REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
EASILET PROPERTY COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
EASILET PROPERTY COMPANY LIMITED |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EASILET PROPERTY COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 31 October 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
ABRIDGED BALANCE SHEET |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
ABRIDGED BALANCE SHEET - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Easilet Property Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors. |
Turnover |
Turnover comprises rental and service charge income which is recognised in the period it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors. |
Tangible fixed assets |
Computer equipment | - |
Investments in associates |
Investment in associate undertakings are initially recognised at cost, including any costs directly associated with the acquisition. Investments are subsequently remeasured to account for any impairment. |
Investment property |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
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. |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 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. |
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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2024 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 | 2 |
NET BOOK VALUE |
At 31 October 2024 | 2 |
At 31 October 2023 | 2 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2023 |
Additions |
Revaluations | 149,946 |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
In the opinion of the directors, investment property is stated at fair value as at 31 October 2024. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Mortgages |
Repayable by instalments |
Mortgages | - | 2,423 |
EASILET PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 11643746) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgages | 1,926,651 | 1,936,642 |
Mortgages are secured by way of a fixed and floating charge over the properties held by the company. |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £60,000 (2023: £14,830) to City View Estates (London) Limited, a company connected by virtue of common control, and £185,000 (2023: £125,000) to Easilet Rentals Limited, a company in which the shareholders are close family members. The company was also owed £604 (2023: £604) by Bickley Street Freehold Limited, a company in which Easilet Property Company Limited has a 50% interest. |
At the balance sheet date, the company owed £441,118 (2023: £143,498) to the directors. |