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COMPANY REGISTRATION NUMBER: 10091584
Six Ellis Limited
Filleted Unaudited Financial Statements
31 March 2024
Six Ellis Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
520,849
521,017
Current assets
Debtors
5
2,553
2,803
Cash at bank and in hand
6,351
9,116
-------
--------
8,904
11,919
Creditors: amounts falling due within one year
6
171,383
178,175
---------
---------
Net current liabilities
162,479
166,256
---------
---------
Total assets less current liabilities
358,370
354,761
Creditors: amounts falling due after more than one year
7
124,748
132,961
Provisions
30,270
30,270
---------
---------
Net assets
203,352
191,530
---------
---------
Capital and reserves
Called up share capital
600
600
Fair value reserve
129,044
129,044
Profit and loss account
73,708
61,886
---------
---------
Shareholders funds
203,352
191,530
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Six Ellis Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr R H K J Ellis
Director
Company registration number: 10091584
Six Ellis Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the rent, net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Equipment
-
10% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Investment Property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
520,000
274
1,418
521,692
---------
----
-------
---------
Depreciation
At 1 April 2023
14
661
675
Charge for the year
27
141
168
---------
----
-------
---------
At 31 March 2024
41
802
843
---------
----
-------
---------
Carrying amount
At 31 March 2024
520,000
233
616
520,849
---------
----
-------
---------
At 31 March 2023
520,000
260
757
521,017
---------
----
-------
---------
The Director's consider that the investment property is disclosed at it's fair value.
5. Debtors
2024
2023
£
£
Other debtors
2,553
2,803
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,794
14,217
Corporation tax
5,545
6,960
Social security and other taxes
2,766
2,437
Other creditors
152,278
154,561
---------
---------
171,383
178,175
---------
---------
Included in the bank loans and overdrafts is the amount of £8,291 (2023: 11,720) is secured by NatWest Bank Plc.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
124,748
132,961
---------
---------
Included in the bank loans and overdrafts is £119,620 (2023: £125,345) is secured by NatWest Bank Plc.
Included within creditors: amounts falling due after more than one year is an amount of £94,746 (2023: £98,519) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Related party transactions
The Company has provided an interest free loan in the sum of £2,428 (2023: £2,428) to a related party.