Executive Estates (Hampshire) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03047633 (England and Wales)

Executive Estates (Hampshire) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S P Arko

SECRETARY:

S P Arko

REGISTERED OFFICE:

7 Lynwood Court

Priestlands Place

Lymington

Hampshire

SO41 9GA

REGISTERED NUMBER:

03047633 (England and Wales)

FIXED ASSETS

Investment property

4

600,000

900,000

CURRENT ASSETS

Debtors

5

138,563

359,731

Cash at bank

80,204

320

218,767

360,051

CREDITORS

Amounts falling due within one year

6

(55,408

)

(99,703

)

NET CURRENT ASSETS

163,359

260,348

TOTAL ASSETS LESS CURRENT LIABILITIES

763,359

1,160,348

PROVISIONS FOR LIABILITIES

(50,560

)

(133,605

)

NET ASSETS

712,799

1,026,743

CAPITAL AND RESERVES

Called up share capital

7

40,000

40,000

Revaluation reserve

8

344,316

614,394

Retained earnings

328,483

372,349

SHAREHOLDERS' FUNDS

712,799

1,026,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 May 2023 and were signed by:

S P Arko - Director

1.	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.

2.	ACCOUNTING POLICIES

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.

The company's functional and presentational currency is pound sterling.

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

GOING CONCERN

The financial statements have been prepared on a going concern basis.

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 specific criteria have been met for each of the company's activities.

INVESTMENT PROPERTY

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 year 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

900,000

Revaluations

(300,000

)

At 31 March 2022

600,000

NET BOOK VALUE

At 31 March 2022

600,000

At 31 March 2021

900,000

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss for the period.

The investment property fair value of £600,000 (2021 - £900,000) was determined by the directors by reference to the current open market prices for comparable property and adjusted for any differences in the nature, location and condition of the specific asset.

There has been no valuation of investment property by an independent valuer.

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

600,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

127,490

144,666

Directors' current accounts

11,073

215,065

138,563

359,731

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bounce back loan

6,533

7,000

Corporation tax

20,199

86,210

Accruals and deferred income

28,676

6,493

55,408

99,703

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

40,000

Ordinary shares

£1

40,000

40,000

8.

RESERVES

Revaluation

reserve

£

At 1 April 2021

614,394

Transfer of DT on unrealized profits

83,046

Transfer of revaluation reserve

(53,124

)

property revaluation

(300,000

)

At 31 March 2022

344,316

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2022 and the period ended 31 March 2021:

2022

2021

£

£

S P Arko

Balance outstanding at start of year

215,065

(235,940

)

Amounts advanced

54,128

505,978

Amounts repaid

(258,120

)

(54,973

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,073

215,065

10.	RELATED PARTY TRANSACTIONS

Summary of transactions with other related parties

Mainland Developments Limited

(Common control)

During the year the company continued to provide an interest free loan to Mainland Developments Limited. At the balance sheet date the amount due from Mainland Developments Limited was £17,771 (2021 - £17,771).

Stealth Holdings (Hampshire) Limited

(Common control)

During the year the company paid Stealth Holdings (Hampshire) Limited £63,635 (2021: £872) in respect of management fees.