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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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ESTATES U.K. LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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ESTATES U.K. LIMITED |
ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ESTATES U.K. LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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BALANCE SHEET |
30 JUNE 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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
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9 |
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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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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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BALANCE SHEET - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Estates U.K. Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
No significant judgements have had to be made by the director in preparing these financial statements. |
The director has made key assumptions in the determination of fair value of investment properties in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the assets. |
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REVENUE |
Revenue comprises the value of rental income receivable from the letting of investment property owned by the company and administration fees charged to tenants in respect of setting up new tenancy agreements. Revenue also includes commissions chargeable for the collection of rental income on behalf of other landlords. |
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Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement, but is only recognised to the extent that it is probable that the economic benefits will flow to the Company, the amount of revenue can be reliably measured and it is probable that the company will receive the consideration due under the tenancy agreements. |
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Administration fees are recognised as they are charged. Commissions are deducted directly from payments made to landlords. |
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Revenue is measured as the fair value of the consideration received or receivable. |
ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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3. | ACCOUNTING POLICIES - continued |
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TANGIBLE FIXED ASSETS |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following basis: |
Motor vehicles - 20% |
Plant and machinery - 25% |
Fixtures and fittings - 25% |
Computer equipment - 25% |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings. |
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INVESTMENT PROPERTY |
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The company engage an independent valuer to assist the director in determining fair value, with a number of valuations of investment property being carried out each year. |
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Investment properties whose fair value can be measured reliably are recorded ar fair value with any surplus or deficit on revaluation being recognised in the income statement accumulated in a non-distributable reserve. |
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No depreciation is charged on investment property. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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3. | ACCOUNTING POLICIES - continued |
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OPERATING LEASES |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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PENSIONS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2019 |
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Additions |
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Disposals | ( |
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Revaluations | 245,426 |
At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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No valuations were carried out by professional valuers throughout the year. The valuation of investment property has been reviewed and assessed by the director, Mr A Miller as at 30 June 2020. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Included in other debtors is an amount of £3,723,783 (2019 - £3,593,320) due from Estates GB Ltd, a company in which Mr A Miller is also a director. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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ESTATES U.K. LIMITED (REGISTERED NUMBER: 03514128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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The bank loan is secured by first charges taken by the bank over specific investment properties together with a debenture over the remaining company assets. |
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Hire purchase liabilities are secured on the assets subjected to the finance agreement. |
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11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 July 2019 |
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25,626,923 |
Profit for the year |
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Dividends | ( |
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Fair value movement | (198,795 | ) | 198,795 | - |
Realised on disposal of asset | 98,267 | (98,267 | ) | - |
At 30 June 2020 |
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25,739,262 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year, dividends amounting to £500,000 were paid to the director, Mr A Miller (2019 - £625,000). |
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At 30 June 2020, the company owed the director, Mr A Miller £6,946 (2019 - £12,558) and this amount is included in other creditors. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is A Miller. |