Registered number: 02943975
Earl Estates Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 September 2024
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Earl Estates Limited
Registered number: 02943975
Consolidated statement of financial position
As at 30 September 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Net assets excluding pension asset
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Capital redemption reserve
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Investment property reserve
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Equity attributable to owners of the parent Company
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Earl Estates Limited
Registered number: 02943975
Consolidated statement of financial position (continued)
As at 30 September 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2025.
The notes on pages 8 to 17 form part of these financial statements.
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Earl Estates Limited
Registered number: 02943975
Company statement of financial position
As at 30 September 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets excluding pension asset
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Capital redemption reserve
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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Earl Estates Limited
Registered number: 02943975
Company statement of financial position (continued)
As at 30 September 2024
The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2025.
The notes on pages 8 to 17 form part of these financial statements.
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Earl Estates Limited
Consolidated statement of changes in equity
For the Year Ended 30 September 2024
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Capital redemption reserve
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Investment property revaluation reserve
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Comprehensive income for the year
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B/F revaluation gain transferred to retained earnings
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Revaluation losses for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Earl Estates Limited
Consolidated statement of changes in equity (continued)
For the Year Ended 30 September 2024
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The notes on pages 8 to 17 form part of these financial statements.
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Earl Estates Limited
Company statement of changes in equity
For the Year Ended 30 September 2024
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Capital redemption reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 8 to 17 form part of these financial statements.
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
Earl Estates Limited is a company, Limited by shares, registered in England and Wales. The company's registered number and registered office is shown on company information page.
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest pound.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated income statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2015.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Interest income is recognised in profit or loss using the effective interest method.
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Parent company profit for the year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements. The profit after tax of the parent Company for the year was £657,708 (2023 - £390,252).
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Charge for the year on owned assets
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Earl (Kenilworth) Limited
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Earl (Northampton) Limited
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Freehold investment property
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The 2024 valuations were determined by Cluttons LLP, Chartered Surveyors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Amounts owed by group undertakings
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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The bank loans are secured by charge over the investment properties and interest at variable rate is payable on the loans.
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Revaluation gain on Investment Properties
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Earl Estates Limited
Notes to the financial statements
For the Year Ended 30 September 2024
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Allotted, called up and fully paid
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4,240 (2023 - 4,240) A Ordinary Shares shares of £0.01 each
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4,240 (2023 - 4,240) B Ordinary Shares shares of £0.01 each
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4,240 (2023 - 4,240) C Ordinary Shares shares of £0.01 each
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4,240 (2023 - 4,240) D Ordinary Shares shares of £0.01 each
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All ordinary shares rank pari pasu in all respect save that there is an ability to pay different dividends on different classes of shares. Ordinary A shares and ordinary B shares have voting rights but ordinary C shares and ordinary D shares do not carry any voting rights.
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Capital redemption reserve
The capital redemption reserve is non-distributable reserve and is the nominal value of the purchase of own shares by the company.
Investment property revaluation reserve
The investment property revaluation reserve is a special non-distributable reserve and consists of unrealised investment property fair value adjustments and related deferred tax charges transferred from the profit and loss account.
Profit and loss account
The profit and loss account consists of cumulative undistributed reserves. Non- distributable reserves are transferred from the profit and loss account to relevant non-distributable reserves.
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Commitments under operating leases
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The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.
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Related party transactions
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The company and the group have taken advantage of the exemption under FRS 102 section 1A not to disclose details of any transactions or balances between the group that have been eliminated on consolidation. During the year, interim dividends of £25,016 (2023: £50,000) were paid to the directors.
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The Company is controlled by the board of directors.
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Earl Estates Limited
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