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COMPANY REGISTRATION NUMBER: 03488943
Elm Court Estate Developments Limited
Filleted Unaudited Financial Statements
31 March 2023
Elm Court Estate Developments Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Elm Court Estate Developments Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
784,743
806,257
Current assets
Debtors
6
229,453
448,111
Cash at bank and in hand
712,839
480,266
---------
---------
942,292
928,377
Creditors: amounts falling due within one year
7
211,093
248,219
---------
---------
Net current assets
731,199
680,158
------------
------------
Total assets less current liabilities
1,515,942
1,486,415
Provisions
Taxation including deferred tax
2,062
2,267
------------
------------
Net assets
1,513,880
1,484,148
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,513,878
1,484,146
------------
------------
Shareholders funds
1,513,880
1,484,148
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Elm Court Estate Developments Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mr C H Knibbs
Mr R G Bromley
Director
Director
Company registration number: 03488943
Elm Court Estate Developments Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
1.66% per annum on cost
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Investment property
Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
1,168,753
118,649
2,800
1,500
9,103
1,300,805
Additions
1,439
1,439
------------
---------
-------
-------
--------
------------
At 31 Mar 2023
1,168,753
118,649
2,800
1,500
10,542
1,302,244
------------
---------
-------
-------
--------
------------
Depreciation
At 1 Apr 2022
374,426
111,762
1,225
1,500
5,635
494,548
Charge for the year
19,479
1,722
525
1,227
22,953
------------
---------
-------
-------
--------
------------
At 31 Mar 2023
393,905
113,484
1,750
1,500
6,862
517,501
------------
---------
-------
-------
--------
------------
Carrying amount
At 31 Mar 2023
774,848
5,165
1,050
3,680
784,743
------------
---------
-------
-------
--------
------------
At 31 Mar 2022
794,327
6,887
1,575
3,468
806,257
------------
---------
-------
-------
--------
------------
Investment properties are included in the balance sheet at cost and are not depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
44,475
95,499
Other debtors
184,978
352,612
---------
---------
229,453
448,111
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
46,395
79,095
Social security and other taxes
1,603
13,647
Other creditors
163,095
155,477
---------
---------
211,093
248,219
---------
---------
8. Related party transactions
At the year end, the company owed the Directors £51,680 (2022: £38,248). At the year end, the company was owed £184,295 by a company related by common control (2022: £352,295).