Everlasting Property Company Limited
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for Filing with Registrar
Company Registration No. 10158773 (England and Wales)
Everlasting Property Company Limited
Company Information
Directors
M Garlick
A Garlick
Company number
10158773
Registered office
12 Brook House
Chapel Place
Rivington Street
London
EC2A 3SJ
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Everlasting Property Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Everlasting Property Company Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
12,011,784
10,701,130
Investments
4
8,300,000
8,300,000
20,311,784
19,001,130
Current assets
Debtors
6
238,856
165,915
Investments
7
-
0
2,421,000
Cash at bank and in hand
3,660,208
322,317
3,899,064
2,909,232
Creditors: amounts falling due within one year
8
(8,428,152)
(8,493,838)
Net current liabilities
(4,529,088)
(5,584,606)
Total assets less current liabilities
15,782,696
13,416,524
Creditors: amounts falling due after more than one year
9
(5,554,922)
(3,787,452)
Net assets
10,227,774
9,629,072
Capital and reserves
Called up share capital
10
148,099
148,099
Share premium account
8,143,400
8,143,400
Capital redemption reserve
8,501
8,501
Profit and loss reserves
1,927,774
1,329,072
Total equity
10,227,774
9,629,072

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Everlasting Property Company Limited
Balance Sheet (Continued)
As at 31 May 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
M Garlick
Director
Company Registration No. 10158773
Everlasting Property Company Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 3
1
Accounting policies
Company information

Everlasting Property Company Limited is a private company limited by shares incorporated in and domiciled in England and Wales. The registered office is 12 Brook House, Chapel Place, Rivington Street, London, United Kingdom, EC2A 3SJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The majority of creditor balances are due to connected companies and although due on demand, the directors confirm they will not call upon these until there are sufficient cash reserves from the sell of properties. The directors have also confirmed continual support for the company.

1.3
Turnover

Turnover represents amounts receivable for rent, exclusive of VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

Basic financial instruments are measured at cost.

Everlasting Property Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
Other financial assets

Current asset investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at cost and once sold, the accumulated return on the investment is received by way of dividend and is recognised upon receipt.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Everlasting Property Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 June 2023
10,701,130
Additions
1,310,654
At 31 May 2024
12,011,784

The historical cost of the investment property is £12,011,784 (2023: £10,701,130). The directors have confirmed that no revaluation is required on the investment properties this year.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8,300,000
8,300,000
5
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
MBA Property Company Limited
United Kingdom
Property Investment
Ordinary Shares
100.00
Everlasting Property Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
159,017
Amounts owed by group undertakings
204,133
-
0
Other debtors
10,987
-
Prepayments and accrued income
23,736
6,898
238,856
165,915
7
Current asset investments
2024
2023
£
£
Other investments
-
0
2,421,000

The fair value of current asset investments at the balance sheet date was £nil (2023: £2,882,707) although these are carried at cost less impairment.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,045
16,312
Amounts owed to group undertakings
8,168,543
8,171,493
Corporation tax
169,229
120,885
Other taxation and social security
32,375
15,593
Other creditors
18,750
781
Accruals and deferred income
37,210
168,774
8,428,152
8,493,838
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,554,922
3,787,452
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,480,990
1,480,990
148,099
148,099
Everlasting Property Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 7
11
Related party transactions

At the year end an amount of £13,458,945 (2023: £11,958,945) was owed to companies within the group. Interest of £264,520 (2023: £189,373) was payable on this balance.

 

At the year end an amount of £204,133 (2023: nil) was owed from companies under common control.

 

At the year end an amount of £10,987 (2023: £nil) was owed by the director. This amount has been fully repaid post year end.

2024-05-312023-06-01falsefalsefalse26 February 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityM GarlickA Garlick101587732023-06-012024-05-3110158773bus:Director12023-06-012024-05-3110158773bus:Director22023-06-012024-05-3110158773bus:RegisteredOffice2023-06-012024-05-31101587732024-05-31101587732023-05-3110158773core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3110158773core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3110158773core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3110158773core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3110158773core:ShareCapital2024-05-3110158773core:ShareCapital2023-05-3110158773core:SharePremium2024-05-3110158773core:SharePremium2023-05-3110158773core:CapitalRedemptionReserve2024-05-3110158773core:CapitalRedemptionReserve2023-05-3110158773core:RetainedEarningsAccumulatedLosses2024-05-3110158773core:RetainedEarningsAccumulatedLosses2023-05-31101587732022-06-012023-05-31101587732023-05-3110158773core:CurrentFinancialInstruments2024-05-3110158773core:CurrentFinancialInstruments2023-05-3110158773bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110158773bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110158773bus:FRS1022023-06-012024-05-3110158773bus:AuditExemptWithAccountantsReport2023-06-012024-05-3110158773bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP