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Registration number: 04020066

Eagleton Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Eagleton Properties Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Eagleton Properties Limited

Company Information
__________________________________________________________________________

Director

Mr Naseen Valji

Company secretary

Mr Nazir Valji

Registered office

Unit 7 & 8
Swanbridge Industrial Park
Witham
Essex
CM8 3YN


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

Eagleton Properties Limited

(Registration number: 04020066)
Balance Sheet as at 30 June 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

3

 

2,598,213

 

2,596,684

Investment property

4

 

875,845

 

875,845

   

3,474,058

 

3,472,529

Current assets

   

 

Debtors

5

43,912

 

57,386

 

Cash at bank and in hand

 

28,310

 

64,845

 

 

72,222

 

122,231

 

Creditors: Amounts falling due within one year

6

(1,730,224)

 

(1,776,611)

 

Net current liabilities

   

(1,658,002)

 

(1,654,380)

Total assets less current liabilities

   

1,816,056

 

1,818,149

Creditors: Amounts falling due after more than one year

6

 

(196,588)

 

(239,985)

Net assets

   

1,619,468

 

1,578,164

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Retained earnings

1,619,368

 

1,578,064

 

Shareholders' funds

   

1,619,468

 

1,578,164

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.

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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Eagleton Properties Limited

(Registration number: 04020066)
Balance Sheet as at 30 June 2024
__________________________________________________________________________

Approved and authorised by the director on 25 February 2025
 

.........................................
Mr Naseen Valji
Director

 

Eagleton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

1

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 - '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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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.

Tax

The tax expense for the period comprises current 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.

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

Freehold properties

not depreciated

 

Eagleton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

Leasehold properties

in accordance with life of lease

Plant & Machinery

20% on reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Eagleton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,760,905

-

2,760,905

Additions

-

13,630

13,630

Disposals

-

(2,280)

(2,280)

At 30 June 2024

2,760,905

11,350

2,772,255

Depreciation

At 1 July 2023

164,221

-

164,221

Charge for the year

7,551

2,270

9,821

At 30 June 2024

171,772

2,270

174,042

Carrying amount

At 30 June 2024

2,589,133

9,080

2,598,213

At 30 June 2023

2,596,684

-

2,596,684

Included within the net book value of land and buildings above is £1,927,383 (2023 - £1,927,383) in respect of freehold land and buildings and £661,750 (2023 - £669,301) in respect of long leasehold land and buildings.

4

Investment properties

2024
£

Additions

875,845

At 30 June

875,845

There has been no valuation of investment property by an independent valuer.

 

Eagleton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

5

Debtors

Current

2024
£

2023
£

Trade debtors

27,982

10,157

Prepayments

10,355

17,373

Other debtors

5,575

29,856

 

43,912

57,386

 

Eagleton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

42,758

40,962

Trade creditors

 

33,869

15,872

Taxation and social security

 

9,492

42,197

Accruals and deferred income

 

13,607

24,582

Other creditors

 

1,630,498

1,652,998

 

1,730,224

1,776,611

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

196,588

239,985

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

196,588

239,985