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REGISTERED NUMBER: 10444643 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 October 2023

for

Elworth Estates Limited

Elworth Estates Limited (Registered number: 10444643)

Contents of the Financial Statements
for the Year Ended 30 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elworth Estates Limited

Company Information
for the Year Ended 30 October 2023







DIRECTORS: I J Rutter
P Richardson





SECRETARY: Mrs S A Richardson





REGISTERED OFFICE: First Floor
11 Mallard Court
Mallard Way
Crewe
Cheshire
CW1 6ZQ





REGISTERED NUMBER: 10444643 (England and Wales)

Elworth Estates Limited (Registered number: 10444643)

Balance Sheet
30 October 2023

30/10/23 30/10/22
Notes £    £   
CURRENT ASSETS
Stocks 1,426,719 1,602,593
Debtors 4 28,071 28,508
Cash at bank 484,851 572,429
1,939,641 2,203,530
CREDITORS
Amounts falling due within one year 5 530,202 609,719
NET CURRENT ASSETS 1,409,439 1,593,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,409,439

1,593,811

CREDITORS
Amounts falling due after more than one
year

6

1,213,112

1,252,376
NET ASSETS 196,327 341,435

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 196,324 341,432
SHAREHOLDERS' FUNDS 196,327 341,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Elworth Estates Limited (Registered number: 10444643)

Balance Sheet - continued
30 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





I J Rutter - Director


Elworth Estates Limited (Registered number: 10444643)

Notes to the Financial Statements
for the Year Ended 30 October 2023


1. STATUTORY INFORMATION

Elworth Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asses and liabilities within the next financial year are addressed below.

Key accounting estimates:

Work in progess valuation

Included within stocks is work in progress. This represents costs incurred which will be recovered by future sales. The company operates a number of internal controls to ensure that this is stated at the lower of cost or net realisable value. The assessment of the carrying value of work in progess requires judgement and an estimate of future selling prices and costs to complete. Management have performed a review and consider the individual work in progress balances to be stated at lower of cost or net realisable value.

Elworth Estates Limited (Registered number: 10444643)

Notes to the Financial Statements - continued
for the Year Ended 30 October 2023


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

Housing and land sales

Sales of newly constructed residential properties are included in turnover and represent the value of legally completed sales during the period.

Long term contracts

Revenue arising on contracts which give customers control over properties as they are constructed and for which the company has a right to payments for work performed, is recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably.

Where the outcome of a long term contract cannot be estimated reliably, contract revenue where recoverability is probable is recognised to the extent of contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Stocks
Stocks are stated at cost and held at the lower of this initial amount and net realisable value. Costs comprise direct materials and where applicable, direct labour and those overheads that have been incurred in bringing stocks to their present location and condition.

Net realisable value represents the estimated selling price less at estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Elworth Estates Limited (Registered number: 10444643)

Notes to the Financial Statements - continued
for the Year Ended 30 October 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument in any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Elworth Estates Limited (Registered number: 10444643)

Notes to the Financial Statements - continued
for the Year Ended 30 October 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/10/23 30/10/22
£    £   
Other debtors 28,071 28,508

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/10/23 30/10/22
£    £   
Trade creditors 4,732 57,740
Taxation and social security - 26,509
Other creditors 525,470 525,470
530,202 609,719

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/10/23 30/10/22
£    £   
Other creditors 1,213,112 1,252,376