Essex Road Development Limited
Essex Road Development Limited
Registered number: 08717642
Unaudited Financial Statements
For The Year Ended 31 October 2018
Essex Road Development Limited
Unaudited Financial Statements
For The Year Ended 31 October 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Essex Road Development Limited
Balance Sheet
As at
31 October 2018
Balance Sheet
Registered number:
08717642
For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Fair Value Reserve | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,355,671 | 2,287,033 | |||
Page 1
Essex Road Development Limited
Balance Sheet (continued)
As at
31 October 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Essex Road Development Limited
Notes to the Financial Statements
For The Year Ended 31 October 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rental income. Turnover is reduced for, rebates and other similar allowances.
Rental income is recognised on a straight line basis over the lease term. Other income an property sales are recognised when the significant risks and rewards of ownership are transferred or legal completion.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets relates to investment properties which are carried at fair value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. No depreciation is provided.
Fair values are determined from market based evidence which has been valued by the directors at the balance sheet date.
Revaluation gains and losses are recognised in the profit and loss accounts.
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Essex Road Development Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2018
1.4.
Taxation
Tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
During the year the average number of employees, including directors,was 2 (2017 - 2).
3.
Tangible Assets
| Investment Properties | |
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| Net Book Value | |
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The freehold property was valued at fair value, at the balance sheet date, by the directors.
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Essex Road Development Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2018
4.
Debtors
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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5.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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6.
Creditors: Amounts Falling Due After More Than One Year
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| £ | £ | ||
| Bank loans |
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The loan is secured by a fixed and floating charge over the investment property of the company.
7.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
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| Deferred tax |
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Page 5
Essex Road Development Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2018
9.
Reserves
| Fair Value Reserve | |
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| £ | |
| As at |
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The reserve relates to the fair value adjustment of investment properties, which is undistributable.
10.
Related Party Transactions
The V Fund Limited
There were no transactions during the year and the balance due to The V Fund Ltd, at year end was £4,177 (2017 - £4,177). The V Fund Ltd is a company in which V Goldstein is a director.
RGK Properties Ltd
There were no transactions during the year and the balance due to RKG Properties Ltd, at year end was £1,756 (2017 - £1,756). RGK Properties Ltd is a company in which R Kilikita is a director.
Tommo Properties Ltd
There were no transactions during the year and the balance due from Tommo Properties Ltd, at year end was £8,645 (2017 - £8,645). Tommo Properties Ltd is a company which is a joint venture partner with influence in Essex Road Development Ltd.
11.
General Information
Essex Road Development Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08717642 . The registered office is 119 High Road, Loughton, Essex, IG10 4LT.
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