Company registration number 11756369 (England and Wales)
ELVINGSTON DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ELVINGSTON DEVELOPMENT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ELVINGSTON DEVELOPMENT LIMITED
COMPANY INFORMATION
- 1 -
Directors
J Dobson
G Sarvadi
D Sarvadi
S Dobson
Secretary
Reed Smith Corporate Services Limited
Company number
11756369
Registered office
1 Blossom Yard
Fourth Floor
London
United Kingdom
E1 6RS
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
ELVINGSTON DEVELOPMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,840
26,889
Investment properties
4
1,720,098
1,671,590
1,732,938
1,698,479
Current assets
Debtors
5
37,784
1
Cash at bank and in hand
29,113
84,072
66,897
84,073
Creditors: amounts falling due within one year
6
(316,442)
(309,700)
Net current liabilities
(249,545)
(225,627)
Total assets less current liabilities
1,483,393
1,472,852
Creditors: amounts falling due after more than one year
7
(1,251,250)
(1,251,250)
Provisions for liabilities
8
(3,210)
(5,108)
Net assets
228,933
216,494
Capital and reserves
Called up share capital
10
100
100
Share premium account
6,145
6,145
Profit and loss reserves
222,688
210,249
Total equity
228,933
216,494
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELVINGSTON DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on
24 July 2024
24 July 2024
24 July 2024
and are signed on its behalf by:
G Sarvadi
Director
Company Registration No. 11756369
The notes on pages 4 to 8 form part of these financial statements.
ELVINGSTON DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Elvingston Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Broadgate Tower, Third Floor, 20 Primrose Street, London, England, EC2A 2RS. The company's registration number is 11756369.
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 £.
The financial statements have been prepared under the historic cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts invoiced for property rental. Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the tenants.
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:
Plant and equipment
25% 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 the profit and loss account.
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELVINGSTON DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2022: nil).
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2023 and 31 December 2023
60,900
Depreciation and impairment
At 1 January 2023
34,011
Depreciation charged in the year
14,049
At 31 December 2023
48,060
Carrying amount
At 31 December 2023
12,840
At 31 December 2022
26,889
4
Investment property
2023
£
Fair value
At 1 January 2023
1,671,590
Additions
48,508
At 31 December 2023
1,720,098
ELVINGSTON DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
The directors are of the opinion that an open market value of £1,720,098 is appropriate as at 31 December 2023.
No tax would arise on the sale of the property at its fair value.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,784
1
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,407
14,967
Taxation and social security
11,287
30,865
Other creditors
265,748
263,868
316,442
309,700
Other creditors includes loans from directors of £250,000. These loans are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,251,250
1,251,250
Long term other creditors includes loan notes of £1,251,250. These loan notes are unsecured, interest free and redeemable in 2029.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
3,210
5,108
ELVINGSTON DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,210
5,108
2023
Movements in the year:
£
Liability at 1 January 2023
5,108
Credit to profit or loss
(1,898)
Liability at 31 December 2023
3,210
ELVINGSTON DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Statutory Auditor:
Consilium Audit Limited
12
Related party transactions
As at the reporting date, £1,189,875 (2022 - £1,189,875) was owed by the Company to ultimate controlling party, SJ Square Holdings LLC and is included in other creditors (Note 8). This amount is unsecured, interest free and redeemable in 2029.
Also as at reporting date, £250,000 (2022 - £250,000) was owed to the directors of the Company and is included in other creditors (Note 7). This amount is unsecured, interest free and repayable on demand.
13
Ultimate Controlling Party
During the year, the company has been under the control of SJ Squared Holdings LLC.