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Registered number: 05734498
EDM Property Limited
Financial statements
Information for filing with the registrar
For the Year Ended 30 December 2024
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EDM Property Limited
Statement of Comprehensive Income
For the Year Ended 30 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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The notes on pages 3 to 8 form part of these financial statements.
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EDM Property Limited
Registered number: 05734498
Balance Sheet
As at 30 December 2024
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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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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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A Bermingham
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 December 2024
EDM Property Limited is a private company limited by share capital, incorporated in England and Wales, The address of its registered office is Brunel House, 1 Thorp Road, Newton Heath, Manchester, Lancashire, M40 5BJ.
The principal activity of the Company during the year continued to be that of renting its property to a fellow subsidiary of its ultimate parent.
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 following principal accounting policies have been applied:
Not withstanding the company having net current assets of £304,947 (2023 liabilities: £1,530,391), after reviewing the companies forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the forseeable future.
The company lets a property to a fellow subsidiary of its ultimate parent. Management have considered the going concern status of that company and have satisfied themselves that it will be able to continue to pay its debts as they fall due, including the payment of rent to the company.
As a result of these procedures, the directors have satisfied themselves that the company will continue to be able to pay its debts as they fall due for a period of at least 12 months from the date of signature of these financial statements. As a result, the financial statements have been prepared on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 December 2024
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 December 2024
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Investment property is held on the balance sheet at its open market value. Of the opening valuation as at 30 December 2023, £7,700,000 was professionally valued by Eddisons. Knight Frank Limited.
Of the closing valuation as at 30 December 2024, £7,700,000 was still deemed appropriate by management.
The historical cost of this property is £6,147,794 (2023:£6,147,794). The pre revaluation historical cost accounting value of this property would be £4,604,665 (2023:£4,712,142).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts due from group undertakings are repayable on demand, unsecured and bear no interest.
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 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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Amounts due to group undertakings are repayable on demand, unsecured and bear no interest.
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Creditors: Amounts falling due after more than one year
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Bank loans are secured by a first legal charge over the freehold property of the company, and a debenture over all assets of company.
During the year, the company refinanced its existing borrowings through a new lont-term facility of £3,434,000. The proceeds were used to settle previous bank loans. The new facility bears interest at 1.3% per annum above the Bank of England's base rate.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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EDM Property Limited
Notes to the Financial Statements
For the Year Ended 30 December 2024
Revaluation reserve
The revaluation reserve comprises the gains arising from increases in the value of freehold property net of deferred tax liability.
Profit and loss account
Includes all current and prior period retained profits and losses.
The group has an unlimited multilateral guarantee in place in respect of the moneys due by the Company's parent and fellow subsidiary undertakings to the group financiers. At the year end, the net group borrowings amounted to £2,919,352 (2023: £2,924,945).
The debenture includes a fixed charge over all the assets of the company.
The company's immediate parent company is EDM Holdings Limited, registered number 04709279. The ultimate parent company is Simginuity Limited, registered number 09405326. Both companies are incorporated in England and Wales.
The ultimate controlling party is A Bermingham by virtue of his majority shareholding.
The smallest and largest group of companies where these accounts are consolidated is that headed by Simginuity Limited. A copy of the financial statements of Simginuity Limited can be obtained from Companies House.
The auditors' report on the financial statements for the year ended 30 December 2024 was unqualified.
The audit report was signed on 23 July 2025 by Mike Jackson (senior statutory auditor) on behalf of Hurst Accountants Limited.
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