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REGISTERED NUMBER: 00202450 (England and Wales)

















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ESTATEWAYS LTD

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Profit, Loss and Other Comprehensive
Income

11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


ESTATEWAYS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: D R Beechey FCA
R G O Watkins
S L Chilman BSc (Hons)
C M Watkins BSc (Hons) DipArch



SECRETARY: R O Walters AssocRICS, FNAEA



REGISTERED OFFICE: Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA



REGISTERED NUMBER: 00202450 (England and Wales)



AUDITORS: John F Harvey Ltd, Statutory Auditor
Dynevor House
5 - 6 De La Beche Street
Swansea
SA1 3HA



PROPERTY VALUERS: Dawsons
11 Walter Road
Swansea, SA1 5NF

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


REVIEW OF BUSINESS
DEVELOPMENT, FINANCIAL PERFORMANCE AND FINANCIAL POSITION:

The company has had a satisfactory year compared to 2023.

There was a steady increase in turnover and a profit was made during the year. Although administration expenses increased by £440,934 in the year, due to non-recurring costs relating to the proposed company reconstruction, there was also a significant increase in the valuation of investment properties by £765,000.

During the year, the company re-registered as a private limited company from a public company to aid the company reconstruction process.

2024 2023
£ £

Turnover 2,467,879 2,325,805

Profit before taxation 459,581 36,918
Taxation (272,594 ) (229,031 )
Profit after taxation 186,987 (192,113 )

Net assets / Shareholders funds 21,284,683 21,594,749

FINANCIAL KEY PERFORMANCE
INDICATORS:

2024


2023


Net profit margin ( before tax ) 18.6% 1.6%

Return on capital employed ( after tax ) 0.9% (0.9)%

Earnings per share ( per 10p ordinary share ) 6.7p (7.1)p


The company believes that adequate funds are being generated by the company's operations to meet its ongoing obligations.


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company uses various financial instruments including bank loans and overdrafts, cash, equity investments, and trade debtors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations, to provide earnings for the company's shareholders and to ensure adequate funds are held to enable the company to meet its obligations. This is achieved by regularly monitoring the bank facilities available and regular cashflow forecasts and comparisons with actual performance.

The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below. The main risks arising from the company's financial instruments are cash flow interest rate risk, credit risk, and liquidity risk. The directors review and agree policies for managing each of these risks and these policies are summarised below.

INTEREST RATE RISK
The company finances its operations through a mixture of retained profits and bank borrowings.The company's exposure to interest rate fluctuations on its borrowings is monitored regularly by the Board.

CREDIT RISK
The company's principal financial assets are trade debtors from which the principal credit risk arises.

In order to manage credit risk the company's managing agents have been instructed by the directors to only accept tenants based upon a combination of payment history and third party references. The debt age and collection history is reviewed by the directors regularly.

LIQUIDITY RISK
The company seeks to manage this financial risk by ensuring sufficient liquidity is available to meet the company's obligations as they fall due, and to invest any surplus cash both safely and profitably. Short term flexibility is achieved by overdraft facilities, longer term borrowing by utilising bank loans.

SECTION 172(1) STATEMENT
The board of directors of Estateways Ltd consider that they, both individually and together, have acted in the way they would consider would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year ended 31 December 2024, at their regular board meetings.

FUTURE DEVELOPMENTS
For a number of years, the Board has been considering the future strategy of the Company as it has recognised there is a need to plan for management succession. Whilst seeking to develop succession plans, it has become clear to the Board that there is not consensus between the shareholders on the long-term future direction of the Company. As a result it has been agreed that the company be partitioned with a minority of shareholders forming their own company and a portion of the assets being transferred to them, enabling both the Majority and Minority to pursue their own strategies in the future.


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

FIXED ASSETS
The company's fixed asset properties and investment properties were revalued on 31 December 2024. During the year, there have been no acquisitions or disposal. There was no capital expenditure during the year.

ON BEHALF OF THE BOARD:





D R Beechey FCA - Director


23 April 2025

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of property development and investment. There has been no significant change in these activities during or after the year.

