| REGISTERED NUMBER: |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Tax Advisers and |
| Chartered Certified Accountants |
| Broad House |
| 1 The Broadway |
| Old Hatfield |
| Hertfordshire |
| AL9 5BG |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Eversleigh Investment and Property Company Limited is a |
| 2. | 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 and in accordance with the Financial Reporting Standard 102 Section 1A Small Entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. |
| The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
| The financial statements have been prepared on a going concern basis. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Eversleigh Investment and Property Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Estimates and judgements are periodically evaluated and are based on historical experiences and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
| The company's critical accounting judgements and estimates are in respect of investment properties, debtors and taxation. |
| Details of these judgements and estimates are described in the relevant accounting policy and detailed notes to the financial statements as set out below: |
| Freehold investment properties and joint venture investments: |
| Property held for investment, including property held within joint venture investments, is valued by the directors to determine its fair value using the yield methodology. The valuations are based on assumptions including future rental income and anticipated costs. The directors also make reference to the market evidence of transaction prices for similar properties (see accounting policy on freehold investment properties). |
| Debtors: |
| Judgement is exercised in considering the recoverability of rent arrears. |
| Current and deferred taxation: |
| At each financial period end judgement is required in determining the provision for current taxes. The amount of any deferred tax asset included in the statement of financial position is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. In estimating the amount of any deferred tax asset that may be recognised, the directors make judgements, based on current budgets and forecasts, about the amount of future taxable profits and the timings of when these will be realised (see accounting policy on current and deferred taxation). |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible fixed assets |
| Fishing rights are stated at cost less provision for impairment. |
| Fishing rights are not amortised as, in the opinion of the directors once any residual value is taken into account, any amortisation would not be material. |
| Tangible assets |
| Freehold investment properties and land and buildings are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income. |
| Other tangible assets are carried at cost less any subsequent accumulated depreciation and impairment losses. |
| Depreciation of tangible fixed assets |
| Depreciation is provided to write off the cost or valuation, less estimated residual values, of all tangible assets, except for freehold investment properties, evenly over their expected useful lives. It is calculated at the following rates: |
| Furniture and fittings and motor vehicles - 25% on written down value |
| Integral plant and machinery is included in freehold investment properties and therefore is not depreciated. |
| Land and buildings is carried at fair value and therefore not depreciated. |
| Investments in subsidiaries |
| Investments in subsidiaries are recognised at cost less any provisions for impairment. |
| Investments in joint ventures |
| An entity is treated as a joint venture where the company holds a long term interest and shares control. |
| The company's interest in joint ventures are carried at the aggregate of its share of the fair values of the joint ventures and incorporate the fair values of the tangible fixed assets held within them. Changes in fair value are recognised in the statement of comprehensive income. |
| The company is entitled to a fixed percentage share of the results of each of its joint venture investments based on its percentage interest and these are recognised in the statement of comprehensive income. The company's share of any undistributed operating profits are included in current assets and liabilities. |
| Quoted investments |
| Quoted investments are carried at fair value and any fair value gain or loss is recognised in the statement of comprehensive income. |
| Incorporated investments |
| Shares held in incorporated investments are stated at cost less any provision for impairment. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less disposal costs. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| 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, and impairment loss is recognised in profit or loss. |
| 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 the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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. |
| Current and deferred taxation |
| The charge for taxation is based on the profit or loss for the year and takes into account taxation deferred. Current tax is measured at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date except the recognition of deferred tax assets which is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Where assets are financed by leasing agreements that give rights approximating to ownership, the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit or loss over their estimated useful economic life. |
| Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit or loss over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the finance lease liability. |
| Defined contribution pension costs |
| Contributions to defined contribution pension plans are recognised in the profit or loss in the period to which they relate. |
| Rental income receivable |
| Rental income receivable under occupational leases is credited to the profit or loss on a straight line basis over the terms of the leases. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The intangible assets were reviewed for impairment at 30 September 2024 by the managing director MJG King FRICS and no adjustments were required. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Motor |
| property | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Reclassification/transfer |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The historical cost of land and buildings was £747,666 (2023: £747,666). |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in joint | Other |
| undertakings | venture | investments | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 | 15,344,810 |
| Additions | 374,154 |
| Disposals | ( |
) | ( |
) | (279,371 | ) |
| Revaluations | ( |
) | (845,607 | ) |
| Reversal of impairments | 216,000 |
| At 30 September 2024 | 14,809,986 |
| NET BOOK VALUE |
| At 30 September 2024 | 14,809,986 |
| At 30 September 2023 | 15,344,810 |
| The freehold investment properties held within joint ventures were revalued on 30 September 2024 by independent valuation experts or the managing director MJG King FRICS to open market value. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Investments in joint ventures |
| The company holds a 75% interest in Frimley Properties which cost £633,757 (2023 - £677,603) net of returns of capital by the joint venture. The principal activity of Frimley Properties is investment in, and management of freehold investment property valued at £7,450,000 (2023 - £7,275,000). Legal title to Frimley Properties' freehold property is held jointly by Frimley Properties Limited and MJG King as trustees for the joint venture. |
| The company holds a 50% interest in Essendon Properties to which it has contributed cash and property (at historic cost) totalling £2,137,516 (2023 - £2,037,516) net of returns of capital by the joint venture. The principal activity of Essendon Properties is investment in, and management of freehold investment property valued at £18,000,000 (2023 - £19,500,000). Corporate trustees, Essendon Properties Limited and Essendon Properties No 2 Limited, hold joint title to the joint venture's freehold property. |
| The company holds a 45% interest in Cole Green Properties which cost £1,490,044 (2023 - £1,449,544). The principal activity of Cole Green Properties is investment in, and management of freehold investment property valued at £8,275,000 (2023 - £8,430,000). Legal title to Cole Green Properties' freehold property is held by Cole Green Properties Limited, Cole Green Properties Fareham Limited and MJG King as trustees for the joint venture. |
| The company's aggregate interests in joint venture investments are as follows: |
| £ |
| Tangible fixed assets | 18,311,250 |
| Current assets | 813,754 |
| Liabilities due within one year | (901,101 | ) |
| Liabilities due after one year | (4,906,735 | ) |
| Net assets | 13,317,528 |
| Any balances on current accounts at year end are included in debtors and creditors. |
| Subsidiary companies |
| The subsidiary companies are registered in the UK at the company's registered address. |
| The company holds all of the issued share capital of Marlborough Business Park Limited. Its net assets at the balance sheet date were £3,775,818 (2023 - £3,567,508). |
| The company holds 65% of the issued share capital of Orient Estates Limited. Its net assets at the balance sheet date were £2,257,067 (2023 - £1,898,816). |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Revaluations | (387,000 | ) |
| Reclassification/transfer | (585,000 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The freehold investment properties were revalued on 30 September 2024 by the managing director MJG King FRICS to open market value. Various properties were also valued by an independent, reputable valuation company. A net revaluation loss arising in the year of £387,000 (2023: £173,026 gain) has been brought into comprehensive income. |
| The historical cost of the freehold investment properties was £6,166,878 (2023: £6,166,878). |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| The loans are repayable by instalments in less than five years. |
| EVERSLEIGH INVESTMENT AND PROPERTY |
| COMPANY LIMITED (REGISTERED NUMBER: 00566391) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 49,153 | 56,337 |
| Bank loans and overdrafts are secured on certain freehold properties. |
| Hire purchase liabilities are secured on the assets concerned. |
| 12. | PROVISIONS FOR LIABILITIES |
| The company's deferred tax provisions as at 30 September 2024 are as follows: |
| £ |
| Accelerated capital allowances | (7,326 | ) |
| Unrealised fair value gains - freehold investment properties | 973,161 |
| Unrealised fair value gains - investments | 1,781,765 |
| 2,747,600 |