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Registered number: 01389427
ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
COMPANY INFORMATION
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Ellough Industrial Estate
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
CONTENTS
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Notes to the financial statements
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ellough Industrial Estates (1978) Limited for the year ended 31 December 2022 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 Ellough Industrial Estates (1978) Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Ellough Industrial Estates (1978) Limited and state those matters that we have agreed to state to the Board of directors of Ellough Industrial Estates (1978) 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 Ellough Industrial Estates (1978) Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Ellough Industrial Estates (1978) 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 Ellough Industrial Estates (1978) Limited. You consider that Ellough Industrial Estates (1978) 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 Ellough Industrial Estates (1978) 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
Norfolk
NR1 4DJ
19 May 2023
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
REGISTERED NUMBER: 01389427
BALANCE SHEET
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
REGISTERED NUMBER: 01389427
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
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 19 May 2023.
The notes on pages 4 to 11 form part of these financial statements.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Site Office, Ellough Industrial Estate, Ellough, Beccles, Suffolk, NR34 7TD.
The company's principal activity is that of letting commercial buildings, and the provision of services and goods to its tenants and to other parties.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises rent and related charges payable to the company by tenants for the occupation of properties owned by the company. In addition, turnover includes income from the provision of other services and goods to non-tenants. Turnover is exclusive of Value Added Tax and is recognised on the accruals basis. Income received in advance at the year end is included within creditors.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Assets in course of construction
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
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.
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The average monthly number of employees, including directors, during the year was 11 (2021 - 11).
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The fair value movements recognised in the profit and loss account upon revaluation of the Company's investment properties do not become taxable until the ultimate disposal of these properties. An appropriate adjustment has therefore been made in arriving at the corporation tax charge for the year, calculated at the standard rate of corporation tax in the UK applicable to the Company.
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Assets in course of construction
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Charge for the year on owned assets
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Freehold investment property
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The 2022 valuations were made by Brown & Co, on an open market value for existing use basis.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loan is secured by fixed and floating charges over all assets held by the company.
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax payable on future sale of investment properties
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Allotted, called up and fully paid
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135,711 (2021 - 135,711) Ordinary 'A' shares of £1.00 each
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23,528 (2021 - 23,528) Ordinary 'B' shares of £1.00 each
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23,597 (2021 - 23,597) Ordinary 'C' shares of £1.00 each
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17,715 (2021 - 17,715) Ordinary 'D' shares of £1.00 each
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5,882 (2021 - 5,882) Ordinary 'E' shares of £1.00 each
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5,813 (2021 - 5,813) Ordinary 'F' shares of £1.00 each
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2,661 (2021 - 2,661) Ordinary 'G' shares of £1.00 each
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51,193 (2021 - 51,193) Ordinary 'H' shares of £1.00 each
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
Other reserves
The fair value reserve represents the cumulative value of revaluations of investment property which are valued to fair value at each reporting date, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.
Profit & loss account
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
13.Other financial commitments
At 31 December 2022, the company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounted to £768 (2021: £1,793)
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Related party transactions
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As at 31 December 2022 the balance owed to the directors by the company was £130,636 (2021: £240,676). Interest has been charged on these loans at a rate 5% and the balances are included in creditors due within one year in note 8 of the financial statements.
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