Eatonland Property Investments (Aramex) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01641391 (England and Wales)

Audited Financial Statements for the Year Ended 31 March 2021

for

Eatonland Property Investments

(Aramex) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M H Freeman

B E Freeman

M C Freeman

SECRETARY:

M H Freeman

REGISTERED OFFICE:

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

REGISTERED NUMBER:

01641391 (England and Wales)

AUDITORS:

Grunberg & Co Limited

Chartered Accountants & Statutory Auditors

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Investment properties

4

3,435,296

3,220,500

CURRENT ASSETS

Debtors

5

191,950

106,627

Cash at bank

426,339

795,941

618,289

902,568

CREDITORS

Amounts falling due within one year

6

789,757

901,797

NET CURRENT (LIABILITIES)/ASSETS

(171,468

)

771

TOTAL ASSETS LESS CURRENT LIABILITIES

3,263,828

3,221,271

PROVISIONS FOR LIABILITIES

7

119,603

120,764

NET ASSETS

3,144,225

3,100,507

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

1,702,996

1,931,835

Retained earnings

1,441,129

1,168,572

3,144,225

3,100,507

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2021 and were signed on its behalf by:

B E Freeman - Director

1.	STATUTORY INFORMATION

Eatonland Property Investments (Aramex) 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 functional currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable.

Rental income is recognised on a calendar basis.

The lease incentives as a lessor in its investment property portfolio are recognised in the income statement over the lease period.

Investment property

Investment properties are shown at fair value and any changes in fair value are recognised in the income statement.

Deferred tax is recognised on the timing differences that have originated due to any fair value gains recognised through the income statement.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred taxation

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

Financial instruments

The company only enters into basic financial instruments 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 and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Debtors

Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand are measured at amortised cost.

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The items in the financial statements where these judgements and estimates have been made include:

Revaluation of investment properties

The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The key assumptions used to determine the fair value of investment property are further explained in note 6.

Impairment of non-financial assets

Where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm’s length transaction on similar assets or observable market prices less incremental costs for disposing of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 1 ) .

4.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 April 2020

3,220,500

Additions

444,796

Revaluations

(230,000

)

At 31 March 2021

3,435,296

NET BOOK VALUE

At 31 March 2021

3,435,296

At 31 March 2020

3,220,500

Investment properties were valued on a fair value basis as at 31 March 2021 by a combination of the directors and the managing agents for the respective properties. The directors have applied their knowledge and experience in the property sector in combination with the managing agents who are chartered surveyors and have the relevant professional qualifications and experience in valuing the constituent portfolio of investment properties held by the company at the respective locations as at 31 March 2021.

The assumptions made relating to the valuations are based on the average yields on properties situated in similar locations.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

153,259

76,877

Other debtors

3,573

-

Prepayments and accrued income

35,118

29,750

191,950

106,627

During the year, a bad debt provision of £67,462 was made against trade debtors.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

560,258

622,804

Corporation tax

64,976

123,067

Other creditors

800

-

Accruals and deferred income

163,723

155,926

789,757

901,797

7.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

119,603

120,764

Deferred

tax

£

Balance at 1 April 2020

120,764

Deferred tax movement on fair

(1,161

)

value of investment properties

Balance at 31 March 2021

119,603

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gedalia Waldman BA FCA (Senior Statutory Auditor)

for and on behalf of Grunberg & Co Limited

9.	RELATED PARTY DISCLOSURES

The parent of the group is Eatonland Property Investment Group Plc, whose registered address is at 5 Technology Park, Colindeep Lane, Colindale, NW9 6BX.

10.	OTHER RESERVES

2021

2020

£

£

Brought forward

1,931,835

2,344,032

Fair value loss

(230,000

)

(462,000

)

Deferred tax movement

1,161

49,803

Carried forward

1,702,996

1,931,835

The amount of £1,702,996 (2020: £1,931,835) included in other reserves is not available for distribution as it is unrealised.