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COMPANY REGISTRATION NUMBER: 11644172
Elm Court Estate Limited
Filleted Unaudited Financial Statements
31 March 2023
Elm Court Estate Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Elm Court Estate Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
19,000,000
15,000,000
Current assets
Debtors
6
386,622
306,588
Cash at bank and in hand
1,002,941
770,303
------------
------------
1,389,563
1,076,891
Creditors: amounts falling due within one year
7
173,627
202,557
------------
------------
Net current assets
1,215,936
874,334
-------------
-------------
Total assets less current liabilities
20,215,936
15,874,334
Provisions
Taxation including deferred tax
1,691,460
525,509
-------------
-------------
Net assets
18,524,476
15,348,825
-------------
-------------
Capital and reserves
Called up share capital
11,000,000
11,000,000
Revaluation reserve
5,074,379
2,240,330
Profit and loss account
2,450,097
2,108,495
-------------
-------------
Shareholders funds
18,524,476
15,348,825
-------------
-------------
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 comprehensive income 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 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 R G Bromley
Mr C H Knibbs
Director
Director
Company registration number: 11644172
Elm Court Estate 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, United Kingdom.
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 goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Investment property
Investment properties are included in the balance sheet at their fair value in accordance with FRS 102 and are not depreciated.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 1 April 2022
15,000,000
Revaluations
4,000,000
-------------
At 31 March 2023
19,000,000
-------------
Depreciation
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
19,000,000
-------------
At 31 March 2022
15,000,000
-------------
In accordance with FRS 102 no depreciation is charged on the company's investment property and is included on the balance sheet at market value as established by the company.
6. Debtors
2023
2022
£
£
Trade debtors
349,105
257,795
Other debtors
37,517
48,793
---------
---------
386,622
306,588
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
127,647
165,448
Social security and other taxes
2,678
2,435
Other creditors
43,302
34,674
---------
---------
173,627
202,557
---------
---------
Handelsbanken hold a fixed charge over the undertakings and all assets of the company.
8. Related party transactions
At the year end, the company was owed £37,139 (2022: £48,415) by a company associated by common control.