Registered number:
06435512
ESQUIRE PEARL REALTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2017
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ESQUIRE PEARL REALTY LIMITED
REGISTERED NUMBER:
06435512
BALANCE SHEET
AS AT
30 JUNE 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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Investment property reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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ESQUIRE PEARL REALTY LIMITED
REGISTERED NUMBER:
06435512
BALANCE SHEET
(CONTINUED)
AS AT
30 JUNE 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
19 March 2018
.
................................................
Mr J R Pickstock
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The notes on pages 5 to 12 form part of these financial statements.
Page 2
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ESQUIRE PEARL REALTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2017
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Investment property revaluation reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Transfer between other reserves
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Total transactions with owners
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Page 3
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ESQUIRE PEARL REALTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2016
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Investment property revaluation reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Transfer to/from profit and loss account
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Transfer between other reserves
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Total transactions with owners
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The notes on pages 5 to 12 form part of these financial statements.
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Page 4
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 2 Mile Oak Industrial Estate, Maesbury Road, Oswestry, Salop, SY10 8GA.
The company's principle activity is that of property investment.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Investment property is carried at fair value determined annually by external valuers 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. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Page 5
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
2.
Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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The Company has no employees other than the directors, who did not receive any remuneration
(2016 - £
NIL
)
.
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The average monthly number of employees, including directors, during the year was 0
(2016 -
0
)
.
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Page 6
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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Investments in group undertakings and participating interests
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Page 7
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
The 2017 valuations were made by the Directors, on an open market value for existing use basis.
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Net surplus/(deficit) in movement properties
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 8
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Secured loans
The bank loan is secured by way of first and only legal charge over the properties owned by the company.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Page 9
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ESQUIRE PEARL REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
Investment property revaluation reserve
The investment property revaluation reserve represents the cumulative effect of revaluations of investment property which are valued to fair value at each reporting date.
Profit and loss account
The profit and loss reserve represents cumulative profits or losses, net of other adjustments.
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Related party transactions
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During the period a loan of £215,000
was made to
a company in which Esquire Pearl Realty is a director
r. This was outstanding at the year end.
During the period the company was loaned £197,300
(2016: £15,000
) from
a company under common control
. The balance outstanding as at the year end was £212,300
(2016: £15,000
). This loan is interest free, unsecured and repayable on demand.
During the year a
director
loaned the company £Nil (2016: £375,000
). The balance due at the year end was £375,000
(2016: £375,000
), included within other creditors. This loan is interest fee, unsecured and repayable on demand.
As at the 30 June 2017 the company was owed £34,190
(2016: £34,190
) from
a company under common control
.
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Page 10
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