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REGISTERED NUMBER: 02469757 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ELMBIRCH PROPERTIES LIMITED

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELMBIRCH PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: S A Church FCA





SECRETARY: Moore & Cache Limited





REGISTERED OFFICE: 14 Wilton Road
Salisbury
SP2 7EE





REGISTERED NUMBER: 02469757 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,152 17,826
Investments 5 2,226,396 2,394,889
Investment property 6 18,549,218 17,866,940
20,790,766 20,279,655

CURRENT ASSETS
Debtors 7 2,634,949 3,681,551
Cash at bank 1,819,432 1,136,509
4,454,381 4,818,060
CREDITORS
Amounts falling due within one year 8 2,434,406 2,239,637
NET CURRENT ASSETS 2,019,975 2,578,423
TOTAL ASSETS LESS CURRENT LIABILITIES 22,810,741 22,858,078

CREDITORS
Amounts falling due after more than one
year

9

(183,333

)

(299,999

)

PROVISIONS FOR LIABILITIES (2,918,632 ) (2,968,380 )
NET ASSETS 19,708,776 19,589,699

CAPITAL AND RESERVES
Called up share capital 12 232,500 232,500
Share premium 13 132,500 132,500
Non-distributable reserve 13 1,333,338 1,443,920
Retained earnings 13 18,010,438 17,780,779
SHAREHOLDERS' FUNDS 19,708,776 19,589,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





S A Church FCA - Director


ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Elmbirch Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

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

Preparation of consolidated financial statements
The financial statements contain information about Elmbirch Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Valuation of investment property:

The company carries its investment property at fair value. The company engaged a firm of professionally qualified Chartered Surveyors to determine fair value at 30 June 2020 and in the opinion of the directors this remains unchanged at 31 December 2023, taking into account the company's acquisitions, disposals, and general market conditions. The method and significant assumptions used to determine the fair value of investment property are further explained in the notes to the financial statements.

Deferred taxation:

Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

Turnover
Turnover represents the amounts derived from ground rents, property management and other fees from freehold reversionary interests, stated net of Value Added Tax, all of which is attributable to continuing operations generated in the United Kingdom. Rental income is recognised on the accruals basis. All other income is recognised at the transaction date.

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the Income Statement. The cost of fixed assets is their purchase cost or valuation, together with any incidental costs of acquisition.

Depreciation is calculated to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful lives of the assets concerned. The principal annual rates used for this purpose are:

Fixtures and fittings - 15% on reducing balance

Assets under construction are accounted for at cost and are not depreciated until the accounting period in which they are brought into use.

Investment property
Investment property represents the company's portfolio of freehold ground rents. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable reserve. Any loss arising from revaluation is also recognised in the non-distributable reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the Income Statement for the year.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 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.

Pension costs and other post-retirement benefits
The company contributes to the individual defined contribution pension schemes of employees. Contributions are charged to profit or loss in the period to which they relate.

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivable are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments
The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or, in the case of an outright short-term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Fixed asset investments
Investments held as fixed assets are stated at cost less provision for any impairment.

Other investments represent payments on account and are in respect of option agreements to purchase freehold reversionary interests in residential developments as they are built.

Exceptional items
The company classifies one-off charges or credits that have a material impact on the company's financial results, either by virtue of their size or nature, as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 20,972
DEPRECIATION
At 1 January 2023 3,146
Charge for year 2,674
At 31 December 2023 5,820
NET BOOK VALUE
At 31 December 2023 15,152
At 31 December 2022 17,826

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 2,387,098 7,791 2,394,889
Impairments (168,493 ) - (168,493 )
At 31 December 2023 2,218,605 7,791 2,226,396
NET BOOK VALUE
At 31 December 2023 2,218,605 7,791 2,226,396
At 31 December 2022 2,387,098 7,791 2,394,889

Other investments represent payments on account and are in respect of option agreements to purchase the freehold ground rents in residential developments as they are built.

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 17,866,940
Additions 919,632
Disposals (215,700 )
Revaluations (21,654 )
At 31 December 2023 18,549,218
NET BOOK VALUE
At 31 December 2023 18,549,218
At 31 December 2022 17,866,940

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 3,675,980
Cost 14,873,238
18,549,218

Investment property (representing the company's portfolio of freehold ground rents) was valued at fair value (open market basis) on 30 June 2020 by Bureau Property Consultants and in the opinion of the director this remains unchanged at 31 December 2023, taking into account the company's acquisitions, disposals, and general market conditions.

Investment property was valued at a multiple of ground rents discounted for the quality of the investment portfolio together with an allowance for future lease extensions.

The valuation assumes that all properties have been maintained in good order and that the freeholder is not in breach of any landlord obligations under the respective leases; all properties were built in compliance with the then planning agreements, applicable building regulations and all s106 obligations were complied with; there are no defects in title which will materially affect the value of one or more of the properties; there is no unresolved dispute as to the amount of ground rent payable; no property is more than 18m high with ACM cladding; and no property has been served with an enforcement notice which could affect its value.

Bureau Property Consultants are a firm of Chartered Surveyors regulated by RICS. They specialise in providing residential valuation advice to freeholders and hold relevant experience in the location and class of investment property being valued.

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 776,865 456,295
Other debtors 903,979 877,866
1,680,844 1,334,161

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 954,105 2,347,390

Aggregate amounts 2,634,949 3,681,551

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 66,668 400,002
Trade creditors 307,867 180,927
Taxation and social security 363,840 78,183
Other creditors 1,696,031 1,580,525
2,434,406 2,239,637

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 183,333 299,999

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,000 11,000
Between one and five years 8,250 19,250
19,250 30,250

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 250,001 700,001

The bank loans are secured by way of a first legal charge over certain assets of the company.

ELMBIRCH PROPERTIES LIMITED (REGISTERED NUMBER: 02469757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
232,500 Ordinary £1 232,500 232,500

13. RESERVES
Retained Share Non-distributable
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 17,780,779 132,500 1,443,920 19,357,199
Profit for the year 1,397,827 - - 1,397,827
Dividends (1,278,750 ) - - (1,278,750 )
Transfer of realised surplus on sale
of freeholds and lease extensions

159,651

-

(159,651

)

-

Transfer of movement in deferred
tax on fair value changes

(49,069

)

-

49,069

-

At 31 December 2023 18,010,438 132,500 1,333,338 19,476,276

Retained earnings:
Includes all current and prior period retained profits and losses.

Share premium:
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Non-distributable reserve:
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The immediate parent company is Danesdale Land Limited and the ultimate parent company is Sarum Lands Limited. Both companies are incorporated in England. In the opinion of the director, no one individual has control of the ultimate parent company Sarum Lands Limited.