Company registration number 04180627 (England and Wales)
ELMLEY ENTERPRISES LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Balance Sheet
As At 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,137
6,126
Tangible assets
5
478,423
384,480
485,560
390,606
Current assets
Debtors
6
108,867
81,916
Cash at bank and in hand
739,019
810,277
847,886
892,193
Creditors: amounts falling due within one year
7
(601,545)
(638,062)
Net current assets
246,341
254,131
Total assets less current liabilities
731,901
644,737
Creditors: amounts falling due after more than one year
8
(28,665)
(40,930)
Provisions for liabilities
(52,411)
(52,623)
Net assets
650,825
551,184
Capital and reserves
Called up share capital
100
100
Share premium account
7,497
7,497
Profit and loss reserves
643,228
543,587
Total equity
650,825
551,184
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Balance Sheet (Continued)
As At 31 December 2023
31 December 2023
- 2 -
For the financial year ended 31 December 2023 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 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr JP Merricks
Director
Company registration number 04180627 (England and Wales)
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Elmley Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Manor, Main Road, Icklesham, Winchelsea, East Sussex, England, TN36 4BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
4 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenants improvements and accommodation
Not depreciated
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Computers
33% Straight Line
Motor vehicles
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
17
4
Intangible fixed assets
Website
£
Cost
At 1 January 2023
11,070
Additions
4,455
At 31 December 2023
15,525
Amortisation and impairment
At 1 January 2023
4,944
Amortisation charged for the year
3,444
At 31 December 2023
8,388
Carrying amount
At 31 December 2023
7,137
At 31 December 2022
6,126
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 6 -
5
Tangible fixed assets
Tenants improvements and accommodation
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
423,598
117,482
264,719
9,658
8,550
824,007
Additions
97,437
13,210
13,983
6,865
69,528
201,023
At 31 December 2023
521,035
130,692
278,702
16,523
78,078
1,025,030
Depreciation and impairment
At 1 January 2023
281,730
37,385
112,858
6,699
855
439,527
Depreciation charged in the year
63,382
13,621
24,400
2,847
2,830
107,080
At 31 December 2023
345,112
51,006
137,258
9,546
3,685
546,607
Carrying amount
At 31 December 2023
175,923
79,686
141,444
6,977
74,393
478,423
At 31 December 2022
141,868
80,097
151,861
2,959
7,695
384,480
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,599
15,832
Amounts owed by undertakings in which the company has a participating interest
47,430
8,172
Other debtors
3,883
Prepayments and accrued income
10,955
57,912
108,867
81,916
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
20,155
36,722
Amounts owed to group undertakings and undertakings in which the company has a participating interest
191,360
225,297
Corporation tax
47,955
35,681
Other taxation and social security
21,526
2,152
Other creditors
310,549
328,210
601,545
638,062
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,834
Other creditors
12,832
15,096
28,665
40,930
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
52,411
52,623
Elmley Enterprises Limited
ELMLEY ENTERPRISES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
9
Deferred taxation
(Continued)
- 8 -
2023
Movements in the year:
£
Liability at 1 January 2023
52,623
Credit to profit or loss
(212)
Liability at 31 December 2023
52,411
10
Related party transactions
The directors of the company are directors of E.C.T. (Conservation) Limited.
At the year end there was an amount due to E.C.T. (Conservation) Limited (a company under common control) was £152,726 (2022 - due to £225,297) This amount does not attract interest, is unsecured and is repayable on demand.
11
Parent company
The controlling party is considered to be J P Merricks by way of his shareholding.