2023-01-012023-12-312023-12-31false01668664ELVASTON INVESTMENTS LIMITED2024-09-24iso4217:GBPxbrli:pure016686642023-01-01016686642023-12-31016686642023-01-012023-12-31016686642022-01-01016686642022-12-31016686642022-01-012022-12-3101668664bus:SmallEntities2023-01-012023-12-3101668664bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3101668664bus:FullAccounts2023-01-012023-12-3101668664bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101668664core:WithinOneYear2023-12-3101668664core:AfterOneYear2023-12-3101668664core:WithinOneYear2022-12-3101668664core:AfterOneYear2022-12-3101668664core:ShareCapital2023-12-3101668664core:SharePremium2023-12-3101668664core:RevaluationReserve2023-12-3101668664core:OtherReservesSubtotal2023-12-3101668664core:RetainedEarningsAccumulatedLosses2023-12-3101668664core:ShareCapital2022-12-3101668664core:SharePremium2022-12-3101668664core:RevaluationReserve2022-12-3101668664core:OtherReservesSubtotal2022-12-3101668664core:RetainedEarningsAccumulatedLosses2022-12-3101668664core:LandBuildings2023-12-3101668664core:PlantMachinery2023-12-3101668664core:Vehicles2023-12-3101668664core:FurnitureFittings2023-12-3101668664core:OfficeEquipment2023-12-3101668664core:NetGoodwill2023-12-3101668664core:IntangibleAssetsOtherThanGoodwill2023-12-3101668664core:ListedExchangeTraded2023-12-3101668664core:UnlistedNon-exchangeTraded2023-12-3101668664core:LandBuildings2022-12-3101668664core:PlantMachinery2022-12-3101668664core:Vehicles2022-12-3101668664core:FurnitureFittings2022-12-3101668664core:OfficeEquipment2022-12-3101668664core:NetGoodwill2022-12-3101668664core:IntangibleAssetsOtherThanGoodwill2022-12-3101668664core:ListedExchangeTraded2022-12-3101668664core:UnlistedNon-exchangeTraded2022-12-3101668664core:LandBuildings2023-01-012023-12-3101668664core:PlantMachinery2023-01-012023-12-3101668664core:Vehicles2023-01-012023-12-3101668664core:FurnitureFittings2023-01-012023-12-3101668664core:OfficeEquipment2023-01-012023-12-3101668664core:NetGoodwill2023-01-012023-12-3101668664core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101668664core:ListedExchangeTraded2023-01-012023-12-3101668664core:UnlistedNon-exchangeTraded2023-01-012023-12-3101668664core:MoreThanFiveYears2023-01-012023-12-3101668664core:Non-currentFinancialInstruments2023-12-3101668664core:Non-currentFinancialInstruments2022-12-3101668664dpl:CostSales2023-01-012023-12-3101668664dpl:DistributionCosts2023-01-012023-12-3101668664core:LandBuildings2023-01-012023-12-3101668664core:PlantMachinery2023-01-012023-12-3101668664core:Vehicles2023-01-012023-12-3101668664core:FurnitureFittings2023-01-012023-12-3101668664core:OfficeEquipment2023-01-012023-12-3101668664dpl:AdministrativeExpenses2023-01-012023-12-3101668664core:NetGoodwill2023-01-012023-12-3101668664core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101668664dpl:GroupUndertakings2023-01-012023-12-3101668664dpl:ParticipatingInterests2023-01-012023-12-3101668664dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3101668664core:ListedExchangeTraded2023-01-012023-12-3101668664dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3101668664core:UnlistedNon-exchangeTraded2023-01-012023-12-3101668664dpl:CostSales2022-01-012022-12-3101668664dpl:DistributionCosts2022-01-012022-12-3101668664core:LandBuildings2022-