Company Registration No. 06975869 (England and Wales)
ELMWOOD FREEHOLDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
ACCOUNTS FOR FILING WITH REGISTRAR
ELMWOOD FREEHOLDERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ELMWOOD FREEHOLDERS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
54,838
54,838
Current assets
Debtors
4
1
Cash at bank and in hand
14,256
14,591
14,256
14,592
Creditors: amounts falling due within one year
5
(56,196)
(56,186)
Net current liabilities
(41,940)
(41,594)
Net assets
12,898
13,244
Capital and reserves
Called up share capital
6
14
14
Share premium account
12,489
12,489
Profit and loss reserves
395
741
Total equity
12,898
13,244
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2024 and are signed on its behalf by:
J. Kalms
Director
Company registration number 06975869 (England and Wales)
ELMWOOD FREEHOLDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Elmwood Freeholders Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sears Morgan Property Management Ltd, Suite A5 Kebbell House, Delta Gain, Watford, Herts, WD19 5EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents receivable recognised when demanded and adjusted for any deferred income during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Depreciation is not provided on the freehold property as it relates to solely to land acquired.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
ELMWOOD FREEHOLDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2022 and 31 May 2023
54,838
Depreciation and impairment
At 1 June 2022 and 31 May 2023
Carrying amount
At 31 May 2023
54,838
At 31 May 2022
54,838
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1
ELMWOOD FREEHOLDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2
Other creditors
56,196
56,184
56,196
56,186
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14
14
14
14