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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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Esworthy Properties Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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for |
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Esworthy Properties Limited |
Esworthy Properties Limited (Registered number: 09195611) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Esworthy Properties Limited |
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Company Information |
for the Year Ended 31 August 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Senate Court |
Southernhay Gardens |
Exeter |
Devon |
EX1 1NT |
Esworthy Properties Limited (Registered number: 09195611) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Esworthy Properties Limited (Registered number: 09195611) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Esworthy Properties Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investment property |
Investment properties are initially recognised at cost and subsequently carried at fair value, determined annually by a |
suitably qualified professional. Changes in fair values are recognised in profit or loss. |
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Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations |
and improvements is capitalised and the carrying amounts of the replaced components are recognised in profit of loss. |
The cost of maintenance, repairs and minor improvements is recognised in profit or loss when incurred. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
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Revenue recognition |
The company derives income from rents received. This is recognised in line with the rental agreements in place to |
cover periods of occupancy. |
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Presentation currency |
The financial statements are presented in Pound Sterling, being the functional currency of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 -
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2018 |
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Revaluations | 8,939 |
At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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Esworthy Properties Limited (Registered number: 09195611) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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4. | INVESTMENT PROPERTY - continued |
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Fair value at 31 August 2019 is represented by: |
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£ |
Valuation in 2016 | 78,844 |
Valuation in 2017 | 88,143 |
Valuation in 2019 | 8,939 |
Cost | 549,074 |
725,000 |
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The investment property was valued by the director, B Palmer, as at 31 August 2019. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade creditors |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.19 | 31.8.18 |
£ | £ |
Bank loans |
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The bank loans are secured by mortgage deeds containing fixed charges over the properties listed below, together with |
floating charges over the assets of the company: |
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The Barn, Great Esworthy, Templeton Bridge, Tiverton, EX16 8BR |
Bellinster House, Winkleigh, EX19 8DQ |
8 The Old Mill, Culmstock, Cullompton, EX15 3JL |
Esworthy Properties Limited (Registered number: 09195611) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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9. | RELATED PARTY DISCLOSURES |
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Included within other creditors is a loan from the director. As at the year end the amount owed was £55,962 (2018 - |
£77,962). The loan is interest free and repayable on demand. |
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Included within other creditors is a loan from a company under common control. As at the year end the amount owed |
was £68,429 (2018 - £100,629). The loan is interest free and repayable on demand. |
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Included within other debtors is a loan to a company under common control. As at the year end the amount owed was |
£13,600 (2018 - £13,000). The loan is interest free and repayable on demand. |
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10. | UNDISTRIBUTABLE RESERVES |
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The profit and loss account includes undistributable reserves of £142,500 (2018 - £135,259) in respect of investment |
properties which have been revalued to fair value. |