The Elmdene Partnership Limited
Registered number: 08215225
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 158,567 158,877
Investments 4 2,742,519 2,764,012
2,901,086 2,922,889
Current assets
Debtors 5 17,207 60,095
Cash at bank and in hand 349,759 66,618
366,966 126,713
Creditors: amounts falling due within one year 6 (37,225) (104,772)
Net current assets 329,741 21,941
Total assets less current liabilities 3,230,827 2,944,830
Creditors: amounts falling due after more than one year 7 (2,690,410) (2,610,846)
Provisions for liabilities (20,676) -
Net assets 519,741 333,984
Capital and reserves
Called up share capital 100 100
Profit and loss account 519,641 333,884
Shareholders' funds 519,741 333,984
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.
C Williams
Director
Approved by the board on 19 February 2024
The Elmdene Partnership Limited
Notes to the Accounts
for the year ended 30 June 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 rendering of services, dividend income received from investments and interest received from loan arrangements. Turnover from the rendering of services is recognised when the service is performed. Dividend income is recognised when dividends are declared and interest income is recognised on an accruals basis in accordance with the terms of the loan arrangement.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are recorded within net gains / losses on investment in the profit and loss account, net of any directly attributable expenses.
Long term loans to participating interests and companies under common control are recorded in investments and accounted for in accordance with the debtors policy below.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Office Equipment Total
£ £ £
Cost
At 1 July 2022 154,241 9,030 163,271
Additions - 2,959 2,959
At 30 June 2023 154,241 11,989 166,230
Depreciation
At 1 July 2022 - 4,394 4,394
Charge for the year - 3,269 3,269
At 30 June 2023 - 7,663 7,663
Net book value
At 30 June 2023 154,241 4,326 158,567
At 30 June 2022 154,241 4,636 158,877
4 Investments
Investments in Unlisted
participating Loans investment
interests (see below) funds Total
At cost At cost At valuation £
Cost £ £
At 1 July 2022 340,913 1,117,102 1,305,997 2,764,012
Effects of foreign exchanges - - (13,218) (13,218)
Additions - 31,649 465,102 496,751
Revaluation - - 126,722 126,722
Disposals - (548,924) (82,824) (631,748)
At 30 June 2023 340,913 599,827 1,801,779 2,742,519
Loans are primarily comprised of loans to participating interests.
During the year investments of £82,824 were sold resulting in a profit of £2,664.
5 Debtors 2023 2022
£ £
Trade debtors 8,772 47,105
Deferred tax asset - 2,006
Other debtors 8,435 10,984
17,207 60,095
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 52,835
Taxation and social security costs 21,135 48,081
Other creditors 16,090 3,856
37,225 104,772
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 2,690,410 2,610,846
2,690,410 2,610,846
The directors loan account balance is repayable on demand. However, this has been classified as falling due after one year as the director has confirmed he will not seek repayment for the foreseeable future.
8 Controlling party
The ultimate controlling party is Mr. C Williams, by virtue of his majority shareholding in the company.
9 Other information
The Elmdene Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Park Place
Newdigate Road
Harefield
Middlesex
UB9 6EJ
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