REGISTERED NUMBER: 10686183 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Elm Tree Property Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R James

REGISTERED OFFICE:

Suite 3 Falcon Court Business Centre

College Road

Maidstone

Kent

ME15 6TF

REGISTERED NUMBER:

10686183 (England and Wales)

ACCOUNTANTS:

Skyfire Accountancy Ltd

The Old Rectory

Springhead Road

Northfleet

Kent

DA11 8HN

FIXED ASSETS

Tangible assets

5

1,036

609

Investment property

6

750,850

327,682

751,886

328,291

CURRENT ASSETS

Debtors

3,000

37,630

Cash at bank

4,197

122,566

7,197

160,196

CREDITORS

Amounts falling due within one year

163,250

182,737

NET CURRENT LIABILITIES

(156,053

)

(22,541

)

TOTAL ASSETS LESS CURRENT LIABILITIES

595,833

305,750

CREDITORS

Amounts falling due after more than one year

7

(573,461

)

(259,265

)

PROVISIONS FOR LIABILITIES

(13,332

)

(13,135

)

NET ASSETS

9,040

33,350

CAPITAL AND RESERVES

Called up share capital

500

500

Fair value reserve

9

55,996

55,996

Retained earnings

(47,456

)

(23,146

)

SHAREHOLDERS' FUNDS

9,040

33,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2023 and were signed by:

Mr R James - Director

1.	STATUTORY INFORMATION

Elm Tree Property Ltd 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, 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 when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

straight line over 3 years

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2022

12,341

Additions

1,097

At 28 February 2023

13,438

DEPRECIATION

At 1 March 2022

11,732

Charge for year

670

At 28 February 2023

12,402

NET BOOK VALUE

At 28 February 2023

1,036

At 28 February 2022

609

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

327,682

Additions

423,168

At 28 February 2023

750,850

NET BOOK VALUE

At 28 February 2023

750,850

At 28 February 2022

327,682

Fair value at 28 February 2023 is represented by:

£

Valuation in 2019

19,131

Valuation in 2022

50,000

Cost

681,719

750,850

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

28.2.23

28.2.22

£

£

Cost

258,551

258,551

Investment property was valued on an open market basis on 25 April 2022 by a director .

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

28.2.23

28.2.22

£

£

Repayable otherwise than by instalments

Mortgage

538,750

220,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.23

28.2.22

£

£

Mortgage

538,750

220,000

Loans of £538,750 (2022: £220,000) are secured against investment property.

9.

RESERVES

Fair

value

reserve

£

At 1 March 2022

and 28 February 2023

55,996

10.	RELATED PARTY DISCLOSURES

During the period the company repaid £19,241 of a loan from a director. The balance outstanding at the end of the period was £154,034 (2022: £173,275).

The loan is included within creditors due within one year, is free of interest and is repayable on demand.