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
Elkay Property Limited
Company Information
for the year ended 30 June 2024
Directors
M Lisser
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
Elkay Property Limited
Statement of financial position
as at 30 June 2024
Tangible assets
3,746
4,683
Investment property
5,200,000
2,800,000
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
Net assets
3,051,035
1,500,995
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
Elkay Property Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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.
Elkay Property Limited
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery
Fair value at 1 July 2023
2,800,000
Net gain from fair value adjustments
2,400,000
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
Taxes and social security
1,242
2,451
Other creditors
1,392,961
1,341,708
7
Deferred taxation
2024
2023
Revaluation of investment property
819,467
-
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).