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Company No: 00949328 (England and Wales)

ELM DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

ELM DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ELM DEVELOPMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
ELM DEVELOPMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Mrs J Kingdon
Mrs I Rosser
Mrs K Rosser
REGISTERED OFFICE Hawthorn House Emperor Way
Exeter Business Park
Exeter
EX1 3QS
United Kingdom
COMPANY NUMBER 00949328 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
ELM DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 January 2024
ELM DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 4,135,000 4,135,000
4,135,000 4,135,000
Current assets
Debtors 4 242,404 238,228
Cash at bank and in hand 1,872,337 1,802,810
2,114,741 2,041,038
Creditors: amounts falling due within one year 5 ( 304,119) ( 354,297)
Net current assets 1,810,622 1,686,741
Total assets less current liabilities 5,945,622 5,821,741
Provision for liabilities ( 41,000) ( 40,800)
Net assets 5,904,622 5,780,941
Capital and reserves
Called-up share capital 6 500,000 500,000
Profit and loss account 5,404,622 5,280,941
Total shareholder's funds 5,904,622 5,780,941

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Elm Developments Limited (registered number: 00949328) were approved and authorised for issue by the Board of Directors on 03 April 2024. They were signed on its behalf by:

Mrs K Rosser
Director
ELM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ELM DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elm Developments Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales..

The principal and registered address of the Company is:
Hawthorn House
Emperor Way
Exeter
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of rental income receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue in the period to which it relates with accrued and deferred income being adjusted as necessary.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Taxation

Current tax
Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate and determined annually internally. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 4,135,000
As at 31 January 2024 4,135,000

The directors assessed the value of the property as at 31 January 2024 and determined there was no change in the fair value of the investment properties at that date. The historic cost of the investment properties is £3,148,875 (2023 - £3,148,875).

4. Debtors

2024 2023
£ £
Trade debtors 6,835 224
Amounts owed by Group undertakings 231,864 230,864
Prepayments and accrued income 231 6,151
Other debtors 3,474 989
242,404 238,228

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 24,731 25,322
Taxation and social security 107,577 166,882
Other creditors 171,811 162,093
304,119 354,297

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500,000 Ordinary shares of £ 1.00 each 500,000 500,000

7. Reserves

As at 31 Jan 2024, the profit and loss account included £455,325 (2023: £455,325) of non-distributable reserves where deferred tax of £41,000 (2023: £40,800) arising on the revaluation is included within the reserves. This relates to the revaluation surplus on investment properties.

8. Ultimate controlling party

Parent Company:

Elm Developments Holdings Limited
Hawthorn house
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
United Kingdom

The group is exempt from preparing consolidated accounts.