ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

ESQUIRE PEARL REALTY LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-07-01 06435512 2016-07-01 2017-06-30 06435512 2015-07-01 2016-06-30 06435512 2017-06-30 06435512 2016-06-30 06435512 2015-07-01 06435512 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-07-01 2016-06-30 06435512 1 2016-07-01 2017-06-30 06435512 1 2015-07-01 2016-06-30 06435512 e:Director2 2016-07-01 2017-06-30 06435512 c:FreeholdInvestmentProperty 2016-07-01 2017-06-30 06435512 c:FreeholdInvestmentProperty 2017-06-30 06435512 c:FreeholdInvestmentProperty 2016-06-30 06435512 c:FreeholdInvestmentProperty 2 2016-07-01 2017-06-30 06435512 c:CurrentFinancialInstruments 2017-06-30 06435512 c:CurrentFinancialInstruments 2016-06-30 06435512 c:Non-currentFinancialInstruments 2017-06-30 06435512 c:Non-currentFinancialInstruments 2016-06-30 06435512 c:CurrentFinancialInstruments c:WithinOneYear 2017-06-30 06435512 c:CurrentFinancialInstruments c:WithinOneYear 2016-06-30 06435512 c:Non-currentFinancialInstruments c:AfterOneYear 2017-06-30 06435512 c:Non-currentFinancialInstruments c:AfterOneYear 2016-06-30 06435512 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2017-06-30 06435512 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2016-06-30 06435512 c:ShareCapital 2017-06-30 06435512 c:ShareCapital 2016-06-30 06435512 c:ShareCapital 2015-07-01 06435512 c:InvestmentPropertiesRevaluationReserve 2016-07-01 2017-06-30 06435512 c:InvestmentPropertiesRevaluationReserve 2017-06-30 06435512 c:InvestmentPropertiesRevaluationReserve 1 2016-07-01 2017-06-30 06435512 c:InvestmentPropertiesRevaluationReserve 2015-07-01 2016-06-30 06435512 c:InvestmentPropertiesRevaluationReserve 2016-06-30 06435512 c:InvestmentPropertiesRevaluationReserve 2015-07-01 06435512 c:InvestmentPropertiesRevaluationReserve 1 2015-07-01 2016-06-30 06435512 c:RetainedEarningsAccumulatedLosses 2016-07-01 2017-06-30 06435512 c:RetainedEarningsAccumulatedLosses 2017-06-30 06435512 c:RetainedEarningsAccumulatedLosses 2015-07-01 2016-06-30 06435512 c:RetainedEarningsAccumulatedLosses 2016-06-30 06435512 c:RetainedEarningsAccumulatedLosses 2015-07-01 06435512 e:FRS102 2016-07-01 2017-06-30 06435512 e:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-30 06435512 e:FullAccounts 2016-07-01 2017-06-30 06435512 e:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel1 2016-07-01 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel1 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel2 2016-07-01 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel2 2015-07-01 2016-06-30 06435512 c:EntityControlledByKeyManagementPersonnel2 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel2 2016-06-30 06435512 c:EntityControlledByKeyManagementPersonnel3 2016-07-01 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel3 2017-06-30 06435512 c:EntityControlledByKeyManagementPersonnel3 2016-06-30 06435512 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-07-01 2017-06-30 06435512 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2015-07-01 2016-06-30 06435512 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-06-30 06435512 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-06-30 iso4217:GBP

Registered number: 06435512

ESQUIRE PEARL REALTY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2017

ESQUIRE PEARL REALTY LIMITED

REGISTERED NUMBER: 06435512

BALANCE SHEET

AS AT 30 JUNE 2017

		2017		2016
Note		£		£

Fixed assets
Investments	4		-		2
Investment property	5		12,055,000		23,525,000
			12,055,000		23,525,002
Current assets
Debtors: amounts falling due within one year	6	348,191		549,992
Cash at bank and in hand	7	401		139,749
		348,592		689,741
Creditors: amounts falling due within one year	8	(2,901,860)		(2,784,736)
Net current liabilities			(2,553,268)		(2,094,995)
Total assets less current liabilities			9,501,732		21,430,007
Creditors: amounts falling due after more than one year	9		(6,896,000)		(16,613,000)

Net assets			2,605,732		4,817,007

Capital and reserves
Called up share capital		3	3
Investment property reserve	11	2,761,921	7,003,971
Profit and loss account	11	(156,192)	(2,186,967)
		2,605,732	4,817,007

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 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

ESQUIRE PEARL REALTY LIMITED

REGISTERED NUMBER: 06435512

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2018.

................................................

Mr J R Pickstock

Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2

ESQUIRE PEARL REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2017

	Called up share capital	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 July 2016	3	7,003,971	(2,186,967)	4,817,007
Comprehensive income for the year
Loss for the year	-	-	(2,211,275)	(2,211,275)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(2,211,275)	(2,211,275)
Transfer to/from profit and loss account	-	-	4,242,050	4,242,050
Transfer between other reserves	-	(4,242,050)	-	(4,242,050)
Total transactions with owners	-	(4,242,050)	4,242,050	-
At 30 June 2017	3	2,761,921	(156,192)	2,605,732

Page 3

ESQUIRE PEARL REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2016

	Called up share capital	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 July 2015	3	4,478,971	(2,293,749)	2,185,225
Comprehensive income for the year
Profit for the year	-	-	2,631,782	2,631,782
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	2,631,782	2,631,782
Transfer to/from profit and loss account	-	-	(2,525,000)	(2,525,000)
Transfer between other reserves	-	2,525,000	-	2,525,000
Total transactions with owners	-	2,525,000	(2,525,000)	-
At 30 June 2016	3	7,003,971	(2,186,967)	4,817,007

The notes on pages 5 to 12 form part of these financial statements.

