ESCO Property LTD - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09951795 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

ESCO PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Cohen

Mrs E Hall

SECRETARY:

Mrs E Hall

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

09951795 (England and Wales)

ACCOUNTANTS:

Orcom Civvals Limited

Accountants

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

53,899

54,787

Investments

5

1

1

Investment property

6

9,184,184

6,978,564

9,238,084

7,033,352

CURRENT ASSETS

Debtors

7

404,077

320,808

Cash at bank

54,388

61,870

458,465

382,678

CREDITORS

Amounts falling due within one year

8

918,585

1,036,113

NET CURRENT LIABILITIES

(460,120

)

(653,435

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,777,964

6,379,917

CREDITORS

Amounts falling due after more than one year

9

(5,566,427

)

(4,947,784

)

PROVISIONS FOR LIABILITIES

(592,664

)

(258,168

)

NET ASSETS

2,618,873

1,173,965

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

10

2,526,631

1,100,620

Retained earnings

10

92,142

73,245

2,618,873

1,173,965

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 directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2023 and were signed on its behalf by:

A Cohen - Director

Mrs E Hall - Director

1.	STATUTORY INFORMATION

ESCO Property LTD 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

118,930

Additions

12,586

At 31 March 2022

131,516

DEPRECIATION

At 1 April 2021

64,143

Charge for year

13,474

At 31 March 2022

77,617

NET BOOK VALUE

At 31 March 2022

53,899

At 31 March 2021

54,787

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

1

NET BOOK VALUE

At 31 March 2022

1

At 31 March 2021

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

6,978,564

Additions

445,113

Revaluations

1,760,507

At 31 March 2022

9,184,184

NET BOOK VALUE

At 31 March 2022

9,184,184

At 31 March 2021

6,978,564

Fair value at 31 March 2022 is represented by:

£

Valuation in 2018

767,586

Valuation in 2019

273,270

Valuation in 2020

126,995

Valuation in 2021

190,936

Valuation in 2022

1,760,497

Cost

6,064,900

9,184,184

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

61,569

20,310

Other debtors

342,508

300,498

404,077

320,808

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

12,371

9,851

Taxation and social security

62,077

72,598

Other creditors

844,137

953,664

918,585

1,036,113

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

5,566,427

4,947,784

2022

2021

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

5,521,057

4,897,784

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2021

73,245

1,100,620

1,173,865

Profit for the year

1,448,908

1,448,908

Dividends

(4,000

)

(4,000

)

Unrealised fair value gain

(1,760,507

)

1,760,507

-

Deferred tax

334,496

(334,496

)

-

At 31 March 2022

92,142

2,526,631

2,618,773

11.	RELATED PARTY DISCLOSURES

Other debtors include an amount of £270,389 (2021: £285,282) owed from an entity in which the company has a participating interest.

Other debtors also include an amount of 65,299 (2021: £15,216) owed from an entity in which the shareholders have a participating interest.

Other creditors include an amount of £16,733 (2021: £38,105) owed to an entity in which the shareholders have a participating interest.

Included in other creditors is an amount of £490,581 (2021: £520,999) owed to the directors.

Other creditors also include an amount of £327,403 (2021: £331,403) owed to close member of the directors.

During the year, management fee of £30,000 (2021: £24,104) was paid to an entity in which the shareholders have a participating interest.