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Registration number: 12783463

Evernest Property Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

image-name
 

Evernest Property Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Evernest Property Group Ltd

Company Information

Directors

Miss Inga Umblija

Mrs Burcu Erdem

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Evernest Property Group Ltd

(Registration number: 12783463)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

3,802

4,752

Investment property

5

450,000

450,000

 

453,802

454,752

Current assets

 

Debtors

6

2,911

3,441

Cash at bank and in hand

 

6,125

6,532

 

9,036

9,973

Creditors: Amounts falling due within one year

7

(35,075)

(42,922)

Net current liabilities

 

(26,039)

(32,949)

Total assets less current liabilities

 

427,763

421,803

Creditors: Amounts falling due after more than one year

7

(341,733)

(341,733)

Provisions for liabilities

(51,480)

(39,125)

Net assets

 

34,550

40,945

Capital and Reserves

 

Called up share capital

2

2

Other reserves

154,440

166,795

Retained Earnings

(119,892)

(125,852)

Shareholders' funds

 

34,550

40,945

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Evernest Property Group Ltd

(Registration number: 12783463)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 7 April 2025 and signed on its behalf by:
 

.........................................
Miss Inga Umblija
Director

   
     
 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the Board on 7 April 2025.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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 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

Plant & Machinery

20% reducing balanace

Office Equipment

20% reducing balanace

Freehold

No depreciation

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.

 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

5,920

1,509

7,429

At 31 July 2024

5,920

1,509

7,429

Depreciation

At 1 August 2023

2,133

544

2,677

Charge for the year

757

193

950

At 31 July 2024

2,890

737

3,627

Carrying amount

At 31 July 2024

3,030

772

3,802

At 31 July 2023

3,787

965

4,752

5

Investment properties

2024
£

At 1 August

450,000

At 31 July

450,000

There was no change to the value of the property as at 31 July 2024. The value of the property has been confirmed by Inga Ublija, the director of the company.

6

Debtors

Current

2024
£

2023
£

Prepayments

349

-

Other debtors

2,562

3,441

 

2,911

3,441

 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,871

6,247

Trade Creditors

 

1,310

-

Accruals and deferred income

 

4,516

25,779

Other creditors

 

27,378

10,896

 

35,075

42,922

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

341,733

341,733

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

341,733

341,733

 

Evernest Property Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

341,733

341,733

Current loans and borrowings

2024
£

2023
£

Other borrowings

1,871

6,247

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The company secured an interest-only mortgage during the year with a term of 25 years and is include under 'Bank Loan' in finacial statement.

The mortgage is securedd on the investment property.