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Registration number: 13324576

Elan Property Finance Ltd

Annual Report and Unaudited Financial Statements

for the Period from 9 April 2021 to 30 April 2022

 

Elan Property Finance Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Elan Property Finance Ltd

Company Information

Director

Mr Shehzad Ahmed

Registered office

49 Marlborough Road
Newport
NP19 0BY

Accountants

Property Tax Advice Ltd
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Elan Property Finance Ltd

(Registration number: 13324576)
Balance Sheet as at 30 April 2022

Note

2022
£

Fixed assets

 

Tangible assets

5

1,295

Current assets

 

Debtors

6

1,105

Cash at bank and in hand

 

35,635

 

36,740

Creditors: Amounts falling due within one year

7

(30,196)

Net current assets

 

6,544

Net assets

 

7,839

Capital and reserves

 

Called up share capital

100

Retained earnings

7,739

Shareholders' funds

 

7,839

For the financial period ending 30 April 2022 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 period 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.

Approved and authorised by the director on 9 August 2022
 

.........................................
Mr Shehzad Ahmed
Director

 

Elan Property Finance Ltd

Notes to the Unaudited Financial Statements for the Period from 9 April 2021 to 30 April 2022

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:
49 Marlborough Road
Newport
NP19 0BY
Wales

These financial statements were authorised for issue by the director on 9 August 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Straight Line

 

Elan Property Finance Ltd

Notes to the Unaudited Financial Statements for the Period from 9 April 2021 to 30 April 2022 (continued)

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2.

4

Profit before tax

Arrived at after charging/(crediting)

 

Elan Property Finance Ltd

Notes to the Unaudited Financial Statements for the Period from 9 April 2021 to 30 April 2022 (continued)

4

Profit before tax (continued)

2022
£

Depreciation expense

323

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,619

1,619

At 30 April 2022

1,619

1,619

Depreciation

Charge for the period

324

324

At 30 April 2022

324

324

Carrying amount

At 30 April 2022

1,295

1,295

6

Debtors

Current

2022
£

Prepayments

35

Other debtors

1,070

7

Creditors

Creditors: amounts falling due within one year

2022
£

Due within one year

Trade creditors

13

Taxation and social security

29,983

Accruals and deferred income

169

Other creditors

31

30,196