Espalier Developments (Millendreath) Lim - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05507868 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

ESPALIER DEVELOPMENTS (MILLENDREATH)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

V Gupta

REGISTERED OFFICE:

One Gloucester Place

Brighton

BN1 4AA

REGISTERED NUMBER:

05507868 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Hove) Limited

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Investments

3

2,202

2,202

CURRENT ASSETS

Debtors

4

6,300,174

5,871,475

Cash at bank

3,113

86,534

6,303,287

5,958,009

CREDITORS

Amounts falling due within one year

5

4,539,392

4,868,368

NET CURRENT ASSETS

1,763,895

1,089,641

TOTAL ASSETS LESS CURRENT LIABILITIES

1,766,097

1,091,843

CAPITAL AND RESERVES

Called up share capital

15,652,152

15,652,152

Share premium

1,188,841

1,188,841

Retained earnings

(15,074,896

)

(15,749,150

)

SHAREHOLDERS' FUNDS

1,766,097

1,091,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 March 2024 and were signed by:

V Gupta - Director

1.	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.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Turnover represents the following types of income;

- Retail income

All income is recognised on a receivable basis.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

3.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 August 2022

and 31 July 2023

2,202

NET BOOK VALUE

At 31 July 2023

2,202

At 31 July 2022

2,202

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Millendreath Chalets Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2023

2022

£

£

Aggregate capital and reserves

9,575

9,575

Profit for the year

-

960

Micro Flats Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2023

2022

£

£

Aggregate capital and reserves

571

571

Profit for the year

-

800

The investments have been impaired to the shareholding value based on the current value of the companies.

4.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

2,610

4,411

Orange Valley loan

6,297,500

-

VAT

64

2,611

Prepayments and accrued income

-

6,953

6,300,174

13,975

Amounts falling due after more than one year:

Orange Valley long term

-

5,857,500

Aggregate amounts

6,300,174

5,871,475

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

384

-

Other creditors

4,535,488

4,850,649

Accrued expenses

3,520

17,719

4,539,392

4,868,368

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Espalier Ventures Limited.

The ultimate controlling party is A J Colin.

This was by virtue of the share-for-share exchange that occurred when the company was acquired by Espalier Ventures Limited.

7.	INTERCOMPANY TRANSACTIONS - CREDITORS

During the year ended 31 July 2023, Espalier Developments (Millendreath) Limited had the following movements in intercompany creditor balances:

% Holding

July 2023

July 2022

Movement

Espalier Ventures Limited

100

4,044,754

4,359,915

315,161

4,044,754

4,359,915

315,161

A J Colin is a shareholder in the companies listed above at the percentages shown. All outstanding amounts are interest free and repayable on demand.