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COMPANY REGISTRATION NUMBER: 2757951
Elms Price Lettings Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 May 2023
Elms Price Lettings Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
13,459
17,379
Current Assets
Debtors
6
2,520
2,265
Cash at bank and in hand
100,744
131,320
----------
----------
103,264
133,585
Creditors: amounts falling due within one year
7
84,434
104,448
----------
----------
Net Current Assets
18,830
29,137
---------
---------
Total Assets Less Current Liabilities
32,289
46,516
Creditors: amounts falling due after more than one year
8
23,465
32,851
---------
---------
Net Assets
8,824
13,665
---------
---------
Elms Price Lettings Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
12,000
12,000
Profit and loss account
( 3,176)
1,665
---------
---------
Shareholders Funds
8,824
13,665
---------
---------
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 31st May 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 .
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
W. J. Price
A. J. McLoughlin
Director
Director
M. P. Spence
Director
Company registration number: 2757951
Elms Price Lettings Limited
Notes to the Financial Statements
Year Ended 31st May 2023
1. General Information
The company is a private company limited by shares, registered in England & Wales.. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
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. Revenue Recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commission and management fees, stated net 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. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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:
Motor vehicles - 25% reducing balance
Furniture & equipment - 15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible Assets
Motor vehicles
Furniture & equipment
Total
£
£
£
Cost
At 1st June 2022 and 31st May 2023
19,990
19,493
39,483
---------
---------
---------
Depreciation
At 1st June 2022
6,872
15,232
22,104
Charge for the year
3,280
640
3,920
---------
---------
---------
At 31st May 2023
10,152
15,872
26,024
---------
---------
---------
Carrying amount
At 31st May 2023
9,838
3,621
13,459
---------
---------
---------
At 31st May 2022
13,118
4,261
17,379
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
2,321
1,215
Other debtors
199
1,050
-------
-------
2,520
2,265
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,386
9,386
Trade creditors
13,549
10,021
Corporation tax
4,702
Social security and other taxes
19,801
20,978
Other creditors
41,698
59,361
---------
----------
84,434
104,448
---------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,465
32,851
---------
---------