Essex Road Development Limited - Accounts to registrar (filleted) - small 23.1.5
Essex Road Development Limited - Accounts to registrar (filleted) - small 23.1.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2022 |
| for |
| Essex Road Development Limited |
| Essex Road Development Limited (Registered number: 08717642) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Essex Road Development Limited |
| Company Information |
| for the Year Ended 31 October 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor, Butler House |
| 177-178 Tottenham Court Road |
| London |
| W1T 7AF |
| Essex Road Development Limited (Registered number: 08717642) |
| Balance Sheet |
| 31 October 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Essex Road Development Limited (Registered number: 08717642) |
| Balance Sheet - continued |
| 31 October 2022 |
| 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 |
| Essex Road Development Limited (Registered number: 08717642) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2022 |
| 1. | STATUTORY INFORMATION |
| Essex Road Development Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rental income. Turnover is reduced for, rebates and other similar allowances. |
| Rental income is recognised on a straight line basis over the lease term. |
| Investment property |
| Investment property relates to fair value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. No depreciation is provided. |
| Fair values are determined from market based evidence which has been valued by the directors at the balance sheet date. |
| Revaluations gains and losses are recognised in the profit and loss accounts. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| Essex Road Development Limited (Registered number: 08717642) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2022 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2021 |
| and 31 October 2022 |
| NET BOOK VALUE |
| At 31 October 2022 |
| At 31 October 2021 |
| The freehold property was valued at fair value, at the balance sheet date, by the directors. |
| Fair value at 31 October 2022 is represented by: |
| £ |
| Valuation in 2016 | 1,000,000 |
| Valuation in 2021 | 175,000 |
| Cost | 4,000,000 |
| 5,175,000 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| The loan is secured by a fixed and a floating charge over the investment property of the company. |
| 8. | PROVISIONS FOR LIABILITIES |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 512,971 | 512,971 |
| Deferred tax |
| £ |
| Balance at 1 November 2021 |
| Balance at 31 October 2022 |
| Essex Road Development Limited (Registered number: 08717642) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2022 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary A Shares | 1 | 1 | 1 |
| Ordinary B shares | 1 | 1 | 1 |
| Ordinary C shares | 1 | 1 | 1 |
| 3 | 3 |
| 10. | RELATED PARTY DISCLOSURES |
| The V Fund Limited |
| The balance due from The V Fund , at year end was £172,332 (2021- £95,823). The V Fund Ltd is a company in which V Goldstein is a director. |
| RGK Properties Limited |
| The balance due from RGK Properties Ltd, at year end £174,810 (2021 - £-1,711). RGK Propertie Ltd is a company in which R Kilikita is a director. |
| Tommo Properties Limited |
| The balance due from Tommo Properties Ltd, at year end was £185,166 (2021 - £8,645). Tommo Properties Ltd is a company which is a joint venture partner with influence in Essex Road Development Ltd. |
| 11. | RESERVES |
| Fair Value Reserve £ |
| As at 1 November 2021 and 31 October 2022 2,572,409 |
| The reserve relates to the fair value adjustment of investment properties, which is undistributable. |