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Company registration number: 10772850
Elysium Property Investments Ltd
Unaudited filleted financial statements
31 May 2023
Elysium Property Investments Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Elysium Property Investments Ltd
Directors and other information
Directors Mr A Hopkinson
Mr J Briggs
Company number 10772850
Registered office Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Accountants Censis
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Elysium Property Investments Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Elysium Property Investments Ltd
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elysium Property Investments Ltd for the year ended 31 May 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Elysium Property Investments Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Elysium Property Investments Ltd and state those matters that we have agreed to state to the board of directors of Elysium Property Investments Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elysium Property Investments Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elysium Property Investments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Elysium Property Investments Ltd. You consider that Elysium Property Investments Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elysium Property Investments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Censis
Chartered Accountants
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
24 January 2024
Elysium Property Investments Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 115,000 110,438
_______ _______
115,000 110,438
Current assets
Cash at bank and in hand 334 1,039
_______ _______
334 1,039
Creditors: amounts falling due
within one year 5 ( 72,288) ( 54,896)
_______ _______
Net current liabilities ( 71,954) ( 53,857)
_______ _______
Total assets less current liabilities 43,046 56,581
Creditors: amounts falling due
after more than one year 6 ( 52,332) ( 52,332)
_______ _______
Net (liabilities)/assets ( 9,286) 4,249
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 9,287) 4,248
_______ _______
Shareholders (deficit)/funds ( 9,286) 4,249
_______ _______
For the year ending 31 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 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.
These financial statements were approved by the board of directors and authorised for issue on 24 January 2024 , and are signed on behalf of the board by:
Mr A Hopkinson
Director
Company registration number: 10772850
Elysium Property Investments Ltd
Notes to the financial statements
Year ended 31 May 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 Exchange Building, 66 Church Street, Hartlepool, TS24 7DN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 June 2022 110,438 110,438
Additions 16,992 16,992
Revaluation ( 12,430) ( 12,430)
_______ _______
At 31 May 2023 115,000 115,000
_______ _______
Depreciation
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 115,000 115,000
_______ _______
At 31 May 2022 110,438 110,438
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 June 2022 110,438
Additions 16,992
Fair value adjustments ( 12,430)
_______
At 31 May 2023 115,000
_______
Investment property is valued in an open market basis, by the director, at the reporting date.
5. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 72,288 54,896
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 52,332 52,332
_______ _______