property leased out under an operating lease is recognised in the profit and loss account on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis.

Tax

The tax expense for the period comprises current 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.

 

Eagle One MMVI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income 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.

Investment property

Investment property is included at fair value. Any surplus or deficit on revaluation is recognised in the profit and loss account. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eagle One MMVI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 4).

4

Investment properties

2024
£

At 1 April 2023

1,750,000

At 31 March 2024

1,750,000


Valuation
The fair value of the company's investment property was valued on an open market basis by the directors on 31 March 2024. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,318,911 (2023 - £1,318,911).

5

Work in progress

2024
£

2023
£

Work in progress

37,152

37,152

 

Eagle One MMVI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

53,113

502

Prepayments

811

290

 

53,924

792

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

492

-

Amounts owed to related parties

694,268

6,379

Taxation and social security

26,241

39,303

Accrued expenses

44,252

48,066

765,253

93,748

2024
£

2023
£

Due after one year

Related party loan

-

679,500