Elfordleigh Limited 03447630 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of hotel, golf, catering and leisure facilities. Digita Accounts Production Advanced 6.30.9574.0 true true 03447630 2023-01-01 2023-12-31 03447630 2023-12-31 03447630 core:CurrentFinancialInstruments 2023-12-31 03447630 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03447630 core:Non-currentFinancialInstruments 2023-12-31 03447630 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03447630 core:PlantMachinery 2023-12-31 03447630 bus:SmallEntities 2023-01-01 2023-12-31 03447630 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03447630 bus:FilletedAccounts 2023-01-01 2023-12-31 03447630 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03447630 bus:RegisteredOffice 2023-01-01 2023-12-31 03447630 bus:Director1 2023-01-01 2023-12-31 03447630 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03447630 core:PlantMachinery 2023-01-01 2023-12-31 03447630 countries:England 2023-01-01 2023-12-31 03447630 2022-12-31 03447630 core:PlantMachinery 2022-12-31 03447630 2022-01-01 2022-12-31 03447630 2022-12-31 03447630 core:CurrentFinancialInstruments 2022-12-31 03447630 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03447630 core:Non-currentFinancialInstruments 2022-12-31 03447630 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03447630 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03447630

Elfordleigh Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Elfordleigh Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Elfordleigh Limited

(Registration number: 03447630)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

249,437

116,938

Current assets

 

Stocks

5

28,750

27,169

Debtors

6

63,477

19,585

Cash at bank and in hand

 

413,976

223,677

 

506,203

270,431

Creditors: Amounts falling due within one year

7

(1,063,277)

(1,073,663)

Net current liabilities

 

(557,074)

(803,232)

Total assets less current liabilities

 

(307,637)

(686,294)

Creditors: Amounts falling due after more than one year

7

(1,064,301)

(1,064,301)

Net liabilities

 

(1,371,938)

(1,750,595)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(1,371,940)

(1,750,597)

Shareholders' deficit

 

(1,371,938)

(1,750,595)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Elfordleigh Limited

(Registration number: 03447630)
Statement of Financial Position as at 31 December 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 19 September 2024
 


Mr Hasko Hujdurovic
Director

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Elfordleigh Hotel: Golf: Leisure
Colebrook Plympton
Plymouth
Devon
PL7 5EB

Principal activity

The principal activity of the company is the provision of hotel, golf, catering and leisure facilities.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, which the director believes to be appropriate for the following reasons. The company has reported a significant profit for the year ended 31 December 2023, which follows profits for both of the years ended 31 December 2022 and 31 December 2021. The company had substantial cash reserves as at 31 December 2023 and is supported by Elfordleigh Holdings Limited, which owns the hotel land and buildings, by way of a long term loan and by providing security to the bank.

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions
attaching to them and the grants will be received.

Government grants are recognised using the performance model.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or
receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met.
Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 72 (2022 - 63).

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,232,085

1,232,085

Additions

193,967

193,967

At 31 December 2023

1,426,052

1,426,052

Depreciation

At 1 January 2023

1,115,147

1,115,147

Charge for the year

61,468

61,468

At 31 December 2023

1,176,615

1,176,615

Carrying amount

At 31 December 2023

249,437

249,437

At 31 December 2022

116,938

116,938

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

28,750

27,169

6

Debtors

2023
£

2022
£

Trade debtors

12,913

10,467

Prepayments

50,564

9,118

63,477

19,585

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,000

8,000

Trade creditors

 

793,564

790,386

Taxation and social security

 

73,562

81,417

Accruals and deferred income

 

192,151

193,860

 

1,063,277

1,073,663

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,064,301

1,064,301

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Elfordleigh Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

1,064,301

1,064,301

Current loans and borrowings

2023
£

2022
£

Other borrowings

4,000

8,000

The loan of £4,000 (2022: £8,000) is a short term brewery loan.

The loan of £1,064,301 is from Elfordleigh Holdings Limited and is not expected to be repaid in the forseeable future. Elfordleigh Holdings Limited , which is registered in England with a registered office of Elfordleigh Hotel, Colebrook, Plympton, PL7 5EB, owns 100% of the issued share capital of Elfordleigh Limited. Elfordleigh Holdings Limited has provided the company's bank with a legal mortgage and fixed charge over its freehold land and property, as well as other fixed and floating charges. There is also a cross guarantee between the two companies. As at 31 December 2023, neither company was running an overdraft and so the maximum potential liability under that guarantee was £nil (2022: £nil). There is also a trading account between the two companies, included within trade creditors falling due within one year. As at 31 December 2023, the balance outstanding on the trading account was £704,851 (2022: £709,676).