Registered number
12408174
ELS Properties (Dulwich) Ltd
Filleted Accounts
31 March 2023
ELS Properties (Dulwich) Ltd
Registered number: 12408174
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Current assets
Stocks 5 1,145,000 1,678,987
Debtors 3 67,171 64,049
Cash at bank and in hand 400,748 20,527
1,612,919 1,763,563
Creditors: amounts falling due within one year 4 (1,784,761) (1,789,562)
Net current liabilities (171,842) (25,999)
Net liabilities (171,842) (25,999)
Capital and reserves
Called up share capital 100 100
Profit and loss account (171,942) (26,099)
Shareholders' funds (171,842) (25,999)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tsz Ho Ngai
Director
Approved by the board on 30 November 2023
ELS Properties (Dulwich) Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
£ £
Other debtors 67,171 64,049
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,770 17,571
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,780,390 1,770,391
Other creditors 1,601 1,600
1,784,761 1,789,562
5 Revaluation of inventory and stock
During the year, the value of the inventory held by the company was reviewed subject to a professional valuation performed on 17th July 2022 by Savillis (UK) Limited, Chartered Surveyors, Regulated by RICS.

The directors believe that there has been no material movement in the valuation of the inventory since the valuation date and the reporting date. The loss has been recognised in the profit and loss account for the current year.
6 Related party transactions
Included within the amounts owed to group undertakings is an amount of £1,780,391 (2022: £1,770,391) from the parent, ELS Capital Limited, which is an interest-free loan repayable on demand.

Included in other debtors is £64,100 (2022: £60,000) owed from ELS Properties (Finchley) Ltd, a sister company within the group with a common parent (ELS Capital Limited). The loan is interest free and repayable on demand.
7 Controlling party
The entity's ultimate controlling party and parent company is ELS Capital Limited. The address and principal place of business of the parent is:
Unit A, 16/F
Wing Sing Commercial Centre
12-16 Wing Lok Street
Sheung Wan, Hong Kong
8 Other information
ELS Properties (Dulwich) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
469 Kingsway
Manchester
M19 1NR
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