DIVIDENDS
Dividends
Interim dividends per share were paid as
follows:

Ordinary 10p shares 7.7p - 30 June 2024
7.7p - 31 December 2024
15.4p

4% Cumulative Preference £1 shares 2.0p - 30 June 2024

5% Cumulative Preference £1 shares 2.5p - 30 June 2024

The directors recommend final dividends per share as follows:

Ordinary 10p shares NIL
4% Cumulative Preference £1 shares 2.0p
5% Cumulative Preference £1 shares 2.5p

The total distribution of dividends for the year ended 31 December 2024 will be £429,221.

During the year, all of the 5% preference shares were bought back and cancelled by the company and all but 500 of the 4% preference shares. This was due to not being able to locate the shareholders of those 500 shares.

FUTURE DEVELOPMENTS
This has been set out in the strategic report in accordance with s.414C(11) CA 2006.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D R Beechey FCA
R G O Watkins
S L Chilman BSc (Hons)

Other changes in directors holding office are as follows:

C M Watkins BSc (Hons) DipArch - appointed 1 February 2024


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, John F Harvey Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D R Beechey FCA - Director


23 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ESTATEWAYS LTD

Opinion
We have audited the financial statements of Estateways Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit, Loss and Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ESTATEWAYS LTD


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ESTATEWAYS LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company.
- We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting framework, the Companies Act 2006 and relevant tax compliance legislation.
- We understood how they are complying with those legal and regulatory frameworks by making enquiries through our review of board minutes and discussion with management.
- We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it is considered there was a susceptibility of fraud.
- Our audit planning identified fraud risks in relation to management override. We obtained an understanding of the processes and controls that the company has established to address the risks identified, or otherwise prevent, deter and detect fraud; and how management monitors those processes and controls.
- We designed our audit procedures to detect irregularities, including fraud. Our procedures include journal transaction testing, with a focus on large or unusual transactions based on our knowledge of the business. Our audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
- We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ESTATEWAYS LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Husband FCA (Senior Statutory Auditor)
for and on behalf of John F Harvey Ltd, Statutory Auditor
Dynevor House
5 - 6 De La Beche Street
Swansea
SA1 3HA

12 May 2025

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

STATEMENT OF PROFIT, LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 2,467,879 2,325,805

Cost of sales 1,459,860 1,337,431
GROSS PROFIT 1,008,019 988,374

Administrative expenses 1,070,688 629,754
(62,669 ) 358,620

Other operating income 4,559 1,711
OPERATING (LOSS)/PROFIT (58,110 ) 360,331

Interest receivable and similar income 6 1,555 3,870
(56,555 ) 364,201
Gain/(loss) on revaluation of
investment property 765,000 (80,000 )
708,445 284,201

Interest payable and similar expenses 7 74,543 70,619
Other finance costs 23 174,321 176,664
248,864 247,283
PROFIT BEFORE TAXATION 8 459,581 36,918

Tax on profit 9 272,594 229,031
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

186,987

(192,113

)

OTHER COMPREHENSIVE INCOME
Revaluation of trading properties 15,000 -
Income tax relating to other
comprehensive income

(3,750

)

(22,125

)
OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF
INCOME TAX


11,250


(22,125


)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

198,237

(214,238

)

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 550,483 540,928
Investments 13 24,915,000 24,150,000
25,465,483 24,690,928

CURRENT ASSETS
Stocks 14 15,210 19,503
Debtors 15 395,486 360,739
Cash at bank and in hand 4,499 6,068
415,195 386,310
CREDITORS
Amounts falling due within one year 16 (1,782,848 ) (854,374 )
NET CURRENT LIABILITIES (1,367,653 ) (468,064 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,097,830

24,222,864

CREDITORS
Amounts falling due after more than one
year

17

(700,000

)

(700,000

)