01-012022-12-3101668664core:PlantMachinery2022-01-012022-12-3101668664core:Vehicles2022-01-012022-12-3101668664core:FurnitureFittings2022-01-012022-12-3101668664core:OfficeEquipment2022-01-012022-12-3101668664dpl:AdministrativeExpenses2022-01-012022-12-3101668664core:NetGoodwill2022-01-012022-12-3101668664core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3101668664dpl:GroupUndertakings2022-01-012022-12-3101668664dpl:ParticipatingInterests2022-01-012022-12-3101668664dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3101668664core:ListedExchangeTraded2022-01-012022-12-3101668664dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3101668664core:UnlistedNon-exchangeTraded2022-01-012022-12-3101668664core:NetGoodwill2023-12-3101668664core:IntangibleAssetsOtherThanGoodwill2023-12-3101668664core:LandBuildings2023-12-3101668664core:PlantMachinery2023-12-3101668664core:Vehicles2023-12-3101668664core:FurnitureFittings2023-12-3101668664core:OfficeEquipment2023-12-3101668664core:AfterOneYear2023-12-3101668664core:WithinOneYear2023-12-3101668664core:ListedExchangeTraded2023-12-3101668664core:UnlistedNon-exchangeTraded2023-12-3101668664core:ShareCapital2023-12-3101668664core:SharePremium2023-12-3101668664core:RevaluationReserve2023-12-3101668664core:OtherReservesSubtotal2023-12-3101668664core:RetainedEarningsAccumulatedLosses2023-12-3101668664core:NetGoodwill2022-12-3101668664core:IntangibleAssetsOtherThanGoodwill2022-12-3101668664core:LandBuildings2022-12-3101668664core:PlantMachinery2022-12-3101668664core:Vehicles2022-12-3101668664core:FurnitureFittings2022-12-3101668664core:OfficeEquipment2022-12-3101668664core:AfterOneYear2022-12-3101668664core:WithinOneYear2022-12-3101668664core:ListedExchangeTraded2022-12-3101668664core:UnlistedNon-exchangeTraded2022-12-3101668664core:ShareCapital2022-12-3101668664core:SharePremium2022-12-3101668664core:RevaluationReserve2022-12-3101668664core:OtherReservesSubtotal2022-12-3101668664core:RetainedEarningsAccumulatedLosses2022-12-3101668664core:NetGoodwill2022-01-0101668664core:IntangibleAssetsOtherThanGoodwill2022-01-0101668664core:LandBuildings2022-01-0101668664core:PlantMachinery2022-01-0101668664core:Vehicles2022-01-0101668664core:FurnitureFittings2022-01-0101668664core:OfficeEquipment2022-01-0101668664core:AfterOneYear2022-01-0101668664core:WithinOneYear2022-01-0101668664core:ListedExchangeTraded2022-01-0101668664core:UnlistedNon-exchangeTraded2022-01-0101668664core:ShareCapital2022-01-0101668664core:SharePremium2022-01-0101668664core:RevaluationReserve2022-01-0101668664core:OtherReservesSubtotal2022-01-0101668664core:RetainedEarningsAccumulatedLosses2022-01-0101668664core:AfterOneYear2023-01-012023-12-3101668664core:WithinOneYear2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3101668664core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3101668664core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3101668664core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3101668664core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3101668664core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3101668664bus:Director12023-01-012023-12-3101668664bus:Director22023-01-012023-12-3101668664core:FurnitureFittingsToolsEquipment2022-12-3101668664core:FurnitureFittingsToolsEquipment2023-12-31

