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REGISTERED NUMBER: 11852792 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

ELMS FARM ASSOCIATES LIMITED

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELMS FARM ASSOCIATES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: B A Farr
S J Farr
J R A Farr
D Alderson
S L Bullock





SECRETARY: J R A Farr





REGISTERED OFFICE: Elms Farm
Upper Tockington Road
Tockington
Bristol
BS32 4LQ





REGISTERED NUMBER: 11852792 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Balance Sheet
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 13,592 11,400
Investment property 5 9,956,900 9,956,900
9,970,492 9,968,300

CURRENT ASSETS
Debtors 6 34,536 83,566
Cash at bank 21,617 15,298
56,153 98,864
CREDITORS
Amounts falling due within one year 7 (209,333 ) (194,110 )
NET CURRENT LIABILITIES (153,180 ) (95,246 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,817,312

9,873,054

CREDITORS
Amounts falling due after more than one
year

8

(2,556,629

)

(2,656,217

)
NET ASSETS 7,260,683 7,216,837

CAPITAL AND RESERVES
Called up share capital 10 7,201,056 7,201,056
Retained earnings 59,627 15,781
SHAREHOLDERS' FUNDS 7,260,683 7,216,837

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Balance Sheet - continued
31 MARCH 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





B A Farr - Director


ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. COMPANY INFORMATION

Elms Farm Associates 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 6 ) .

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 7,100 52 5,301 12,453
Additions 5,880 - - 5,880
At 31 March 2023 12,980 52 5,301 18,333
DEPRECIATION
At 1 April 2022 385 5 663 1,053
Charge for year 2,519 10 1,159 3,688
At 31 March 2023 2,904 15 1,822 4,741
NET BOOK VALUE
At 31 March 2023 10,076 37 3,479 13,592
At 31 March 2022 6,715 47 4,638 11,400

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 9,956,900
NET BOOK VALUE
At 31 March 2023 9,956,900
At 31 March 2022 9,956,900

Investment properties were valued on an open market basis on 30 September 2021 by Savills.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,290 13,870
Other debtors 23,246 21,625
Directors' current accounts - 48,071
34,536 83,566

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 96,000 96,269
Trade creditors 8,123 15,110
Tax 44,894 23,585
Social security and other taxes 173 81
Other creditors 51,485 51,866
Directors' current accounts 329 -
Accruals and deferred income 8,329 7,199
209,333 194,110

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 384,000 384,000
Bank loans more 5 yr by instal 2,172,629 2,272,217
2,556,629 2,656,217

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,172,629 2,272,217

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,652,629 2,752,217

The loan is secured by a fixed charge over assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
7,201,056 Ordinary £1 7,201,056 7,201,056

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
B A Farr
Balance outstanding at start of year 48,071 -
Amounts advanced 111,507 133,896
Amounts repaid (159,907 ) (85,825 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (329 ) 48,071

The loan is interest free and has no set date for repayment.