Lone Eagle Estates Limited 04429047 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of a property investment company Digita Accounts Production Advanced 6.30.9574.0 true true 04429047 2023-07-01 2024-06-30 04429047 2024-06-30 04429047 core:RetainedEarningsAccumulatedLosses 2024-06-30 04429047 core:RevaluationReserve 2024-06-30 04429047 core:ShareCapital 2024-06-30 04429047 core:CurrentFinancialInstruments 2024-06-30 04429047 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04429047 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 04429047 core:LandBuildings 2024-06-30 04429047 core:OtherPropertyPlantEquipment 2024-06-30 04429047 bus:SmallEntities 2023-07-01 2024-06-30 04429047 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04429047 bus:FilletedAccounts 2023-07-01 2024-06-30 04429047 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04429047 bus:RegisteredOffice 2023-07-01 2024-06-30 04429047 bus:Director2 2023-07-01 2024-06-30 04429047 bus:Director3 2023-07-01 2024-06-30 04429047 bus:Director4 2023-07-01 2024-06-30 04429047 bus:Director6 2023-07-01 2024-06-30 04429047 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04429047 core:LandBuildings 2023-07-01 2024-06-30 04429047 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 04429047 countries:AllCountries 2023-07-01 2024-06-30 04429047 2023-06-30 04429047 core:LandBuildings 2023-06-30 04429047 core:OtherPropertyPlantEquipment 2023-06-30 04429047 2022-07-01 2023-06-30 04429047 2023-06-30 04429047 core:RetainedEarningsAccumulatedLosses 2023-06-30 04429047 core:RevaluationReserve 2023-06-30 04429047 core:ShareCapital 2023-06-30 04429047 core:CurrentFinancialInstruments 2023-06-30 04429047 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04429047 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04429047 core:LandBuildings 2023-06-30 04429047 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 04429047

Lone Eagle Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lone Eagle Estates Limited
(Registration number: 04429047)

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

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,475,000

7,475,000

Current assets

 

Stocks

5

74,051

74,051

Debtors

6

20,057

267,390

Cash at bank and in hand

 

41,993

75,972

 

136,101

417,413

Creditors: Amounts falling due within one year

7

(3,791,076)

(1,114,124)

Net current liabilities

 

(3,654,975)

(696,711)

Total assets less current liabilities

 

3,820,025

6,778,289

Creditors: Amounts falling due after more than one year

7

-

(2,647,888)

Provisions for liabilities

(121,640)

(185,003)

Net assets

 

3,698,385

3,945,398

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

1,893,138

1,950,062

Retained earnings

1,805,246

1,995,335

Shareholders' funds

 

3,698,385

3,945,398

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 10 February 2025 and signed on its behalf by:
 

.........................................

P J Goodes

Director

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

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

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 deferred 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.

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Investment property

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.

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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 2 (2023 - 4).

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Investment Properties
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

7,475,000

6,000

7,481,000

Revaluations

(56,924)

-

(56,924)

Additions

56,924

-

56,924

At 30 June 2024

7,475,000

6,000

7,481,000

Depreciation

At 1 July 2023

-

6,000

6,000

At 30 June 2024

-

6,000

6,000

Carrying amount

At 30 June 2024

7,475,000

-

7,475,000

At 30 June 2023

7,475,000

-

7,475,000

Valuation
The fair value of the company's investment property was valued on an open market basis by the directors on 30 June 2024. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,581,862 (2023 - £5,524,938). The depreciation on historical costs is £nil (2023 - £nil).
 

5

Work in progress

2024
£

2023
£

Work in progress

74,051

74,051

6

Debtors

2024
£

2023
£

Trade debtors

12,219

32,314

Prepayments and accrued income

7,838

156,048

Other debtors

-

79,028

20,057

267,390

 

Lone Eagle Estates Limited
(Registration number: 04429047)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

12,365

305,759

Loans due to related parties

2,816,075

-

Amounts due to related parties

670,808

508,381

Social security and other taxes

31,313

-

Other creditors

41,992

75,971

Accrued expenses

218,523

224,013

3,791,076

1,114,124

Due after one year

Loans owed to related parties

-

2,647,888

The loan owed to related parties is secured by a bank charge over the company's investment property. The company has provided a cross guarantee in respect of the loan. The final instalment is due on 7th May 2025.