The Esplanade Property Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00226574 (England and Wales)

THE ESPLANADE PROPERTY COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Chairman's Report

2

Chartered Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr N G Banbury

Mr P S Dyer

Mr J D Martel

Ms J I Ryan

REGISTERED OFFICE:

First Floor, Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

REGISTERED NUMBER:

00226574 (England and Wales)

ACCOUNTANTS:

Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

The results for the year are set out on page 4 of the full financial report. The outline of the results is shown below. The profit before taxation is shown as lower than 2024.

2024

2025

Movement
Favourable/(Adverse)

£

Turnover - rental income etc

230,404

227,869

(2,535)

Administrative and property expenses

124,648

161,075

(36,427)

Net interest payable

40,884

42,813

(1,929)

Profit before taxation

65,063

24,159

(40,904)

Tax on profit

13,495

4,591

8,904

Carston Chartered Accountants remain as the reporting accountants who have prepared these accounts.

The arrangement, whereby the contractors dealing with the lettings also provide the rent collection service remains a good solution.

There have been some gaps in occupancy while the vacated properties were upgraded, as is the policy of the Company to have a high standard of accommodation.

The Company has experienced some significant upgrading costs this year in addition to repairs and other remedial work. The administration and legal costs have risen largely due to arrangements for a meeting called by one of the shareholders.

The dividend has been lower than we would have liked because of the expenditure, but we hope to improve on this in the coming years with the sale of at least one property.

The Directors continue to closely monitor the performance of the Company, and where a property is not representing good value, they will consider the options for marketing the property, depending on current building values.

The administrator, contractors and Directors ensure that the Company is kept up to date with legal requirements such as "Rent Smart Wales", GDPR. electrical and gas inspections etc.

The Directors are not aware of any adverse matters affecting the Company as a landlord.

The Directors thank their professional advisors and administrator for their assistance during the year.

This report was approved by the board of Directors on 14th June 2025 and signed on behalf of the board by:

Paul Dyer

Director

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Esplanade Property Company Limited for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Esplanade Property Company Limited, as a body, in accordance with the terms of our engagement letter dated 19 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Esplanade Property Company Limited and state those matters that we have agreed to state to the Board of Directors of The Esplanade Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Esplanade Property Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Esplanade Property Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Esplanade Property Company Limited. You consider that The Esplanade Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Esplanade Property Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

5 October 2025

FIXED ASSETS

Tangible assets

4

-

Investment property

5

2,324,000

CURRENT ASSETS

Debtors

6

5,068

23,849

Cash at bank

34,785

57,041

39,853

80,890

CREDITORS

Amounts falling due within one year

7

26,945

32,736

NET CURRENT ASSETS

12,908

48,154

TOTAL ASSETS LESS CURRENT LIABILITIES

2,336,908

2,372,154

CREDITORS

Amounts falling due after more than one year

8

(404,784

)

(453,302

)

PROVISIONS FOR LIABILITIES

(136,645

)

(136,645

)

NET ASSETS

1,795,479

1,782,207

CAPITAL AND RESERVES

Called up share capital

12,600

Revaluation reserve

10

1,016,333

Retained earnings

766,546

753,274

SHAREHOLDERS' FUNDS

1,795,479

1,782,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2025 and were signed on its behalf by:

Mr P S Dyer - Director

1.	STATUTORY INFORMATION

The Esplanade Property Company Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises rent, service charges and insurance contributions receivable and are exclusive of value added tax 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.

Fixtures and fittings

-

20% straight line on cost

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 is recognised at the amount of tax payable using the tax rates and laws 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 difference.

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.

Property maintenance costs

n the absence of a specific intention by the board of either a disposition or substantial reconstruction of letting units in investment properties, all expenditure incurred on general repair, maintenance and upgrade is written off as incurred. It is the opinion of the board that the nature of the company's property ownership is such that any appreciation in value is due to the passage of time rather than intent to improve as policy and is as such reflected through the revaluation reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

and 31 March 2025

13,848

DEPRECIATION

At 1 April 2024

and 31 March 2025

13,848

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,324,000

NET BOOK VALUE

At 31 March 2025

2,324,000

At 31 March 2024

2,324,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2010

284,509

Valuation in 2015

108,836

Valuation in 2019

300,000

Valuation in 2022

423,173

Cost

1,207,482

2,324,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

Cost

1,207,482

The main Investment property was valued on an open market basis on 31 March 2022 by a third party valuer and the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

2,762

17,155

Other debtors

2,306

6,694

5,068

23,849

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

304

-

Taxation and social security

9,772

18,546

Other creditors

16,869

14,190

26,945

32,736

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Other creditors

404,784

453,302

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Building society mortgages

404,784

453,302

Secured debt comprising building society mortgages are secured by way of a fixed and floating charge on certain of the company's investment properties.

10.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

1,016,333