EP7 Limited
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for Filing with Registrar
Company Registration No. 10424346 (England and Wales)
EP7 Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EP7 Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,200,000
2,800,000
Current assets
Debtors
5
14,092
8,525
Cash at bank and in hand
30,892
71,825
44,984
80,350
Creditors: amounts falling due within one year
6
(129,747)
(120,173)
Net current liabilities
(84,763)
(39,823)
Total assets less current liabilities
2,115,237
2,760,177
Creditors: amounts falling due after more than one year
7
(1,422,946)
(1,527,747)
Provisions for liabilities
(7,393)
(157,393)
Net assets
684,898
1,075,037
Capital and reserves
Called up share capital
10
1
1
Share premium account
99
99
Revaluation reserve
-
0
472,178
Profit and loss reserves
684,798
602,759
Total equity
684,898
1,075,037

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.

EP7 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 27 February 2025 and are signed on its behalf by:
D M Hayward
Director
Company Registration No. 10424346
EP7 Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 3
1
Accounting policies
Company information

EP7 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Causeway House, 1 Dane Street, Bishops Stortford, Hertfordshire, United Kingdom, CM23 3BT.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of any rent receivable on properties held as investment properties. Any such income is recognised in the period to which it relates.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

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

1.5
Financial instruments

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.6
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.

1.7
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.

EP7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
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.

2
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
16,480
19,578
Deferred tax
Origination and reversal of timing differences
(150,000)
-
0
Total tax (credit)/charge
(133,520)
19,578
4
Investment property
2024
£
Fair value
At 1 June 2023
2,800,000
Revaluations
(600,000)
At 31 May 2024
2,200,000
EP7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
4
Investment property
(Continued)
Page 5

The 2024 valuations were carried out by a qualified third party as part of a refinancing exercise which completed on 18 December 2024.

 

The historical cost of the investment property is £2,170,429 (2023: £2,170,429).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,921
100
Prepayments and accrued income
7,171
8,425
14,092
8,525
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
102,017
89,723
Corporation tax
16,538
19,629
Accruals and deferred income
11,192
10,821
129,747
120,173
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,422,946
1,527,747
8
Loans and overdrafts
2024
2023
£
£
Bank loans
1,524,963
1,617,470
Payable within one year
102,017
89,723
Payable after one year
1,422,946
1,527,747

The bank borrowing has been secured by a floating charge over the assets held by the company. A cross guarantee is held with Nockolds Solicitors Limited, a company under common control.

 

EP7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluation of investment property
7,393
157,393
2024
Movements in the year:
£
Liability at 1 June 2023
157,393
Credit to profit or loss
(150,000)
Liability at 31 May 2024
7,393
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 0.01p each
9,996
9,996
1
1
EP7 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 7
11
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
447,879
624,929
12
Related party transactions

Nockolds Solicitors Limited, a company under common control, rents premises from the company. The rental income payable to the company for the year ended 31 May 2024 was £172,500 (2023: £166,050). At the year end, the Company was owed £6,821 by Nockolds Solicitors Limited (2023: £4,821 owed to Nockolds Solicitors Limited).

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