1.
General Information
Estateways Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00202450
. The registered office is Dynevor House, 5-6 De La Beche Street, Swansea, West Glamorgan, SA1 3HA.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover represents repairs and maintenance work and income from rents, ground rents and service charges. This excludes VAT where applicable.
2.3.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Plant & Machinery |
|
| Motor Vehicles |
|
Land and buildings, excluding investment properties, are revalued annually and the aggregate surplus or deficit is transferred to the Revaluation Reserve.
As these non investment properties are revalued annually, they are not depreciated but are instead carried in the balance sheet at their year end valuation. The directors consider that this policy results in the accounts giving a true and fair view.
This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view.
On disposal of a non investment property, any revaluation adjustment previously taken to the Revaluation Reserve for the property is transferred to Retained Earnings. The gain or loss reported in the Profit and Loss Account for the year is the difference between the disposed properties' net proceeds and their carrying values.
2.4.
Investment Properties
Investment properties are properties held to earn rentals, for capital appreciation, or both.
Investment properties are initially recognised at cost and subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
Investment properties measured at fair value are not depreciated.
On disposal of an investment property, the gain or loss is recognised in profit or loss and is calculated as the difference between the net disposal proceeds and the carrying amount of the property at the date of disposal.
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5.
Stocks and Work in Progress
Stocks consist of ground rents held for resale and are valued at the lower of cost and net realisable value.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7.
Pensions
The company's policy is to make full provision for this liability each year.
The required provision is calculated annually using an external actuarial valuation at the year end and the company's average internal rate of return for the previous three years.
The directors believe that FRS 102 s.34 does not apply directly to the company's pension liability as the pensions are being funded from the existing retained profits of the company and no separate assets of the pension fund exist.
The movement in the provision for future pensions is recognised in the Profit and Loss account for the year as other finance costs.
2.8.
Rental deposits and bonds
With the exception of one tenant, all rental deposits and bonds are collected and held in trust by the company's managing agents on behalf of the company. In respect of the one tenant the deposit is held by the company in a separate interest bearing account. The deposits and bonds held by both the company and its managing agents are not recognised as income of the company. The deposits and bonds held by the managing agents are not recognised as assets or liabilities in the Balance Sheet, whilst the deposit held by Estateways Ltd is recognised as both an asset and a liability.
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2024: 12)
4.
Tangible Assets
| Land & Property | |||
|---|---|---|---|
| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 January 2025 |
|
|
|
| Disposals |
( |
|
( |
| As at 31 December 2025 |
|
|
|
| Depreciation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
5.
Investment Property
5.
Investment Property - continued
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2025 |
|
| Disposals |
( |
| Revaluations | (1,120,000) |
| As at 31 December 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 4,743,038 | 7,389,019 | |
The portfolio of UK freehold and leasehold interests categorised as "Investment Properties" were valued by external valuers, Dawsons, Chartered Surveyors, as at 31 December 2025, on the basis of market value and in accordance with the RICS Appraisal and Valuation Standards and the instructions of the directors. The London property was valued on a market value basis by the directors.
...CONTINUED
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
The figures reported represent the aggregate value of the properties valued on an individual basis.
The external valuers have undertaken this valuation for inclusion in the company's balance sheet. The directors have considered whether a conflict of interest arises, with Dawsons, since the company also acts as managing agent for the company's portfolio of residential and commercial properties.
For the purposes of the valuation, Dawsons have relied upon information available to them by virtue of its management of the properties in accordance with the terms of the management agreement. The directors of Estateways Ltd have been requested to disclose to Dawsons any material matters of which the external valuers may be unaware.
6.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Ground rent |
|
|
|
7.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| VAT |
|
- | |
|
|
|
||
8.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| PAYE & NI creditor |
|
|
|
| VAT | - |
|
|
| Other creditors |
|
|
|
| Deferred income |
|
|
|
| Accruals |
|
|
|
|
|
|
||
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans 2-5 years |
|
|
|
10.
Secured Creditors
Of the creditors the following amounts are secured on one of the company's properties.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,400,000 | 1,700,296 |
11.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Revaluation of investment properties |
|
|
|
| Post employment benefits |
( |
( |
|
| Tax credits |
( |
( |
|
|
|
|
||
12.
Provisions for Liabilities
12.
