Company registration number 08051559 (England and Wales)
ELMSTED HOLDINGS LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2023
Pages For Filing With Registrar
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Elmsted Holdings Limited For The Year Ended 31 July 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elmsted Holdings Limited for the year ended 31 July 2023 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Elmsted Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 11 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Elmsted Holdings Limited and state those matters that we have agreed to state to the board of directors of Elmsted Holdings Limited, 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 Elmsted Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Elmsted Holdings Limited 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 profit of Elmsted Holdings Limited. You consider that Elmsted Holdings Limited 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 Elmsted Holdings Limited. 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.
Chavereys Limited
23 April 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Balance Sheet
As At 31 July 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
505,682
509,142
Investments
5
550,000
550,000
1,055,682
1,059,142
Current assets
Debtors
7
2,121
6,678
Cash at bank and in hand
48,690
50,713
50,811
57,391
Creditors: amounts falling due within one year
8
(58,581)
(57,999)
Net current liabilities
(7,770)
(608)
Total assets less current liabilities
1,047,912
1,058,534
Creditors: amounts falling due after more than one year
9
(366,296)
(382,465)
Provisions for liabilities
(12,292)
(12,969)
Net assets
669,324
663,100
Capital and reserves
Called up share capital
106
106
Share premium account
549,894
549,894
Profit and loss reserves
119,324
113,100
Total equity
669,324
663,100
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 July 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.
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Balance Sheet (Continued)
As At 31 July 2023
31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
Mrs P J S Beaugie
Director
Company registration number 08051559 (England and Wales)
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2023
- 4 -
1
Accounting policies
Company information
Elmsted Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm Workshops, Hamstreet Road, Shadoxhurst, Ashford, Kent, England, TN26 1NW.
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 £.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will follow to the company and the revenue can be reliably measured. Revenue is measured as fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 land and buildings
not depreciated
Plant and equipment
6% straight line
Fixtures and fittings
20% straight line
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
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
1.5
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.
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
4,516
6,062
Deferred tax
Origination and reversal of timing differences
(677)
(303)
Total tax charge
3,839
5,759
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
499,735
7,627
15,012
522,374
Depreciation and impairment
At 1 August 2022
1,723
11,509
13,232
Depreciation charged in the year
458
3,002
3,460
At 31 July 2023
2,181
14,511
16,692
Carrying amount
At 31 July 2023
499,735
5,446
501
505,682
At 31 July 2022
499,735
5,904
3,503
509,142
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
550,000
550,000
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2023 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
Simon Beaugie Picture Frames Limited
Ordinary
100.00
Brisley Investments Ltd
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
The registered office of the subsidiaries is the same as the parent company
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Simon Beaugie Picture Frames Limited
755,051
259,099
Brisley Investments Ltd
18,426
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,121
6,678
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,806
16,320
Trade creditors
2,418
1,750
Amounts owed to group undertakings
28,330
28,330
Corporation tax
4,516
6,062
Other taxation and social security
4,011
3,036
Other creditors
2,500
2,501
58,581
57,999
Included in amounts owed to group companies is £18,426 (2022 - £18,426) due to Brisley Investments Ltd and £9,904 (2022 - £9,904) due to Simon Beaugie Picture Frames Limited both of which are subsidiary undertakings.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
116,296
132,465
Other creditors
250,000
250,000
366,296
382,465
Secured loans
Bank loans are secured by way of a charge over the property of the company.
10
Loans and overdrafts
2023
2022
£
£
Bank loans
133,102
148,785
Payable within one year
16,806
16,320
Payable after one year
116,296
132,465
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 8 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
12,292
12,969
2023
Movements in the year:
£
Liability at 1 August 2022
12,969
Credit to profit or loss
(677)
Liability at 31 July 2023
12,292
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
33,333
33,333
The lease commitments are in respect of premises occupied and used by the company.