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Registered number: 12433055
EPILEUM PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EPILEUM PROPERTY LIMITED
REGISTERED NUMBER: 12433055
BALANCE SHEET
AS AT 31 DECEMBER 2024
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As Restated 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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EPILEUM PROPERTY LIMITED
REGISTERED NUMBER: 12433055
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2025.
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Mr J Sanghani
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The notes on pages 3 to 7 form part of these financial statements.
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EPILEUM PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Epileum Property Limited is a private company, limited by shares, domiciled in England and Wales, registration number 12433055. The registered office is 11 Merus Court, Meridian Business Park, Leicester, Leicestershire, LE19 1RJ.
Principal activity
The principal activity of the Company was that of property development.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is British Pound Sterling (£).
The following principal accounting policies have been applied:
The Company is supported by the shareholder and director, who will continue to support the Company for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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EPILEUM PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is
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EPILEUM PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including the director, during the year was 1 (2023 - 1).
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EPILEUM PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Ultimate parent undertaking
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The ultimate parent undertaking of the Company is Anchelle Investments Limited. The registered office and principal place of business of Anchelle Investments Limited is 28 Irish Town, Gibraltar, GX11 1AA.
The Company is the subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts.
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EPILEUM PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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As part of the year-end review process for the year ended 31 December 2024, the director reassessed the classification and treatment of certain balances and transactions to ensure the financial statements present a true and fair view. This review led to the following adjustments to prior periods:
Reclassification of investment property to stock – for the period ended 31 December 2023
During the year, the Company reviewed the classification of certain assets on the balance sheet. Following this review, a property previously classified as investment property has been reclassified to stock, reflecting the director’s intention to acquire, develop and dispose of the asset in the ordinary course of business. The reclassification is as follows:
• £30,460,672 reclassified from investment property (fixed assets) to stock (current assets)
This reclassification has been made in accordance with FRS 102, based on the intended sale of the asset. There is no impact on the profit and loss account for the period ended 31 December 2023 as a result of this adjustment.
Reclassification of legal and professional costs for the year ended 31 January 2023
Legal and professional costs totalling £18,810, previously recognised as an expense, were determined to relate to land development and should have been included within stock. A prior year adjustment has been made to:
• Increase opening stock as at 1 February 2023 by £18,810
• Decrease legal expenses previously reported by £18,810
• Increase retained earnings brought forward by £18,810
Reclassification of legal and professional costs for the period ended 31 December 2023
Legal and professional fees of £124,484 incurred in December 2023, previously expensed, were identified as directly relating to land development and should have been included within stock. A prior year adjustment has been made to:
• Increase stock as at 31 December 2023 by £124,484
• Decrease legal expenses previously reported by £124,484
• Increase retained earnings brought forward by £124,484
The impact on net assets and profit is as follows:
As a result of the adjustments identified during the review, net assets as at 31 December 2023 have been restated:
• Previously reported net assets: £30,226,066
• Restated balance net assets: £30,369,360
In addition, the loss for the period to 31 December 2023 has been restated:
• Previously reported loss: £131,169
• Restated loss: £6,685
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