Company Registration No. 03792236 (England and Wales)
ESTERKIN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ESTERKIN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ESTERKIN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
31 March 2019
31 March 2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
4,425,000
5,175,000
Current assets
Debtors
3
115,539
113,002
Cash at bank and in hand
630,516
203,670
746,055
316,672
Creditors: amounts falling due within one year
4
(532,213)
(344,034)
Net current assets/(liabilities)
213,842
(27,362)
Total assets less current liabilities
4,638,842
5,147,638
Creditors: amounts falling due after more than one year
5
(850,000)
(2,050,000)
Provisions for liabilities
(141,671)
-
Net assets
3,647,171
3,097,638
Capital and reserves
Called up share capital
6
204
204
Other reserves
7
2,300,229
1,225,354
Profit and loss reserves
1,346,738
1,872,080
Total equity
3,647,171
3,097,638
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ESTERKIN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 December 2019 and are signed on its behalf by:
Mr N J Esterkin
Director
Company Registration No. 03792236
ESTERKIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Esterkin Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Highbeck, 45 Carrwood, Hale Barns, ALTRINCHAM, UK, WA15 0EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover, which is stated net of value added tax, is derived wholly from property rental income. Turnover is recognised when the services are provided.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is
measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ESTERKIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies (Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ESTERKIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Investment property
2019
£
Fair value
At 1 April 2018
5,175,000
Additions
900,282
Disposals
(3,000,000)
Revaluations
1,349,718
At 31 March 2019
4,425,000
Investment property comprises a number of commercial and residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2019 by Dylan Jones Retail LLP Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
57,535
57,535
Other debtors
58,004
55,467
115,539
113,002
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
100,000
200,000
Trade creditors
38,055
7,950
Amounts owed to group undertakings
272,642
-
Corporation tax
54,799
90,131
Other taxation and social security
8,125
28,453
Other creditors
58,592
17,500
532,213
344,034
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
850,000
2,050,000
ESTERKIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
204 Ordinary of £1 each
204
204
ESTERKIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
7
Other reserves
2019
2018
£
£
At beginning of year
1,225,354
1,300,354
Transfer to retained earnings
1,074,875
(75,000)
At end of year
2,300,229
1,225,354
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
272,642
-
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Other related parties
57,535
57,535