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Registration number: 10238999

Elahan Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

J S Weeks & Co
Chartered Accountants
41 St John's Street
Devizes
Wiltshire
SN10 1BL

 

Elahan Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Elahan Ltd

Company Information

Director

Mr Martin Walker

Company secretary

Mrs Barbara Wood

Registered office

Copsewood
Low Road
Little Cheverell
Devizes
Wiltshire
SN10 4JZ

Accountants

J S Weeks & Co
Chartered Accountants
41 St John's Street
Devizes
Wiltshire
SN10 1BL

 

Elahan Ltd

(Registration number: 10238999)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Investment property

4

712,294

873,912

Current assets

 

Debtors

5

4,711

82,749

Cash at bank and in hand

 

10,261

6,278

 

14,972

89,027

Creditors: Amounts falling due within one year

6

(27,851)

(13,306)

Net current (liabilities)/assets

 

(12,879)

75,721

Total assets less current liabilities

 

699,415

949,633

Creditors: Amounts falling due after more than one year

6

(687,192)

(956,133)

Net assets/(liabilities)

 

12,223

(6,500)

Capital and reserves

 

Called up share capital

103

103

Profit and loss account

12,120

(6,603)

Total equity

 

12,223

(6,500)

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Elahan Ltd

(Registration number: 10238999)
Balance Sheet as at 30 June 2018

Approved and authorised by the director on 13 November 2018
 

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

Mr Martin Walker
Director

 

Elahan Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Copsewood
Low Road
Little Cheverell
Devizes
Wiltshire
SN10 4JZ

These financial statements were authorised for issue by the director on 13 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Elahan Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Elahan Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4

Investment properties

2018
£

At 1 July

873,912

Disposals

(161,618)

At 30 June

712,294

The additions are stated at cost. There has been no valuation of investment property by an independent valuer.

 

Elahan Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

5

Debtors

2018
£

2017
£

Trade debtors

4,144

-

Prepayments

567

8,305

Other debtors

-

74,444

4,711

82,749

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

1,273

7,643

Taxation and social security

938

-

Accruals and deferred income

2,350

1,313

Other creditors

23,290

4,350

27,851

13,306

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

7

687,192

956,133

 

Elahan Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

7

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

64,955

185,792

Other borrowings

622,237

770,341

687,192

956,133

The other borrowings comprise loans from the director.