REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
EWV PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
EWV PROPERTIES LIMITED |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EWV PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Marlborough House |
298 Regents Park Road |
London |
N3 2SZ |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
BALANCE SHEET |
31 OCTOBER 2024 |
31.10.24 | 31.10.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
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 | 8 |
Revaluation reserve | 9 |
Other reserves | 9 |
Retained earnings | 9 |
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. |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
BALANCE SHEET - continued |
31 OCTOBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | STATUTORY INFORMATION |
EWV Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
4. | FIXED ASSET INVESTMENTS |
Interest |
in |
associates |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Abbeyfield Road Limited |
Registered office: UK |
Nature of business: Property letting |
Class of shares: Ordinary |
Holding: 100% |
Aggregate capital and reserves: £99,529 (2023: £89,925) |
(Loss)/profit for the year: £9,604 (2023: £14,216) |
Lord Clyde Investment Limited |
Registered office: UK |
Nature of business: Property letting |
Class of shares: Ordinary |
Holding: 26% |
Aggregate capital and reserves:-£260,372 (2023: -£267,732) |
(Loss)/profit for the year: £7,360 (2023: -£14,827) |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2023 |
Revaluations | 320,383 |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Fair value at 31 October 2024 is represented by: |
£ |
Valuation in 2021 | 60,000 |
Valuation in 2024 | 320,383 |
Cost | 3,394,618 |
3,775,001 |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Corporation tax |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans- Mortgage | 2,568,935 | 2,572,550 |
Other creditors |
Directors' loan accounts | 179,999 | 179,999 |
Of the creditors falling due within and after more than one year the following amounts are due after more than five years. |
At the balance sheet date seven financial institutions held legal charges over the company's investment assets in order to secure their respective outstanding bank loans. Each Bank loan issued was secured against the investment property for which the loan proceeds were used to purchase. |
The above loans also include a Bounce Back Bank Loan of £11,875. This bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 6 years, and early repayment is possible without additional charges. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
9. | RESERVES |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 November 2023 | 381,666 |
Profit for the year |
Trf to/from revaluation reserv | (240,287 | ) | 240,287 | - | - |
At 31 October 2024 | 676,056 |
EWV PROPERTIES LIMITED (REGISTERED NUMBER: 08730525) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
10. | RELATED PARTY DISCLOSURES |
The company is under the control of the three directors. |
At the year end A Watkins and close family members were owed a total of £348,096 (2023: £387,936). At the balance sheet date the amounts outstanding were: |
A Watkins - £179,999 (2023 : £179,999) |
B Watkins - £80,000 (2023 : £99,979) |
J Watkins - £30,641 (2023 : £32,444) |
S Watkins - £57,455 (2023 : £75,514) |
A Watkins is also a director of Ultimate Lets Ltd. At the year end Ultimate Lets Ltd was owed £20,400 (2023: £20,400). |
C Engelbrecht and D Van Den Heever are also directors of Ultimate Prop Co Ltd. At the year end Ultimate Prop Co Ltd was owed £74,012 (2023 : £74,012). |