Page 4

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

1.	General information

The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 2 Mile Oak Industrial Estate, Maesbury Road, Oswestry, Salop, SY10 8GA.
The company's principle activity is that of property investment.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

2.3

Investment property

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 the Statement of comprehensive income.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

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.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 5

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.8

Creditors

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.

2.9

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2.10

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Employees

	The Company has no employees other than the directors, who did not receive any remuneration (2016 - £NIL).
	The average monthly number of employees, including directors, during the year was 0 (2016 - 0).

Page 6

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

4.	Fixed asset investments

		Investments in group undertakings and participating interests
		£

	At 1 July 2016	2
	Disposals	(2)
	At 30 June 2017	-


	At 30 June 2017	-
	At 30 June 2016	2

Page 7

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

5.	Investment property

		Investment property
		£
	Valuation
	At 1 July 2016	23,525,000
	Disposals	(10,500,000)
	Surplus on revaluation	(970,000)
	At 30 June 2017	12,055,000

The 2017 valuations were made by the Directors, on an open market value for existing use basis.

					2017	2016
					£	£

Revaluation reserves
At 1 July 2016	7,003,971	4,478,971
Net surplus/(deficit) in movement properties	(4,242,050)	2,525,000
At 30 June 2017	2,761,921	7,003,971

Debtors

					2017	2016
					£	£


Amounts owed by group undertakings	-	1
Other debtors	248,191	34,191
Prepayments and accrued income	100,000	515,800
	348,191	549,992

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	401	139,749
	401	139,749

Page 8

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Other creditors	2,886,104	2,711,097
Accruals and deferred income	15,756	73,639
	2,901,860	2,784,736

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	6,896,000	16,613,000
	6,896,000	16,613,000

Secured loans

The bank loan is secured by way of first and only legal charge over the properties owned by the company.



Amounts falling due 2-5 years
Bank loans	6,896,000	16,613,000
	6,896,000	16,613,000

	6,896,000	16,613,000

Page 9

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

11.

Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents the cumulative effect of revaluations of investment property which are valued to fair value at each reporting date.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of other adjustments.

12.

Related party transactions

During the period a loan of £215,000 was made to a company in which Esquire Pearl Realty is a directorr. This was outstanding at the year end.

During the period the company was loaned £197,300 (2016: £15,000) from a company under common control. The balance outstanding as at the year end was £212,300 (2016: £15,000). This loan is interest free, unsecured and repayable on demand.

During the year a director loaned the company £Nil (2016: £375,000). The balance due at the year end was £375,000 (2016: £375,000), included within other creditors. This loan is interest fee, unsecured and repayable on demand.

As at the 30 June 2017 the company was owed £34,190 (2016: £34,190) from a company under common control.

Page 10


		ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

13.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 July 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 July 2015	Effect of transition 1 July 2015	FRS 102 (as restated) 1 July 2015	As previously stated 30 June 2016	Effect of transition 30 June 2016	FRS 102 (as restated) 30 June 2016
	Note	£	£	£	£	£	£

Fixed assets	21,000,002	-	21,000,002	23,525,002	-	23,525,002
Current assets	62,932	-	62,932	689,741	-	689,741
Creditors: amounts falling due within one year	(2,264,709)	-	(2,264,709)	(2,784,736)	-	(2,784,736)
Net current liabilities	(2,201,777)	-	(2,201,777)	(2,094,995)	-	(2,094,995)
Total assets less current liabilities	18,798,225	-	18,798,225	21,430,007	-	21,430,007
Creditors: amounts falling due after more than one year	(16,613,000)	-	(16,613,000)	(16,613,000)	-	(16,613,000)
Net assets	2,185,225	-	2,185,225	4,817,007	-	4,817,007

Capital and reserves

2,185,225

4,817,007

Page 11

ESQUIRE PEARL REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

13.First time adoption of FRS 102 (continued)

		As previously stated 30 June 2016	Effect of transition 30 June 2016	FRS 102 (as restated) 30 June 2016
	Note	£	£	£

Turnover	1,502,316	-	1,502,316
	1,502,316	-	1,502,316
Administrative expenses	(189,312)	-	(189,312)
Other operating income	-	2,525,000	2,525,000
Operating profit	1,313,004	2,525,000	3,838,004
Interest payable and similar charges	(1,206,222)	-	(1,206,222)
Profit on ordinary activities after taxation and for the financial year	106,782	2,525,000	2,631,782

Explanation of changes to previously reported profit and equity:

In accordance with previous UK GAAP an investment property owned by the company was revalued to the fair value at each period end with the resulting movement being taken to the statement of recognised gains and losses. In accordance with FRS 102 this movement is taken to profit or loss. Consequently an adjustment has been made to the prior year operating income to show the movement in fair value. There has been no change to the opening reserves balance as this revaluation movement has been transferred from the profit and loss reserve to the investment property reserve, as illustrated in the Statement of Changes in Equity.

Page 12