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31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04357257
2023-01-01
2023-12-31
04357257
2023-12-31
04357257
2022-12-31
04357257
2022-01-01
2022-12-31
04357257
2022-12-31
04357257
2021-12-31
04357257
core:Subsidiary1
2023-01-01
2023-12-31
04357257
core:PlantMachinery
2023-01-01
2023-12-31
04357257
core:MotorVehicles
2023-01-01
2023-12-31
04357257
bus:RegisteredOffice
2023-01-01
2023-12-31
04357257
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
04357257
bus:Director1
2023-01-01
2023-12-31
04357257
bus:Director2
2023-01-01
2023-12-31
04357257
core:WithinOneYear
2023-12-31
04357257
core:WithinOneYear
2022-12-31
04357257
core:PlantMachinery
2022-12-31
04357257
core:MotorVehicles
2022-12-31
04357257
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
04357257
core:PlantMachinery
2023-12-31
04357257
core:MotorVehicles
2023-12-31
04357257
core:AfterOneYear
2023-12-31
04357257
core:AfterOneYear
2022-12-31
04357257
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
04357257
core:ShareCapital
2023-12-31
04357257
core:ShareCapital
2022-12-31
04357257
core:RevaluationReserve
2023-12-31
04357257
core:RevaluationReserve
2022-12-31
04357257
core:RetainedEarningsAccumulatedLosses
2023-12-31
04357257
core:RetainedEarningsAccumulatedLosses
2022-12-31
04357257
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
04357257
core:Non-currentFinancialInstruments
2023-12-31
04357257
core:Non-currentFinancialInstruments
2022-12-31
04357257
core:Subsidiary1
2022-01-01
2022-12-31
04357257
core:MotorVehicles
2022-12-31
04357257
bus:SmallEntities
2023-01-01
2023-12-31
04357257
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
04357257
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2023-01-01
2023-12-31
04357257
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
04357257
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
Company registration number:
04357257
Elfordleigh Holdings Limited
Unaudited filleted financial statements
31 December 2023
ELFORDLEIGH HOLDINGS LIMITED
DIRECTORS AND OTHER INFORMATION
|
|
|
|
Directors |
Mrs Angela Hujdurovic-Rack |
|
|
Mr Antal Rack |
|
|
|
|
|
|
|
Company number |
04357257 |
|
|
|
|
|
|
|
Registered office |
Elfordleigh Hotel |
|
|
Colebrook |
|
|
Plympton |
|
|
Plymouth |
|
|
PL7 5EB |
|
|
|
|
|
|
|
Accountants |
Westcotts |
|
|
Plym House |
|
|
3 Longbridge Road |
|
|
Plymouth |
|
|
Devon |
|
|
PL6 8LT |
|
|
|
ELFORDLEIGH HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
2,654,904 |
|
|
|
2,664,312 |
|
|
Investments |
|
6 |
2 |
|
|
|
2 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2,654,906 |
|
|
|
2,664,314 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
1,776,652 |
|
|
|
1,773,977 |
|
|
Cash at bank and in hand |
|
|
98,720 |
|
|
|
96,350 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,875,372 |
|
|
|
1,870,327 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,921) |
|
|
|
(
24,422) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,873,451 |
|
|
|
1,845,905 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
4,528,357 |
|
|
|
4,510,219 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
1,986,539) |
|
|
|
(
1,945,433) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
2,541,818 |
|
|
|
2,564,786 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1,500,000 |
|
|
|
1,500,000 |
Revaluation reserve |
|
|
|
|
529,800 |
|
|
|
529,800 |
Profit and loss account |
|
|
|
|
512,018 |
|
|
|
534,986 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
2,541,818 |
|
|
|
2,564,786 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the 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.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Mrs Angela Hujdurovic-Rack
Director
Company registration number:
04357257
ELFORDLEIGH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Elfordleigh Hotel, Colebrook, Plympton, Plymouth, PL7 5EB.