PROVISIONS FOR LIABILITIES 20 (2,113,147 ) (1,928,115 )
NET ASSETS 21,284,683 21,594,749

CAPITAL AND RESERVES
Called up share capital 21 277,413 358,371
Revaluation reserve 22 405,649 394,399
Capital redemption reserve 22 112,060 31,102
Fair value reserve 22 15,774,169 15,202,755
Retained earnings 22 4,715,392 5,608,122
SHAREHOLDERS' FUNDS 21,284,683 21,594,749

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

BALANCE SHEET - continued
31 DECEMBER 2024


The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:




D R Beechey FCA - Director



R G O Watkins - Director


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2023 358,371 7,522,302 416,524

Changes in equity
Dividends - (535,151 ) -
Total comprehensive income - (1,379,029 ) (22,125 )
Balance at 31 December 2023 358,371 5,608,122 394,399

Changes in equity
Issue of share capital (80,958 ) - -
Dividends - (429,221 ) -
Total comprehensive income - (463,509 ) 11,250
Balance at 31 December 2024 277,413 4,715,392 405,649
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   
Balance at 1 January 2023 31,102 14,015,839 22,344,138

Changes in equity
Dividends - - (535,151 )
Total comprehensive income - 1,186,916 (214,238 )
Balance at 31 December 2023 31,102 15,202,755 21,594,749

Changes in equity
Issue of share capital - - (80,958 )
Dividends - - (429,221 )
Total comprehensive income 80,958 571,414 200,113
Balance at 31 December 2024 112,060 15,774,169 21,284,683

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (381,115 ) 368,206
Interest paid (74,543 ) (70,619 )
Tax paid (39,459 ) (55,495 )
Net cash from operating activities (495,117 ) 242,092

Cash flows from investing activities
Purchase of fixed asset investments - (5,270 )
Sale of fixed asset investments - 1,071,157
Interest received 1,555 3,870
Net cash from investing activities 1,555 1,069,757

Cash flows from financing activities
New loans in year 700,000 -
Share buyback (79,082 ) -
Equity dividends paid (429,221 ) (535,151 )
Net cash from financing activities 191,697 (535,151 )

(Decrease)/increase in cash and cash equivalents (301,865 ) 776,698
Cash and cash equivalents at
beginning of year

2

6,068

(770,630

)

Cash and cash equivalents at end of
year

2

(295,797

)

6,068

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 459,581 36,918
Depreciation charges 5,445 5,446
Loss on disposal of fixed assets - 47,113
(Gain)/loss on revaluation of fixed assets (765,000 ) 80,000
Retired directors pensions paid (189,068 ) (180,065 )
Finance costs 248,864 247,283
Finance income (1,555 ) (3,870 )
(241,733 ) 232,825
Decrease in stocks 4,294 606
Increase in trade and other debtors (34,747 ) (18,248 )
(Decrease)/increase in trade and other creditors (108,929 ) 153,023
Cash generated from operations (381,115 ) 368,206

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 4,499 6,068
Bank overdrafts (300,296 ) -
(295,797 ) 6,068
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 6,068 15,033
Bank overdrafts - (785,663 )
6,068 (770,630 )


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 6,068 (1,569 ) 4,499
Bank overdrafts - (300,296 ) (300,296 )
6,068 (301,865 ) (295,797 )
Debt
Debts falling due within 1 year - (700,000 ) (700,000 )
Debts falling due after 1 year (700,000 ) - (700,000 )
(700,000 ) (700,000 ) (1,400,000 )
Total (693,932 ) (1,001,865 ) (1,695,797 )

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Estateways Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents repairs and maintenance work, car park income and income from rents, ground rents and service charges. This excludes VAT where applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant, Machinery and Vehicles - 25% on cost and 15% on cost

Land and buildings, excluding investment properties, are revalued annually and the aggregate surplus or deficit is transferred to the Revaluation Reserve.

As these non investment properties are revalued annually, they are not depreciated but are instead carried in the balance sheet at their year end valuation. The directors consider that this policy results in the accounts giving a true and fair view.

This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view.

