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Registered number: 05847651
Eco Properties Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05847651
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,807 14,264
Investment Properties 6 3,722,907 3,722,907
3,724,714 3,737,171
CURRENT ASSETS
Debtors 7 128,828 127,020
Cash at bank and in hand 208 4,808
129,036 131,828
Creditors: Amounts Falling Due Within One Year 8 (333,929 ) (340,020 )
NET CURRENT ASSETS (LIABILITIES) (204,893 ) (208,192 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,519,821 3,528,979
Creditors: Amounts Falling Due After More Than One Year 9 (2,024,034 ) (1,998,981 )
NET ASSETS 1,495,787 1,529,998
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 12 1,230,923 1,230,923
Profit and Loss Account 263,864 298,075
SHAREHOLDERS' FUNDS 1,495,787 1,529,998
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J Gorman
Director
5 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Eco Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05847651 . The registered office is C/O Steele Financial Ltd Orion House, Axis 4-5, Woodlands, Bradley Stoke, Bristol, Gloucestershire, BS32 4JT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 400
As at 30 June 2024 400
Amortisation
As at 1 July 2023 400
As at 30 June 2024 400
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 27,455 375,332 11,563 414,350
As at 30 June 2024 27,455 375,332 11,563 414,350
Depreciation
As at 1 July 2023 27,455 362,065 10,566 400,086
Provided during the period - 11,554 903 12,457
As at 30 June 2024 27,455 373,619 11,469 412,543
Net Book Value
As at 30 June 2024 - 1,713 94 1,807
As at 1 July 2023 - 13,267 997 14,264
6. Investment Property
2024
£
Fair Value
As at 1 July 2023 and 30 June 2024 3,722,907
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 128,828 127,020
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,340 53,588
Bank loans and overdrafts 109,710 93,726
Other creditors 13,292 27,040
Taxation and social security 203,587 165,666
333,929 340,020
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,239,084 1,340,456
Other loans 258,231 258,231
Amounts owed to participating interests 526,719 400,294
2,024,034 1,998,981
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mrs Kam Gorman 46,223 2,621 - - -
Mr John Gorman 24,459 - 437 - -
The above loan is unsecured, interest free and repayable on demand.
12. Reserves
Revaluation Reserve
£
As at 1 July 2023 1,230,923
As at 30 June 2024 1,230,923
Page 5