ELVASTON INVESTMENTS LIMITED

Registered Number
01668664
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ELVASTON INVESTMENTS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BOTTOMLEY, Michael David
STANHOPE, William Henry Leicester, Viscount Petersham

Company Secretary

STANHOPE, William Henry Leicester, Viscount Petersham

Registered Address

3 Acorn Business Park
Airedale Business Centre
Skipton
BD23 2UE

Registered Number

01668664 (England and Wales)
ELVASTON INVESTMENTS LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments5100100
Investment property45,139,0006,256,125
5,139,1006,256,225
Current assets
Debtors61,880,3182,118,597
Cash at bank and on hand12,66399,842
1,892,9812,218,439
Creditors amounts falling due within one year7(2,967,158)(2,265,327)
Net current assets (liabilities)(1,074,177)(46,888)
Total assets less current liabilities4,064,9236,209,337
Creditors amounts falling due after one year8(2)(2)
Provisions for liabilities9(900,000)(1,200,000)
Net assets3,164,9215,009,335
Capital and reserves
Called up share capital22
Revaluation reserve2,764,3903,581,515
Profit and loss account400,5291,427,818
Shareholders' funds3,164,9215,009,335
The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2024, and are signed on its behalf by:
BOTTOMLEY, Michael David
Director
Registered Company No. 01668664
ELVASTON INVESTMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The ultimate parent undertaking is Halley Investment Company Limited, a company incorporated in Bermuda and registered in England and Wales. The 12th Earl of Harrington is the sole life tenant of the Stanhope Trust which owns 100% of the share capital of Halley Investment Company Limited.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Fixtures and fittings - 3 to 5 years straight line
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the 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 debtors and creditors, 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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 January 2314,87314,873
At 31 December 2314,87314,873
Depreciation and impairment
At 01 January 2314,87314,873
At 31 December 2314,87314,873
Net book value
At 31 December 23--
At 31 December 22--
4.Investment property
The 2023 valuations were made by the directors, on an open market value for existing use basis. Included in the net book value of the freehold property is £4,129,000 relating to assets held for use in operating leases. If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: Historic cost £1,474,610 (2022 - £1,474,610)

£
Fair value at 01 January 236,256,125
Disposals(1,117,125)
At 31 December 235,139,000
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 23100100
At 31 December 23100100
Net book value
At 31 December 23100100
At 31 December 22100100

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings-138,502
Other debtors1,587,3401,746,419
Prepayments and accrued income109,17652,549
Total1,696,5161,937,470
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables16,12821,697
Amounts owed to related parties1,614,4311,584,337
Taxation and social security2,1473,997
Other creditors86,86312,105
Accrued liabilities and deferred income1,247,589643,191
Total2,967,1582,265,327
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2023

2022

££
Other creditors22
Total22
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. The provision for deferred taxation is made up as follows: Deferred tax on revaluation surplus £900,000 (2022 - £1,200,000)

2023

2022

££
Net deferred tax liability (asset)900,0001,200,000
Total900,0001,200,000
10.Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,321 (2022 - £1,321).
11.Related party transactions
The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with the entities which are part of the group, since 100% of the voting rights in the company are controlled within the group. Included in debtors, amounts falling due within one year, is an amount due from The 12th Earl of Harrington of £1,091,648 (2022 - £1,281,977). Interest amounting to £66,174 (2022 - £18,515) was charged in the year. The balance bears interest at a commercial rate and is repayable on demand. Included in debtors, amounts falling due within one year, is an amount due from Doublard Investment Company Limited of £58,260 (2022 - £58,260). The 12th Earl of Harrington is the sole life tenant of the Chesterfield Trust which owns 100% of the share capital of Doublard Investment Company Limited. M D Bottomley and Viscount Petersham are directors of the company. This balance is interest free and repayable on demand. Included in other debtors, amounts falling due within one year, is an amount due from Stanhope Gardens Limited of £330,383 (2022 - £310,383). Stanhope Gardens Limited is a wholly owned subsidiary of Doublard Investment Company Limited. M D Bottomley and Viscount Petersham are directors of the company. This balance is interest free and repayable on demand. Included in other creditors, amounts falling due within one year, is an amount owed to The Honorable Charles Henry Leicester Stanhope Settlement of £9,465 (2022 - £9,465). Viscount Petersham has an interest in this settlement as a life tenant. This balance is interest free and repayable on demand. Included in creditors, amounts falling due within one year, is an amount owed to Halley Investment Company Limited of £1,592,933 (2022 - £1,584,337). This balance is interest free and repayable on demand. Included in other creditors, amounts falling due within one year, is an amount of £50,200 (2022 - £Nil) due to M D Bottomley. The balance is interest free and repayable on demand.
12.Parent-subsidiary relationships
The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.