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COMPANY REGISTRATION NUMBER: 10067819
EN2 Properties Ltd
Filleted Unaudited Financial Statements
30 March 2024
EN2 Properties Ltd
Financial Statements
Period ended 30 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
EN2 Properties Ltd
Statement of Financial Position
30 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,767,456
4,938,002
Current assets
Debtors
6
12,419
19,739
Cash at bank and in hand
2,289
15,438
--------
--------
14,708
35,177
Creditors: amounts falling due within one year
7
1,263,147
1,275,612
------------
------------
Net current liabilities
1,248,439
1,240,435
------------
------------
Total assets less current liabilities
3,519,017
3,697,567
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
3,350,403
3,346,859
Provisions
101,643
100,060
------------
------------
Net assets
66,971
250,648
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
355,517
368,667
Profit and loss account
( 288,646)
( 118,119)
---------
---------
Shareholders funds
66,971
250,648
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EN2 Properties Ltd
Statement of Financial Position (continued)
30 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr Z Hanif
Director
Company registration number: 10067819
EN2 Properties Ltd
Notes to the Financial Statements
Period ended 30 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 130 Brixton Hill, London, SW2 1RS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
Going concern
The accounts have been prepared as a going concern on the basis that the director will continue to provide sufficient funding to ensure the company can continue to trade.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
Fixtures and fittings
Equipment
Freehold Property
Total
£
£
£
£
£
Cost
At 1 April 2023
4,670,000
10,688
2,770
264,189
4,947,647
Additions
1,142,146
1,142,146
Disposals
( 1,310,000)
( 1,310,000)
------------
--------
-------
---------
------------
At 30 March 2024
4,502,146
10,688
2,770
264,189
4,779,793
------------
--------
-------
---------
------------
Depreciation
At 1 April 2023
7,660
1,985
9,645
Charge for the period
2,138
554
2,692
------------
--------
-------
---------
------------
At 30 March 2024
9,798
2,539
12,337
------------
--------
-------
---------
------------
Carrying amount
At 30 March 2024
4,502,146
890
231
264,189
4,767,456
------------
--------
-------
---------
------------
At 31 March 2023
4,670,000
3,028
785
264,189
4,938,002
------------
--------
-------
---------
------------
6. Debtors
2024
2023
£
£
Prepayments and accrued income
12,419
19,739
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
35,134
59,434
Director loan accounts
1,093,311
1,081,476
Other creditors
134,702
134,702
------------
------------
1,263,147
1,275,612
------------
------------
8. Securities
Amounts included in creditors: falling due after more than one year are secured by means of fixed and floating charges held over the assets of the company.
9. Director's advances, credits and guarantees
At 30 March 2024 the company owed Mr Z Hanif , a director, £1,093,311 (2023: £1,081,476). The loan is unsecured, interest free and there are no fixed repayment terms.
10. Related party transactions
At 30 March 2024 the company owed £4,195 to Intra Urban Property LLP (2023: £4,195), a company in which Mr Z Hanif is a director. At 30 March 2024 the company owed £130,507 to Manseport Ltd , a company in which Mr Z Hanif is a director (2023: £130,507).