Ethos Property Limited Filleted accounts for Companies House (small and micro)

ETHOS PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06557331

ETHOS PROPERTY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

5 April 2021

ETHOS PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

5 April 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	9,321	11,009
Investments	6	1	1
		-------	---------
		9,322	11,010

Current assets

Debtors	7	283,267	177,613
Cash at bank and in hand		40,018	59,676
		----------	----------
		323,285	237,289

Creditors: amounts falling due within one year	8	149,312	152,064
		----------	----------
Net current assets		173,973	85,225
		----------	---------
Total assets less current liabilities		183,295	96,235

Creditors: amounts falling due after more than one year	9	45,000	–

Provisions

Taxation including deferred tax	1,771	2,092
	----------	---------
Net assets	136,524	94,143
	----------	---------

Capital and reserves

Called up share capital	10	143	143
Share premium account		30,632	30,632
Profit and loss account		105,749	63,368
		----------	---------
Shareholders funds		136,524	94,143
		----------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

ETHOS PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

5 April 2021

For the year ending 5 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 December 2021 , and are signed on behalf of the board by:

Mr C P Demetriou

Director

Company registration number: 06557331

ETHOS PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2021

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 8A Ship Street, Brighton, East Sussex, BN1 1AZ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.

Revenue recognition

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and equipment	-	20% straight line
Fixtures and fittings	-	20% straight line
Computer equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Government grants

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfyingthe revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2020: 7 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 6 April 2020	15,792	34,420	26,636	76,848
Additions	–	–	5,115	5,115
	---------	---------	---------	---------
At 5 April 2021	15,792	34,420	31,751	81,963
	---------	---------	---------	---------
Depreciation
At 6 April 2020	15,792	29,796	20,251	65,839
Charge for the year	–	3,265	3,538	6,803
	---------	---------	---------	---------
At 5 April 2021	15,792	33,061	23,789	72,642
	---------	---------	---------	---------
Carrying amount
At 5 April 2021	–	1,359	7,962	9,321
	---------	---------	---------	---------
At 5 April 2020	–	4,624	6,385	11,009
	---------	---------	---------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 6 April 2020 and 5 April 2021	1
	----
Impairment
At 6 April 2020 and 5 April 2021	–
	----

Carrying amount
At 5 April 2021	1
	----
At 5 April 2020	1
	----

7. Debtors

	2021	2020
	£	£
Trade debtors	235,444	168,948
Other debtors	47,823	8,665
	----------	----------
	283,267	177,613
	----------	----------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	5,000	–
Trade creditors	16,596	17,186
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1	1
Corporation tax	36,964	43,872
Social security and other taxes	82,319	41,056
Other creditors	8,432	49,949
	----------	----------
	149,312	152,064
	----------	----------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	45,000	–
	---------	----

10. Called up share capital

The company entered into an EMI Share Option Plan for the grant of share options to an eligible employee of Ethos Property Ltd in the year ended 2018. During the current year, the remaining 21 Ordinary Shares available were granted pursuant to the EMI Option Plan as follows:

Date of Options Exercise Number of

Grant Granted Price Employees

10 October 2016 43 Ordinary B £388 1

The remaining 21 shares of the above Options were exercised during the year as follows:

On 30 May 2019, the company issued 21 Ordinary B shares of £1 each for a total consideration of £8,145.

11. Directors' advances, credits and guarantees

Included within creditors falling due in less than one year are directors' loans totalling £4,493 (2020: £2,468). These loans are interest free and repayable on demand.