Provisions for Liabilities - continued
| Deferred Tax | Other Provisions | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 January 2025 |
|
|
2,113,147 |
| Utilised |
( |
( |
(1,147,773) |
| Balance at 31 December 2025 |
|
|
965,374 |
Other provisions:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Future pension obligations
|
451,462
|
783,878
|
|
|
VAT provision
|
28,531
|
28,531
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
479,992
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
812,409
|
...CONTINUED
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Future pension obligations:
The main assumptions underylying the calculation of the provision for pensions are:
- Annual pension increases will be 5% (5% in 2024).
- Investment performance will be 0.89% (1.99% in 2024) based upon the return on equity capital employed in the previous years.
14.
Pension Commitments
During the year the company paid defined benefit pensions to one former director and one surviving spouse of a deceased retired director. There are no further commitments accruing to the existing directors.
Provision has been made in the Balance Sheet for the remaining commitment, based upon actuarial calculations. As at 31 December 2025 the provision required was £451,462, £783,878 as at 31 December 2024.
After allowing for the pensions paid by the company during the year a decrease in the provision of £142,404 was required for 2025, £174,321 increase in 2024. These adjustments are reflected in other finance costs in the Statement of Profit, Loss and Other Comprehensive Income. The provision movements and their tax effect are detailed further in Note 12 to the accounts.
15.
Reserves
15.
Reserves - continued
| Revaluation Reserve | Fair Value Reserve | |
|---|---|---|
| £ | £ | |
| As at 1 January 2025 |
|
|
| Surplus / deficit on revaluation |
|
- |
| Deferred Tax Movement - Revaluation Reserve | 95,936 | - |
| Movements in fair value reserve | - | (1,119,999) |
| Deferred Tax Movement - Fair Value Reserve | - | 746,269 |
| Transfer to profit and loss |
( |
( |
| As at 31 December 2025 |
|
|
...CONTINUED
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
Retained Earnings
|
Capital redemption reserve
|
|||
|
£
|
£
|
|||
|
As at 1 January 2024
|
4,715,392
|
112,060
|
||
|
Profit/(Loss) for the period
|
(606,689)
|
-
|
||
|
Repurchase of shares
|
(550)
|
500
|
||
|
Dividends in the year
|
(7,894,796)
|
-
|
||
|
Deferred tax movement - Fair Value
|
(746,269)
|
-
|
||
|
Revaluations in the year - Fair Value
|
1,120,000
|
-
|
||
|
Transfer to profit and loss - Revaluation Reserve
|
501,585
|
-
|
||
|
Transfer to profit and loss - Fair Value Reserve
|
5,909,019
|
-
|
||
|
|
|
|||
|
As at 31 December 2025
|
2,997,692
|
112,560
|
||
|
|
|
16.
Related Party Transactions
During the year the company was involved in a reorganisation undertaken by way of a capital reduction demerger. During the demerger process, the company was owned by Dillwyn Estates Ltd and subsequently by Estateways Holdings Ltd.
As part of the reorganisation, certain properties previously held by the company were transferred to Dillwyn Estates Ltdby way of a dividend in specie and for cash consideration. This was the main reason for the reduction in the company’s balance sheet total from approximately £21,284,683 at 31 December 2024 to £12,878,585 at 31 December 2025.
The reorganisation also included other transactions and balances between the company and other entities, including the novation of a pension liability and a further cash dividend.
There were no amounts outstanding with related parties at the year end.
17.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
18.
Ultimate Controlling Party
The company's ultimate controlling party is
Estateways Holdings Ltd
by virtue of his ownership of 100% of the issued share capital in the company.
Estateways Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
19.
Audit Information
The auditor's report on the accounts of
Estateways Limited
for the year ended 31 December 2025 was unqualified.
The auditors emphasised the following matter without qualifying their report:
We draw attention to Note 16 in the financial statements, which describes the reorganisation undertaken during the year by way of a capital reduction demerger. As explained in that note, certain properties previously held by the company were transferred as part of the reorganisation, resulting in a significant reduction in the company’s balance sheet total during the year. Our opinion is not modified in respect of this matter.
The auditor's report was signed by
John Husband FCA
(Senior Statutory Auditor)
for and on behalf of
John F. Harvey Ltd Chartered Accountants
, Statutory Auditor.
|
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA
|