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REGISTERED NUMBER: 04653872 (England and Wales)


















Essential Estates Limited

Unaudited Financial Statements for the Year Ended 31st May 2024






Essential Estates Limited (Registered number: 04653872)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Essential Estates Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: L P Corrigan
G V Corrigan
P R Corrigan





SECRETARY: J Bryant





REGISTERED OFFICE: Suite 1
Priory House
Saxon Way
Hessle
East Yorkshire
HU13 9PB





REGISTERED NUMBER: 04653872 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Essential Estates Limited (Registered number: 04653872)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 416,895 387,638
Investments 5 24 24
416,919 387,662

CURRENT ASSETS
WIP 850,598 1,979,259
Debtors 6 4,440,809 4,220,062
Cash at bank and in hand 61,155 7,189
5,352,562 6,206,510
CREDITORS
Amounts falling due within one year 7 2,895,549 3,714,187
NET CURRENT ASSETS 2,457,013 2,492,323
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,873,932

2,879,985

CREDITORS
Amounts falling due after more than one
year

8

(1,308,047

)

(839,941

)

PROVISIONS FOR LIABILITIES - (17,937 )
NET ASSETS 1,565,885 2,022,107

CAPITAL AND RESERVES
Called up share capital 11 120 120
Retained earnings 1,565,765 2,021,987
SHAREHOLDERS' FUNDS 1,565,885 2,022,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Essential Estates Limited (Registered number: 04653872)

Balance Sheet - continued
31st May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th February 2025 and were signed on its behalf by:





L P Corrigan - Director


Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Essential Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements and have considered a number of factors to ensure that the worst case scenario situation does not put the going concern concept at risk.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Property development
Turnover from the sale of property developments is recognised when significant risks and rewards of ownership of the properties have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on exchange of contracts.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by reference to the value of services supplied to customers.

Rental income
Income received from the rental of tenanted commercial property is recognised as it becomes due

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machineryOver 5 years
Computer equipmentOver 3 years
Motor vehiclesOver 5 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Investment property
Completed investment properties are measured at fair value at each reporting date with changes in fair value recognised in statement of comprehensive income. Properties rented to group companies are included as freehold properties measured at cost less accumulated depreciation.

Incomplete investment property
Incomplete investment properties are valued at cost. The directors are of the opinion that there will be no deficit on revaluation when such properties are completed.

Stock and work in progress
Stocks of development land and work in progress are stated at the lower of cost and net realisable value. Cost consists of that expenditure which has been incurred based on normal levels of activity and net realisable value means estimated selling price less all further costs to completion.

Contract work in progress is stated at cost net of amounts transferred to cost of sales less any foreseeable losses and progress payments received and receivable not matched with turnover. A foreseeable loss is that which is currently estimated to arise over the duration of any contract, irrespective of the amount of work carried out at the balance sheet date.

Profit on long term contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty and is that amount which is estimated to fairly reflect the profit arising up to the accounting date. Profit on long term contracts is recognised in the statement of comprehensive income as the difference between the reported turnover and the related costs.

Financial instruments
The Company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans.

Debt instruments with no stated interest rate that are payable or receivable within one year, typically
trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments such as loans, borrowings and other accounts receivable and payable over more
than one year are initially measured at the transaction price including transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Where material to the financial statements, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 286,553 99,680 99,532 22,934 508,699
Additions - - 58,585 3,771 62,356
At 31st May 2024 286,553 99,680 158,117 26,705 571,055
DEPRECIATION
At 1st June 2023 - 48,325 52,400 20,336 121,061
Charge for year - 20,069 11,896 1,134 33,099
At 31st May 2024 - 68,394 64,296 21,470 154,160
NET BOOK VALUE
At 31st May 2024 286,553 31,286 93,821 5,235 416,895
At 31st May 2023 286,553 51,355 47,132 2,598 387,638

Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

The net book value of assets includes £84,158 (2023 £38,776) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st June 2023
and 31st May 2024 24
NET BOOK VALUE
At 31st May 2024 24
At 31st May 2023 24

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 115,971 55,276
Amounts owed by group undertakings 1,542,394 1,516,855
Amounts recoverable on contract 2,241,366 2,227,000
Other debtors 541,078 420,931
4,440,809 4,220,062

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 31,050 17,566
Other loans 2,388,810 1,925,000
Trade creditors 129,202 262,700
Amounts owed to group undertakings 208,057 194,759
Taxation and social security 17,673 36,441
Other creditors 110,757 1,267,721
2,895,549 3,714,187

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,000 20,000
Hire purchase contracts (see note 9) 31,210 16,914
Other loans 1,266,837 803,027
1,308,047 839,941

Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 31,050 17,566
Between one and five years 31,210 16,914
62,260 34,480

Non-cancellable operating leases
2024 2023
£    £   
Within one year 18,683 19,800
Between one and five years - 16,500
18,683 36,300

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 20,000 30,000
Other loans 2,728,027 2,728,027
2,748,027 2,758,027

Other loans are secured by debenture and legal mortgage containing fixed and floating charges over land and buildings, including land and property under development.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
120 Ordinary £1 120 120

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other debtors is a loan to a subsidiary undertaking of £1,542,394. The loan is interest free and repayable on demand.

Included within other creditors is a loan from a director of £80,000 (2023 £700,000).

Essential Estates Limited (Registered number: 04653872)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

13. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by L P Corrigan by virtue of his 60% shareholding.