Registration number:
Eagle One Estates Limited
for the Year Ended 31 March 2023
Eagle One Estates Limited
(Registration number: 01758817)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Eagle One Estates Limited
(Registration number: 01758817)
Company Information
Directors |
P J Goodes N I Hole J M Symons P R Withers |
Registered office |
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Accountants |
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Eagle One Estates Limited
(Registration number: 01758817)
Balance Sheet as at 31 March 2023
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2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Non-distributable reserve |
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Profit and loss account |
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Total equity |
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Eagle One Estates Limited
(Registration number: 01758817)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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P J Goodes
Director
Eagle One Estates Limited
(Registration number: 01758817)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and legal completion has taken place.
Tax
The tax expense for the period comprises tax and deferred tax.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Eagle One Estates Limited
(Registration number: 01758817)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Investments
Investments in equity shares are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Eagle One Estates Limited
(Registration number: 01758817)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Investment property |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Revaluations |
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Additions |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Eagle One Estates Limited
(Registration number: 01758817)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Valuation
The fair value of the company's investment property was valued on an open market basis by the directors on
Investments |
2023 |
2022 |
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Investments in associates |
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Associates |
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Cost |
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At 1 April 2022 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Other financial assets |
2023 |
2022 |
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Non-current financial assets |
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Financial assets at cost less impairment |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Loans owed by group undertakings |
7,321,500 |
7,321,500 |
Loans owed by related parties |
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Other debtors |
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Prepayments and accrued income |
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Eagle One Estates Limited
(Registration number: 01758817)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Note |
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2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank loan is fully secured by the company. The bank has a first legal charge over the company's investment property, a first ranking full debenture and an unlimited guarantee from a related company. |
Included within bank borrowings is a loan from Lloyds Bank, under which the company is the lead borrower in a composite facility secured by a bank charge over specific investment property of the company, certain group companies and certain related companies. The company, group companies and the related party companies have provided cross guarantees in respect of the loan. The carrying amount at the year end is £26,503,125 (2022 - £27,979,250). Of this, £7,321,500 (2022 - £7,321,500) has been loaned to group companies and £8,194,500 (2022 - £8,194,500) has been loaned to related companies. These amounts are included within debtors at Note 7.
Parent and ultimate parent undertaking |
At 31 March 2023, the company’s immediate parent was Eagle One Securities Limited and the ultimate parent undertaking was Eagle One Investment Holdings Limited. The registered office of the ultimate parent is: Eagle House, 1 Babbage Way, Exeter Science Park, Exeter, Devon, EX5 2FN.