ACCOUNTS - Final Accounts

EXTENSIA PROPERTIES LIMITED - Company Information

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Registered number: 04767014

EXTENSIA PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

EXTENSIA PROPERTIES LIMITED

COMPANY INFORMATION

Director	Lady M B Damerell


Registered number	04767014


Registered office	Hatchery House
	Mill Lane
	Barrow
	Suffolk
	IP29 5BT


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	NR1 4DJ

EXTENSIA PROPERTIES LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2
Notes to the financial statements	3 - 5

EXTENSIA PROPERTIES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EXTENSIA PROPERTIES LIMITED
FOR THE YEAR ENDED 31 MARCH 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Extensia Properties Limited for the year ended 31 March 2021 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of directors of Extensia Properties Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Extensia Properties Limited and state those matters that we have agreed to state to the Board of directors of Extensia Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Extensia Properties Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Extensia Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Extensia Properties Limited. You consider that Extensia Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Extensia Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

NR1 4DJ

21 December 2021

Page 1

EXTENSIA PROPERTIES LIMITED

REGISTERED NUMBER: 04767014

BALANCE SHEET

AS AT 31 MARCH 2021

	2021	2021	2020	2020
Note	£	£	£	£

Fixed assets
Investment property	4		250,000		250,000
Current assets
Bank & cash balances		8,828		23,836
Current liabilities
Creditors: amounts falling due within one year	5	(149,210)		(52,227)
Net current liabilities			(140,382)		(28,391)

Net assets			109,618		221,609

Capital and reserves
Called up share capital	100	100
Investment property reserve	73,095	73,095
Profit and loss account	36,423	148,414
	109,618	221,609

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 the 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2021.

Lady M B Damerell

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

EXTENSIA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Extensia Properties Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is Hatchery House, Mill Lane, Barrow, Suffolk, IP29 5BT.
The Company's principal activity is that of property rental.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Revenue recognition

Revenue comprises rents receivable during the year and is recognised on an accruals basis. The Company is not registered for Value Added Tax.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4

Investment property

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 profit or loss.

2.5

Cash and cash equivalents

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.

2.6

Creditors

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.

Page 3

EXTENSIA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.7

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.
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.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 2).

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2020 and 31 March 2021	250,000

The 2021 valuations were made by Martin & Co, property agents.

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	941	1,002
Other creditors	146,222	49,220
Accruals and deferred income	2,047	2,005
	149,210	52,227

Page 4

EXTENSIA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Related party transactions
	At the year end the Company owed £30,222 (2020 - £49,220) to the director. This balance is interest free and repayable on demand and is included in other creditors due within one year in note 5 to the financial statements.

Page 5