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Registration number: 03491883

Esselle Homes Limited
Annual Report and
Unaudited Financial Statements

30 June 2024

 

Esselle Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Esselle Homes Limited

Balance Sheet
30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

750,000

730,232

Current assets

 

Debtors

5

180,903

153,687

Cash at bank and in hand

 

41,250

61,211

 

222,153

214,898

Creditors: Amounts falling due within one year

6

(152,727)

(157,520)

Net current assets

 

69,426

57,378

Total assets less current liabilities

 

819,426

787,610

Creditors: Amounts falling due after more than one year

6

(315,040)

(318,412)

Provisions for liabilities

-

(57)

Net assets

 

504,386

469,141

Capital and reserves

 

Called up share capital

2

2

Retained earnings

504,384

469,139

Shareholders' funds

 

504,386

469,141

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.

 

Esselle Homes Limited

Balance Sheet
30 June 2024

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 20 February 2025 and signed on its behalf by:
 

.........................................
H L Fruhman
Director

Company Registration Number: 03491883

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
England

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and 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.

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

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.

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 5 (2023 - 5).

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2023

729,929

9,480

739,409

Revaluations

20,071

-

20,071

At 30 June 2024

750,000

9,480

759,480

Depreciation

At 1 July 2023

-

9,177

9,177

Charge for the year

-

303

303

At 30 June 2024

-

9,480

9,480

Carrying amount

At 30 June 2024

750,000

-

750,000

At 30 June 2023

729,929

303

730,232

Included within the net book value of land and buildings above is £750,000 (2023 - £729,929) in respect of freehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

151,500

151,500

Other debtors

 

27,310

-

Prepayments

 

2,093

2,187

 

180,903

153,687

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

3,732

3,733

Trade creditors

 

3,155

754

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

8

134,099

134,099

Taxation and social security

 

3,897

4,130

Accruals and deferred income

 

2,329

2,117

Other creditors

 

5,515

12,687

 

152,727

157,520

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

315,040

318,412

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

315,040

318,412

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,732

3,733

Bank borrowings

The Handlesbaken long term loan is denominated in sterling with a nominal interest rate of 3.78%. The carrying amount at year end is £310,000 (2023 - £310,000).

The borrowings are secured by a fixed and floating charge over the assets of the company.

The Co-op bounce back loan is denominated in sterling with a nominal interest rate of 2.5%. The carrying amount at year end is £8,762 (2023 - £12,145).

 

Esselle Homes Limited

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

8

Related party transactions

Summary of transactions with other related parties

During the year the company received loan advances from two companies in which H L Fruhman is a director.

Included in creditors are loans to two companies in which H L Fruhman is a director.

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

151,500

151,500

At end of period

151,500

151,500

2023

Other related parties
£

Total
£

At start of period

151,500

151,500

At end of period

151,500

151,500

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

134,099

134,099

At end of period

134,099

134,099

2023

Other related parties
£

Total
£

At start of period

204,099

204,099

Repaid

(70,000)

(70,000)

At end of period

134,099

134,099