Principal activity
The principal activity of the company in the year under review was that of a property holding company.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of freehold property measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are of the opinion that the company is a going concern due to the continued support of Mr Rack.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
Nil |
|
|
Plant and machinery |
- |
20 % |
straight line |
|
Motor vehicles |
- |
20 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
2,654,878 |
38,580 |
47,066 |
2,740,524 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
- |
38,580 |
37,632 |
76,212 |
|
|
|
|
Charge for the year |
- |
- |
9,408 |
9,408 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
- |
38,580 |
47,040 |
85,620 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
2,654,878 |
- |
26 |
2,654,904 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
2,654,878 |
- |
9,434 |
2,664,312 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The directors have decided not to obtain a valuation of the property by a qualified valuer in the year, but they believe that the current market value of the property is not materially different to its carrying value. No corporation tax would be payable if the property were to be sold for it's revalued amount. The last valuation incorporated into the accounts was in 2004.With regard to not depreciating the freehold property:Freehold land is not depreciated. The hotel buildings are maintained, as a matter of policy, by a programme of repair and refurbishment such that the residual value is at least equal to the book value.The residual value is based on the estimated amount that would be currently obtainable from disposal of the asset net of disposal costs if the asset were already of the age and condition expected at the end of its useful life.In accordance with Section 27 of FRS 102, an assessment of the hotel's residual value is performed at the end of the reporting period. In addition, the directors' policy is to ensure that the annual budget for repair and refurbishment projects takes into account matters raised in the annual impairment review.Having regard to this, it is the opinion of the directors that depreciation on the building would not be material.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
2,125,078 |
2,125,078 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
2,125,078 |
2,125,078 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
2,125,078 |
2,125,078 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
2,125,078 |
2,125,078 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in group undertakings |
|
|
|
|
|
|
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
|
|
Elfordleigh Limited |
|
Elfordleigh Hotel: Golf: Leisure: Colebrook Plympton Plymouth PL7 5EB |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
The results and capital and reserves for the period of the trading companies are as follows:
|
|
|
|
|
|
|
|
|
Capital and |
|
Profit/(loss) |
|
|
|
reserves |
|
for the |
|
|
|
|
|
period |
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Subsidiary undertakings |
|
|
|
|
|
Elfordleigh Limited |
(1,371,938) |
(1,750,595) |
378,657 |
382,045 |
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
704,851 |
709,676 |
|
Amounts owed by group undertakings |
|
1,064,301 |
1,064,301 |
|
Other debtors |
|
7,500 |
- |
|
|
|
_______ |
_______ |
|
|
|
1,776,652 |
1,773,977 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings |
|
1,064,301 |
1,064,301 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
- |
22,500 |
|
Social security and other taxes |
|
1,921 |
1,922 |
|
|
|
_______ |
_______ |
|
|
|
1,921 |
24,422 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
1,986,539 |
1,945,433 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Although the bank loans have been repaid, the bank still has a legal mortgage and charge registered over the freehold land and buildings as well as a fixed and floating charge over the other assets of the company. There is also a cross guarantee between
Elfordleigh Holdings Limited
and Elfordleigh Limited. As at 31 December 2023 neither company was running an overdraft so the maximum potential liability under that guarantee was £nil (2022: £nil).
10.
Related party transactions
The freehold land and buildings are leased to Elfordleigh Limited, which is a 100% owned subsidiary, at a rent of £48,000 per annum. That company also pays rent of £804 per month for the golf buggy which is included under plant and machinery in these accounts.At the year end, Elfordleigh Limited owed this company £1,064,301 (2022: £1,064,301) on the intercompany account included under debtors falling due after one year, and £704,851 (2022: £709,676) on the trading account, shown as debtors falling due within one year.During the year ended 31 December 2016, Mr Rack repaid all of the bank loans and mortgages and he has continued to offer financial support the company. As a result, this company owed Mr Rack a total of £1,986,539 (2022: £1,945,433) as at the year end. Interest thereon of £41,106 (2022: £41,106) was charged to the profit and loss account during the year; there is no fixed date for the repayment of the loan which has been designated as a creditor falling due after one year. During the year consultancy fees of £30,000 (2022: £30,000) were charged by R & H Management & Consultancy, which is a business owned by Mr Hujdurovic and Mrs Hujdurovic-Rack. Mrs Hujdurovic-Rack is a director of this company and Mr Hujdurovic is the sole director of Elfordleigh Limited.