On disposal of a non investment property, any revaluation adjustment previously taken to the Revaluation Reserve for the property is transferred to Retained Earnings. The gain or loss reported in the Profit and Loss Account for the year is the difference between the disposed properties' net proceeds and their carrying values.

Stocks
Stocks consist of ground rents held for resale and are valued at the lower of cost and net realisable value.


ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit, Loss and Other Comprehensive Income, 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
Current tax is recognised at the amount of tax payable using the tax rates and laws that 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 differences. In the absence of anticipated sale dates this is calculated using tax rates expected to apply in the year following these financial statements.

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.

Rental deposits and bonds
With the exception of one tenant, all rental deposits and bonds are collected and held in trust by the company's managing agents on behalf of the company. In respect of the one tenant the deposit is held by the company in a separate interest bearing account. The deposits and bonds held by both the company and its managing agents are not recognised as income of the company. The deposits and bonds held by the managing agents are not recognised as assets or liabilities in the Balance Sheet, whilst the deposit held by Estateways Ltd is recognised as both an asset and a liability.

Pension costs and other post-retirement benefits
The company's policy is to make full provision for this liability each year.

The required provision is calculated annually using an external actuarial valuation at the year end and the company's average internal rate of return for the previous three years.

The directors believe that FRS 102 s.34 does not apply directly to the company's pension liability as the pensions are being funded from the existing retained profits of the company and no separate assets of the pension fund exist.

The movement in the provision for future pensions is recognised in the Profit and Loss account for the year as other finance costs.

Details of the underlying assumptions and further information are included in notes 20 and 23 to the accounts.

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Fixed asset investments
It is considered that all the land and buildings under this heading are "investment properties" within the terms of Financial Reporting Standard 102 section 16 ('Accounting for Investment Properties').

In accordance with FRS 102 s.16, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the Fair Value Reserve.

As investment properties are revalued annually, they are not depreciated and are included in the balance sheet at their year end valuation. The directors consider that this policy results in the accounts giving a true and fair view.

This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.

On disposal of an investment property, any revaluation adjustment previously taken to the Fair Value Reserve for the property is transferred to Retained Earnings. The gain or loss reported in the Statement of Profit, Loss and Other Comprehensive Income for the year is the difference between the disposed properties' net proceeds and their carrying values.

4. TURNOVER

TurnoverProfit before
Taxation

2024202320242023
££££
Services rendered208,98677,79138,9181,235
Rents receivable2,258,8932,248,014420,66335,683
2,467,8792,325,805459,58136,918

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 311,729 256,342
Social security costs 23,625 16,900
Other pension costs 5,744 6,069
341,098 279,311

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management and Administration 7 8
Repairs and Maintenance 5 4
12 12

2024 2023
£    £   
Directors' remuneration 89,833 52,813

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest receivable 1,555 3,852
Interest received on corporation tax paid
early

-

18
1,555 3,870

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Overdraft interest 7,976 10,087
Bank loan interest 66,567 60,532
74,543 70,619

8. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 5,445 5,446
Loss on disposal of fixed assets - 47,113
Auditor's remuneration 27,900 26,700
Non audit services (note 11) 27,698 1,698

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 76,566 39,459

Deferred tax:
Origination and reversal of timing differences 196,028 (199,741 )
Changes in tax rates and laws - 389,313
Total deferred tax 196,028 189,572
Tax on profit 272,594 229,031

UK corporation tax was charged at 25%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 459,581 36,918
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

114,895

9,230

Effects of:
Expenses not deductible for tax purposes 155,362 49,950
Utilisation of tax losses - (47,652 )
Depreciation 1,362 1,362
Capital allowances claimed (116 ) (142 )
Pensions paid in year (47,267 ) (45,016 )
Increase in provision for retired directors pensions 43,580 44,166
Revaluations in year (191,250 ) 20,000
Movement in deferred tax 196,028 189,572
Loss on disposal of property - 11,778
Marginal Relief - (879 )
FY 2023 tax rate difference - (3,338 )
Total tax charge 272,594 229,031

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of trading properties 15,000 (3,750 ) 11,250

2023
Gross Tax Net
£    £    £   
Revaluation of trading properties - (22,125 ) (22,125 )

The standard rate of corporation tax has not changed from the previous period staying at 25%.

