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Registration number: 12038668

Eager Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Eager Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Eager Properties Ltd

Company Information

Directors

S M Everard

D S Everard

M N Everard

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

National Westminster Bank
47 High Street
Braintree
Essex
CM7 1JT

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Eager Properties Ltd

(Registration number: 12038668)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

293

573

Investment property

5

419,500

474,000

Investments

6

100

100

 

419,893

474,673

Current assets

 

Debtors

7

15,997

21,749

Cash at bank and in hand

 

386

92

 

16,383

21,841

Creditors: Amounts falling due within one year

8

(280,655)

(272,846)

Net current liabilities

 

(264,272)

(251,005)

Total assets less current liabilities

 

155,621

223,668

Creditors: Amounts falling due after more than one year

8

(346,132)

(379,382)

Net liabilities

 

(190,511)

(155,714)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(190,611)

(155,814)

Shareholders' deficit

 

(190,511)

(155,714)

For the financial year ended 30 June 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Eager Properties Ltd

(Registration number: 12038668)
Balance Sheet as at 30 June 2024

These financial statements have been 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.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

S M Everard
Director

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Flat 26, The Truman Buildings, West Bergholt, Essex, CO6 3TJ.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property and provision of rental services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Government grants are recognised using the accrual model and are shown within other operating income.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors used 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 the profit and loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

1,399

1,399

At 30 June 2024

1,399

1,399

Depreciation

At 1 July 2023

826

826

Charge for the year

280

280

At 30 June 2024

1,106

1,106

Carrying amount

At 30 June 2024

293

293

At 30 June 2023

573

573

5

Investment properties

2024
£

At 1 July

474,000

Disposals

(55,000)

Fair value adjustments

500

At 30 June

419,500

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by M N Everard.

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Subsidiaries

£

Cost or valuation

At 1 July 2023

100

Provision

At 1 July 2023

-

Provision

-

At 30 June 2024

-

Carrying amount

At 30 June 2024

100

At 30 June 2023

100

7

Debtors

2024
£

2023
£

Trade debtors

431

-

Amounts owed by group undertakings

6,605

12,300

Other debtors

8,961

9,449

15,997

21,749

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,039

5,038

Trade creditors

 

3,513

3,969

Other creditors

 

79,310

-

Taxation and social security

 

-

917

Directors loan

 

186,793

259,982

Accruals and deferred income

 

6,000

2,940

 

280,655

272,846

 

Eager Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

346,132

379,382

Creditors include bank and other loans which are secured of £308,654 (2023 - £342,398)

Creditors include bank loans not repayable by instalments of £308,654 (2023 - £342,398) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,039

5,038

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

346,132

379,382