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Company Registration No. 02640278 (England and Wales)
Elkay Property Limited Unaudited accounts for the year ended 30 June 2024
Elkay Property Limited Unaudited accounts Contents
Page
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Elkay Property Limited Company Information for the year ended 30 June 2024
Directors
M Lisser I M Kreditor
Secretary
I M Kreditor
Company Number
02640278 (England and Wales)
Registered Office
Churchill House 137-139 Brent Street London NW4 4DJ
Accountants
Clearfin Accountants Limited Churchill House 137-139 Brent Street London NW4 4DJ
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Elkay Property Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,746 
4,683 
Investment property
5,200,000 
2,800,000 
5,203,746 
2,804,683 
Current assets
Cash at bank and in hand
70,272 
70,958 
Creditors: amounts falling due within one year
(1,403,516)
(1,374,646)
Net current liabilities
(1,333,244)
(1,303,688)
Total assets less current liabilities
3,870,502 
1,500,995 
Provisions for liabilities
Deferred tax
(819,467)
- 
Net assets
3,051,035 
1,500,995 
Capital and reserves
Called up share capital
100 
100 
Fair value reserve
2,458,402 
877,869 
Profit and loss account
592,533 
623,026 
Shareholders' funds
3,051,035 
1,500,995 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by
I M Kreditor Director Company Registration No. 02640278
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Elkay Property Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Elkay Property Limited is a private company, limited by shares, registered in England and Wales, registration number 02640278. The registered office is Churchill House, 137-139 Brent Street, London, NW4 4DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Elkay Property Limited Notes to the Accounts for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2023
468,624 
At 30 June 2024
468,624 
Depreciation
At 1 July 2023
463,941 
Charge for the year
937 
At 30 June 2024
464,878 
Net book value
At 30 June 2024
3,746 
At 30 June 2023
4,683 
5
Investment property
2024 
£ 
Fair value at 1 July 2023
2,800,000 
Net gain from fair value adjustments
2,400,000 
At 30 June 2024
5,200,000 
The investment property was valued by the directors at the balance sheet date, on an open-market for existing use basis.
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
- 
22,500 
Taxes and social security
1,242 
2,451 
Other creditors
1,392,961 
1,341,708 
Accruals
9,313 
7,987 
1,403,516 
1,374,646 
7
Deferred taxation
2024 
2023 
£ 
£ 
Revaluation of investment property
819,467 
- 
2024 
2023 
£ 
£ 
Charged to the profit and loss account
819,467 
- 
Provision at end of year
819,467 
- 
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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