Company No: 06925634 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	D R Gerber
	J Gerber
	T Wise

SECRETARY

J Gerber

REGISTERED OFFICE	35 Ballards Lane
	London
	N3 1XW
	United Kingdom

COMPANY NUMBER

06925634 (England and Wales)

CHARTERED ACCOUNTANTS	Berg Kaprow Lewis LLP
	35 Ballards Lane
	London
	N3 1XW

	Note	2022		2021
		£		£
Fixed assets
Investment property	3	2,641,780		2,657,900
Investments	4	3,725,671		3,733,923
		6,367,451		6,391,823
Current assets
Debtors	5	151,715		100,354
Cash at bank and in hand		491,904		505,847
		643,619		606,201
Creditors
Amounts falling due within one year	6	( 2,001,200)		( 2,047,931)
Net current liabilities		(1,357,581)		(1,441,730)
Total assets less current liabilities		5,009,870		4,950,093
Creditors
Amounts falling due after more than one year	7	( 2,172,606)		( 2,442,882)
Net assets		2,837,264		2,507,211
Capital and reserves
Called-up share capital	8	99		99
Other reserves		( 41,183 )		( 50,063 )
Profit and loss account		2,878,348		2,557,175
Total shareholders' funds		2,837,264		2,507,211

For the financial year ending 31 March 2022 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of ST Enoch Estates Limited (registered number: 06925634) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Gerber Director

30 May 2023

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ST Enoch Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	2,657,900
Fair value movement	390
Disposals	(16,510)
As at 31 March 2022	2,641,780

The 2022 valuations were made by McBeath Property Consultancy Limited and the directors, on an open market value for existing use basis

4. Fixed asset investments

	Investments in associates		Other investments		Total
	£		£		£
Carrying value before impairment
At 01 April 2021	3,606,245		127,678		3,733,923
Drawings	( 210,000)		0		( 210,000)
Share of profit/(loss)	201,748		0		201,748
At 31 March 2022	3,597,993		127,678		3,725,671
Provisions for impairment
At 01 April 2021	0		0		0
At 31 March 2022	0		0		0
Carrying value at 31 March 2022	3,597,993		127,678		3,725,671
Carrying value at 31 March 2021	3,606,245		127,678		3,733,923

5. Debtors

	2022		2021
	£		£
Trade debtors	21,119		0
Other debtors	130,596		100,354
	151,715		100,354

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	20,575		6,960
Corporation tax	141,062		178,203
Other creditors	1,839,563		1,862,768
	2,001,200		2,047,931

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

	2022		2021
	£		£
Other creditors	2,172,606		2,442,882

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each	99		99