REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
EWINGTON PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
EWINGTON PROPERTIES LIMITED |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EWINGTON PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Ewington Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the balance sheet date current liabilities exceeded current assets by £4,407 (2023: £10,521). The financial statements have been prepared on a going concern basis as the company continues to receive the support of the director where required to ensure it meets all liabilities as they fall due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents rents receivable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with FRS 102, investment properties are initially measured at cost, including transaction costs. |
Subsequently, investment properties are measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss account. Fair value is determined based on market conditions at the balance sheet date, using professional valuations where appropriate. |
Depreciation |
In accordance with FRS 102 Section 16, no depreciation is provided on investment properties where fair value can be reliably measured. This treatment is consistent with the view that systematic depreciation would not provide relevant information, as the properties are held for their investment potential rather than consumption. |
Valuation Methodology |
The fair value of investment properties is determined using market-based evidence, including valuations performed by external, qualified surveyors when necessary. Where market-based evidence is not available, alternative valuation techniques may be used. |
Financial instruments |
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Significant accounting estimates - investment property valuations |
The valuation of investment properties is a key area of estimation and judgment within the financial statements. Fair value is determined based on market evidence, which may include professional valuations, recent transaction prices for similar properties, or other valuation techniques when observable inputs are limited. |
Key assumptions used in determining fair value include: |
Market rental yields and capitalisation rates |
Comparable market transactions |
Property location, condition, and future development potential |
Market demand and economic conditions |
Given the inherent uncertainty in property valuations, actual results may differ from those estimates. Management reviews these valuations annually and obtains external professional valuations where deemed necessary to ensure that fair values are appropriately reflected. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | INVESTMENT PROPERTY |
Upon review by the director, it was determined that the properties have not experienced a material change in value since their purchase. Consequently, no revaluation adjustment has been recorded in the accounts. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
EWINGTON PROPERTIES LIMITED (REGISTERED NUMBER: 14192396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Mortgage | - | 642,475 |
Within other creditors there is a mortgage that is secured by a fixed and floating charge over the property. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
Ordinary C | £1 | 100 | 100 |
300 | 300 |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date £437,736 (2023: £436,215) was owed to the directors. The amount is repayable on demand, bears no interest and is included within creditors due in less than one year. |