Essential Property (NW) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07273077 (England and Wales)

Unaudited Financial Statements

for the Period 1 May 2017 to 30 June 2018

for

Essential Property (NW) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B Borbely LL.M (LSE)

REGISTERED OFFICE:

1 Abbey Square

Chester

Cheshire

CH1 2HU

REGISTERED NUMBER:

07273077 (England and Wales)

ACCOUNTANTS:

Wilson Henry LLP

145 Edge Lane

Liverpool

Merseyside

L7 2PF

FIXED ASSETS

Tangible assets

4

-

7,378

Investment property

5

3,070,000

1,514,416

3,070,000

1,521,794

CURRENT ASSETS

Debtors

6

12,435

242

Cash at bank

-

16,787

12,435

17,029

CREDITORS

Amounts falling due within one year

7

2,923,180

543,721

NET CURRENT LIABILITIES

(2,910,745

)

(526,692

)

TOTAL ASSETS LESS CURRENT LIABILITIES

159,255

995,102

CREDITORS

Amounts falling due after more than one year

8

-

721,825

NET ASSETS

159,255

273,277

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

159,253

273,275

SHAREHOLDERS' FUNDS

159,255

273,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 29 March 2019 and were signed by:

B Borbely LL.M (LSE) - Director

1.	STATUTORY INFORMATION

Essential Property (NW) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The presentation currency is pounds sterling and the level of rounding in the accounts is to the nearest £1.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Office equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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 period end and that are

expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 May 2017

and 30 June 2018

10,580

2,739

13,319

DEPRECIATION

At 1 May 2017

3,450

2,491

5,941

Charge for period

7,130

248

7,378

At 30 June 2018

10,580

2,739

13,319

NET BOOK VALUE

At 30 June 2018

-

-

-

At 30 April 2017

7,130

248

7,378

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2017

1,514,416

Additions

1,625,258

Revaluations

(69,674

)

At 30 June 2018

3,070,000

NET BOOK VALUE

At 30 June 2018

3,070,000

At 30 April 2017

1,514,416

Fair value at 30 June 2018 is represented by:

£

Valuation in 2018

(69,674

)

Cost

3,139,674

3,070,000

If investment properties had not been revalued they would have been included at the following historical

cost:

2018

2017

£

£

Cost

3,139,674

1,514,416

Aggregate depreciation

(205,118

)

(142,325

)

Investment properties were valued on an open market basis on 1 August 2018 by Smith and Sons Property Consultants

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

12,435

242

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

56,031

Trade creditors

46

191

Tax

9,709

26,741

Other creditors

2,911,025

92,269

Director's current accounts

-

366,089

Accrued expenses

2,400

2,400

2,923,180

543,721

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

-

56,275

Bank loans - 2-5 years

-

178,775

Bank loans more 5 yr by instal

-

486,775

-

721,825

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

486,775

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other creditors

2,911,025

-

Loans have been advanced by Greensill Capital (UK) Limited to the ultimate holding company Special

Needs Group Limited with cross guarantees provided by subsidiary companies together with security

against the properties within the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2018 and the

year ended 30 April 2017:

2018

2017

£

£

I K Hailwood

Balance outstanding at start of period

(366,089

)

(351,226

)

Amounts advanced

405,124

129,014

Amounts repaid

(39,035

)

(143,877

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

(366,089

)