The amount of unused tax losses is £2,067,293 (2023: £2,067,293). There is no expiry date on timing differences and unused tax losses.

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 10p each
Interim 426,446 531,673
4% Cumulative Preference shares of £1 each
Final 708 1,189
Interim 1,189 1,189
5% Cumulative Preference shares of £1 each
Final 328 550
Interim 550 550
429,221 535,151

11. AUDITOR'S REMUNERATION

2024 2023
£ £
Fees payable to the company's auditor for the audit of the annual
accounts

27,900


24,300

Fees payable to the company's auditor for other services:

Tax services 1,098 1,689
All other services 26,600 -
27,698 1,689

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. TANGIBLE FIXED ASSETS
Plant,
Machinery
Land and and
Buildings Vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 535,000 47,632 582,632
Revaluations 15,000 - 15,000
At 31 December 2024 550,000 47,632 597,632
DEPRECIATION
At 1 January 2024 - 41,704 41,704
Charge for year - 5,445 5,445
At 31 December 2024 - 47,149 47,149
NET BOOK VALUE
At 31 December 2024 550,000 483 550,483
At 31 December 2023 535,000 5,928 540,928

Land and buildings comprises Freehold Property valued on 31 December 2024 on an open market basis. The properties were valued by Dawsons, Chartered Surveyors at £550,000 on the basis recorded in Note 13. The figures reported represent the aggregate value of the properties valued on an individual basis.

Cost or valuation at 31 December 2024 is represented by:

Plant,
Machinery
Land and and
Buildings Vehicles Totals
£    £    £   
Valuation in 2024 550,000 47,632 597,632

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 48,415 48,415

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. FIXED ASSET INVESTMENTS
Investment
properties
£   
COST OR VALUATION
At 1 January 2024 24,150,000
Revaluations 765,000
At 31 December 2024 24,915,000
NET BOOK VALUE
At 31 December 2024 24,915,000
At 31 December 2023 24,150,000

Cost or valuation at 31 December 2024 is represented by:

Investment
properties
£   
Valuation in 2024 24,915,000

If the Investment Properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 7,389,019 7,389,019

The portfolio of UK freehold and leasehold interests categorised as "Investment Properties" were valued by external valuers, Dawsons, Chartered Surveyors, as at 31 December 2024, on the basis of market value and in accordance with the RICS Appraisal and Valuation Standards and the instructions of the directors. The London property was valued on a market value basis on 30 April 2024 by the Savills, Real Estate Company on the basis of market value and in accordance with the RICS Appraisal and Valuation Standards.

The figures reported represent the aggregate value of the properties valued on an individual basis.

The external valuers have undertaken this valuation for inclusion in the company's balance sheet. The directors have considered whether a conflict of interest arises, with Dawsons, since the company also acts as managing agent for the company's portfolio of residential and commercial properties.

For the purposes of the valuation, Dawsons have relied upon information available to them by virtue of its management of the properties in accordance with the terms of the management agreement. The directors of Estateways Ltd have been requested to disclose to Dawsons any material matters of which the external valuers may be unaware.

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

14. STOCKS
2024 2023
£    £   
Ground rents 15,210 19,503

The replacement value of the ground rents was revalued in June 2024 and considered to be in the order of £60,000.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 298,759 328,198
Other debtors 74,444 10,818
Prepayments 22,283 21,723
395,486 360,739

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 18) 1,000,296 -
Taxation 76,566 39,459
Social security and other taxes 16,632 13,278
VAT 3,975 4,925
Other creditors 66,426 90,488
Accrued expenses 80,405 65,962
Deferred income 538,548 640,262
1,782,848 854,374

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 18) 700,000 700,000

18. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 300,296 -
Bank loans 700,000 -
1,000,296 -

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

18. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 700,000 700,000

The bank loans are interest only loans.

