Registration number:
Eagle One MMVI Limited
for the Period from 1 October 2021 to 31 March 2023
Eagle One MMVI Limited
(Registration number: 05997053)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Eagle One MMVI Limited
(Registration number: 05997053)
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 MMVI Limited
(Registration number: 05997053)
Balance Sheet as at 31 March 2023
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2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Work in progress |
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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 liabilities |
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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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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 MMVI Limited
(Registration number: 05997053)
Balance Sheet as at 31 March 2023
For the financial period 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 MMVI Limited
(Registration number: 05997053)
Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Revenue comprises rental income from tenants of the company's investment properties. Rental income includes the income from managed operations. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rental income from investment property leased out under an operating lease is recognised in the profit and loss account on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the net consideration for the use of the property and are therefore recognised on the same straight-line basis.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 MMVI Limited
(Registration number: 05997053)
Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 March 2023
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.
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.
Work in progress
Work in progress is valued at the lower of cost and net realisable value.
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 MMVI Limited
(Registration number: 05997053)
Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Investment property |
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Cost or valuation |
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At 1 October 2021 |
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Revaluations |
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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 30 September 2021 |
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Valuation
The fair value of the company's investment property was valued on an open market basis by the directors on 31 March 2023. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,318,911 (2021 - £1,318,911).
Eagle One MMVI Limited
(Registration number: 05997053)
Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 March 2023
Work in progress |
2023 |
2021 |
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Work in progress |
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Debtors |
2023 |
2021 |
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Trade debtors |
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Prepayments and accrued income |
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Creditors |
2023 |
2021 |
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Due within one year |
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Taxation and social security |
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Accrued expenses |
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Amounts owed to related parties |
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Due after one year |
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Related party loan |
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The loan owed to related parties is secured by a bank charge over the company's investment property. The company has provided a cross guarantee in respect of the loan. The final instalment is due on 7th May 2025.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking was Eagle One Holdings Limited. The registered office of the ultimate parent is: Eagle House, 1 Babbage Way, Exeter Science Park, Exeter, Devon, EX5 2FN