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Registration number: 00916101

Prepared for the registrar

Elebro Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Elebro Limited

(Registration number: 00916101)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,215

-

Investment property

5

47,925,825

47,415,530

Investments

6

1

1

 

47,940,041

47,415,531

Current assets

 

Debtors

7

3,938,498

397,719

Cash at bank and in hand

 

24,730

37,611

 

3,963,228

435,330

Creditors: Amounts falling due within one year

8

(36,539,398)

(30,425,827)

Net current liabilities

 

(32,576,170)

(29,990,497)

Total assets less current liabilities

 

15,363,871

17,425,034

Deferred tax liabilities

 

(2,100,000)

(2,100,000)

Net assets

 

13,263,871

15,325,034

Capital and reserves

 

Called up share capital

150,000

150,000

Share premium reserve

9,828

9,828

Profit and loss account

13,104,043

15,165,206

Shareholders' funds

 

13,263,871

15,325,034

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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 


AJ Franks
Director

 

Elebro 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 and Wales.

The address of its registered office is:
Bath House
16 Bath Row
Stamford
Lincolnshire
PE9 2QU
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents asset management fees charged for services rendered. Turnover is generated in the ordinary course of the company's business and is not attributable to any markets outside of the United Kingdom.

Fee income is accounted for in accordance with agreed management fee contracts.

 

Elebro Limited

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

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 comprise of investment properties and fixtures and fittings.

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

Fixtures and fittings

4 years

Investment property

Investment properties for which fair value can be reliably measured without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

The fair value of investment property takes into consideration the carrying value of any lease incentives in order to avoid the double counting of assets in accordance with the FRS102 Section 16 'Investment Property'.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Elebro Limited

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

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Elebro Limited

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

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

326,321

Additions

18,954

At 31 December 2023

345,275

Depreciation

At 1 January 2023

326,321

Charge for the year

4,739

At 31 December 2023

331,060

Carrying amount

At 31 December 2023

14,215

At 31 December 2022

-

 

5

Investment properties

£

At 1 January 2023

47,415,530

Additions

3,010,295

Disposals

(2,500,000)

At 31 December 2023

47,925,825

There has been no valuation of investment property by an independent valuer.

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

 

7

Debtors

2023
 £

2022
 £

Trade debtors

4,800

-

Amounts owed by related parties

1,367,548

64,486

Other debtors

2,201,350

329,591

Prepayments

364,800

-

Corporation tax asset

-

3,642

 

3,938,498

397,719

 

Elebro Limited

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

 

8

Creditors

2023
 £

2022
 £

Due within one year

Loans and borrowings

22,000,000

26,825,323

Trade creditors

8,861

49,958

Amounts due to related parties

13,879,102

2,971,429

Other creditors

594,524

574,388

Accrued expenses

56,775

4,729

Corporation tax liability

136

-

36,539,398

30,425,827

The bank loan is secured on the investment property.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Almero Camden City LLP, incorporated in England.