The capital repayments for the loans are due in January 2028 & September 2025.

Interest on the loan is charged at a rate of 2.35% over the Bank of England's base rate rate.

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 300,296 -
Bank loans 1,400,000 700,000
1,700,296 700,000

The bank loans and overdrafts are secured on one of the company's properties.

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax on accelerated capital
allowances

165,783

167,027
Deferred tax - revaluation of
properties 1,847,747 1,650,411
Deferred tax - tax losses
carried forward (516,823 ) (516,823 )
Deferred tax on future pension
obligations

(195,969

)

(199,656

)
1,300,738 1,100,959

Other provisions
Future pension obligations 783,878 798,625
VAT Provision 28,531 28,531
812,409 827,156

Aggregate amounts 2,113,147 1,928,115

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

20. PROVISIONS FOR LIABILITIES - continued

Deferred Future
tax Pensions
£    £   
Balance at 1 January 2024 1,100,959 798,625
Accelerated capital allowances (1,245 ) -
Pensions paid in year 47,268 (189,068 )
Annual revaluation of pension (43,580 ) 174,321
liabilities
Tax losses carried forward
Annual revaluation of 197,336 -
properties
Future tax rate change
Balance at 31 December 2024 1,300,738 783,878

Future Pension Obligations
The main assumptions underlying the calculation of the provision for pensions are:

- Annual pension increases will be 5% (5% in 2023)
- Investment performance will be 1.99% (2.44% in 2023) based upon the return on equity
capital employed in the previous three years.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,769,130 Ordinary 10p 276,913 276,913
500 4% Cumulative Preference £1 500 59,460
(2023 - 59,460 )
NIL 5% Cumulative Preference £1 - 21,998
(2023 - 21,998 )
277,413 358,371

The two classes of preference shares carry dividends of 4% and 5% respectively, payable half yearly in arrears on 30 June and 31 December. The dividend rights are cumulative.

During the year, all of the 5% preference shares were bought back and cancelled by the company and all but 500 of the 4% preference shares. This was due to not being able to locate the shareholders of those 500 shares.

The shares were repurchased due to the potential de-merger.

ESTATEWAYS LTD (REGISTERED NUMBER: 00202450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

22. RESERVES
Capital Fair
Retained Revaluation redemption value
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 1 January 2024 5,608,122 394,399 31,102 15,202,755 21,236,378
Profit for the year 186,987 186,987
Dividends (429,221 ) (429,221 )
Purchase of own shares (79,082 ) - 80,958 - 1,876
Deferred tax movement 193,586 (3,750 ) - (193,586 ) (3,750 )
Revaluations in year (765,000 ) 15,000 - 765,000 15,000
At 31 December 2024 4,715,392 405,649 112,060 15,774,169 21,007,270

23. PENSION COMMITMENTS

During the year the company paid defined benefit pensions to one former director and one surviving spouse of a deceased retired director. There are no further commitments accruing to the existing directors.

Provision has been made in the Balance Sheet for the remaining commitment, based upon actuarial calculations. As at 31 December 2024 the provision required was £783,878 (£798,625 as at
31 December 2023).

After allowing for the pensions paid by the company during the year an increase in the provision of £174,321 was required for 2024, (£176,664 increase in 2023). These adjustments are reflected in other finance costs in the Statement of Profit, Loss and Other Comprehensive Income. The provision movements and their tax effect are detailed further in Note 20 to the accounts.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were no transactions with directors that required disclosure during the period.

25. RELATED PARTY DISCLOSURES

During the year the company paid total dividends of £237,522 (2023: £164,790) to its directors.

There were no outstanding amounts due in respect of these dividends at either 31 December 2024 or at 31 December 2023.

Mr P J Watkins

During the year, £138,586 (£104,131 in 2023) was paid to Mr P J Watkins for property maintenance services . Nothing was owed to or from him at 31 December 2024 or 31 December 2023.

26. ULTIMATE CONTROLLING PARTY

There is no single controlling party.