REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
ELMWOOD INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
ELMWOOD INVESTMENTS LIMITED |
ELMWOOD INVESTMENTS LIMITED (REGISTERED NUMBER: NI070161) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Report of the Accountants | 6 |
ELMWOOD INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 AUGUST 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |
ELMWOOD INVESTMENTS LIMITED (REGISTERED NUMBER: NI070161) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
ELMWOOD INVESTMENTS LIMITED (REGISTERED NUMBER: NI070161) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Elmwood Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with Statement Accounting Practice No. 19, certain of the company's properties are held for long-term investment and are included in the balance sheet at their open market values. The surpluses or deficits on annual revaluation of such properties are transferred to the investment revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised where the unexpired term is over twenty years. |
This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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. |
Taxation |
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. |
ELMWOOD INVESTMENTS LIMITED (REGISTERED NUMBER: NI070161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
An option to purchase land which had a finite useful life of three years was purchased in February 2012 and was amortised over the period. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The property was acquired at a cost of £596,074. The director believes cost equates to the current open market value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
ELMWOOD INVESTMENTS LIMITED (REGISTERED NUMBER: NI070161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Tax |
Directors' current accounts | 1,736 | 1,736 |
Accrued expenses |
8. | RELATED PARTY DISCLOSURES |
The property owned by the company is rented to the director for the current market rent. |
9. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Drumin Investments Limited, a company incorporated in Northern Ireland. |
Drumin Investments Limited is owned by: |
James Johnston Discretionary Trust | 100% A Shares | - Trustees | James Johnston Jnr |
Adel Parke |
Muriel Johnston Discretionary Trust | 100% B Shares | - Trustees | Robert Johnston |
Helen Hicks |
ELMWOOD INVESTMENTS LIMITED |
REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF |
ELMWOOD INVESTMENTS LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2023 set out on pages three to seven and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |