Encoreserve Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03380507 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Encoreserve Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

Mr R D Alliban FCA

Mrs G Alliban

SECRETARY:

Mrs G Alliban

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

03380507 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

2,153

1,258

Investments

5

100

100

Investment property

6

1,920,000

1,920,000

1,922,253

1,921,358

CURRENT ASSETS

Debtors

7

1,696

1,673

Cash at bank

4,707

6,161

6,403

7,834

CREDITORS

Amounts falling due within one year

8

109,324

104,390

NET CURRENT LIABILITIES

(102,921

)

(96,556

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,819,332

1,824,802

CREDITORS

Amounts falling due after more than one year

9

(520,000

)

(520,000

)

PROVISIONS FOR LIABILITIES

11

(169,246

)

(167,430

)

NET ASSETS

1,130,086

1,137,372

CAPITAL AND RESERVES

Called up share capital

12

200

200

Share premium

162,900

162,900

Fair value reserve

13

867,328

867,328

Retained earnings

99,658

106,944

SHAREHOLDERS' FUNDS

1,130,086

1,137,372

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 18 March 2024 and were signed on its behalf by:

Mr R D Alliban FCA - Director

Mrs G Alliban - Director

1.	STATUTORY INFORMATION

Encoreserve Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover is recognised in the period in which the property is occupied.

Tangible fixed assets

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

Equipment

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 January 2023

6,376

Additions

1,739

Disposals

(1,332

)

At 31 December 2023

6,783

DEPRECIATION

At 1 January 2023

5,118

Charge for year

595

Eliminated on disposal

(1,083

)

At 31 December 2023

4,630

NET BOOK VALUE

At 31 December 2023

2,153

At 31 December 2022

1,258

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2023

and 31 December 2023

100

NET BOOK VALUE

At 31 December 2023

100

At 31 December 2022

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2023

and 31 December 2023

1,920,000

NET BOOK VALUE

At 31 December 2023

1,920,000

At 31 December 2022

1,920,000

Fair value at 31 December 2023 is represented by:

£

Valuation in 2023

1,037,629

Cost

882,371

1,920,000

If investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

882,371

882,371

Investment property was valued on an open market basis on 31 December 2023 by Mr R D Alliban (director) .

The director has sufficient knowledge and experience of the housing market in order to value the company's properties.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

1,696

1,673

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

100

100

Taxation and social security

1,965

1,511

Other creditors

107,259

102,779

109,324

104,390

Other creditors includes an amount owed to the directors.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

520,000

520,000

2023

2022

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans - over 5 years

520,000

520,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

520,000

520,000

The bank loans are secured by a legal charge over the company's freehold property.

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

538

315

Tax losses carried forward

(1,593

)

(3,186

)

Other timing differences

170,301

170,301

169,246

167,430

Deferred

tax

£

Balance at 1 January 2023

167,430

Charge to Income Statement during year

1,816

Balance at 31 December 2023

169,246

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

200

Ordinary

£1

200

200

13.

RESERVES

Fair

value

reserve

£

At 1 January 2023

and 31 December 2023

867,328

The fair value reserve is not available for distribution as it is unrealised.