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Registration number: 09595379

Enel Properties Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Enel Properties Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Enel Properties Limited

Company Information

Director

N Lalvani

Company secretary

H Lalvani

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Enel Properties Limited

Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

137,055

162,055

Tangible assets

5

135,329

135,776

 

272,384

297,831

Current assets

 

Debtors

6

1,398,503

1,039,424

Cash at bank and in hand

 

265,312

60,228

 

1,663,815

1,099,652

Creditors: Amounts falling due within one year

7

(1,263,069)

(1,146,948)

Net current assets/(liabilities)

 

400,746

(47,296)

Total assets less current liabilities

 

673,130

250,535

Creditors: Amounts falling due after more than one year

7

(37,081)

(61,461)

Provisions for liabilities

(31,640)

(32,514)

Net assets

 

604,409

156,560

Capital and reserves

 

Called up share capital

100

100

Retained earnings

604,309

156,460

Shareholders' funds

 

604,409

156,560

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Enel Properties Limited

Statement of Financial Position as at 28 February 2023

Approved and authorised by the director on 4 March 2025
 

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

N Lalvani

Director

Company registration number: 09595379

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of property development and management.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the year ended 28 February 2023 and had net assets at that date of £604,409 including cash at bank amounting to £265,312. The director is confident that the company will continue to trade profitably for the foreseeable future.

The company funds its working capital requirements by loans provided by other connected entities and third parties, which amounted to £780,154 and £75,000 respectively as at 28 February 2023. The company has also utilised Bounce Back Loan and hire purchase funding amounting to £34,910 and £27,438 respectively. The director believes that this funding will remain in place for the foreseeable future.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue from the rendering of services is recognised in the period to which it relates by reference to the stage of completion of the service transaction at the end of the reporting period, provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and preparation for their intended use.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Corporate memberships

Straight line over 10 years

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.

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 income statement 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.

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible assets at cost. The asset is then depreciated over its useful life. Future payments are apportioned between finance costs in the income statement and reduction of the liability so as to achieve a constant periodic rate of interest on the remaining balance of the liability using the effective interest method.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Lease incentives

The benefits of lease incentives are recognised in profit and loss over the lease period.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 3).

4

Intangible assets

Corporate memberships
£

Total
£

Cost or valuation

At 1 March 2022

250,000

250,000

At 28 February 2023

250,000

250,000

Amortisation

At 1 March 2022

87,945

87,945

Amortisation charge

25,000

25,000

At 28 February 2023

112,945

112,945

Carrying amount

At 28 February 2023

137,055

137,055

At 28 February 2022

162,055

162,055

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

98,891

73,620

172,511

Additions

38,491

-

38,491

At 28 February 2023

137,382

73,620

211,002

Depreciation

At 1 March 2022

15,494

21,241

36,735

Charge for the year

25,843

13,095

38,938

At 28 February 2023

41,337

34,336

75,673

Carrying amount

At 28 February 2023

96,045

39,284

135,329

At 28 February 2022

83,397

52,379

135,776

6

Debtors

2023
£

2022
£

Trade debtors

1,405

-

Other debtors

1,397,098

1,039,424

1,398,503

1,039,424

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Trade creditors

 

-

3,595

Taxation and social security

 

298,206

222,049

Other creditors

 

84,442

75,463

Loans and borrowings

8

880,421

845,841

 

1,263,069

1,146,948

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

37,081

61,461

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,799

10,554

Hire purchase contracts

14,469

13,371

Other borrowings

855,153

821,916

880,421

845,841

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,111

34,023

Hire purchase contracts

12,970

27,438

37,081

61,461

Hire purchase contracts are secured over the assets concerned.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £106,164 (2022 - £124,460).

 

Enel Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Transactions with directors

At the year end there was an amount of £773,677 (2022: £713,961) due from the director and his wife. During the year advances of £98,486 and repayments of £38,770 were made. Interest of £14,402 (2022: £13,533) was charged at 2% during the year and there are no set repayment terms in place.