REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD |
COMPANY INFORMATION |
for the year ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
ABRIDGED BALANCE SHEET |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
ABRIDGED BALANCE SHEET - continued |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Elliot Leigh Property Investments 2 Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. Revenue represents rent receivable and letting commission net of value added tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors. |
Investment properties |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Stocks |
Stocks are valued at lower of cost and estimated selling price less costs to complete and sell. |
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 |
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. |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Fixed asset investments |
Fixed asset investments are recognised at costs less provision for impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 453,633 |
NET BOOK VALUE |
At 31 January 2024 | 453,633 |
At 31 January 2023 | 453,633 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Revaluations | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
5. | INVESTMENT PROPERTY - continued |
In the opinion of the directors, investment property is stated at fair value at the balance sheet date. |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Mortgages |
Repayable by instalments |
Mortgages | 1,278,774 | 896,548 |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Mortgages |
Amounts falling due between one and two years: |
Mortgages | 165,950 |
Amounts falling due between two and five years: |
Mortgages |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgages | 6,340,693 | 5,177,904 |
Repayable by instalments |
Mortgages | 1,278,774 | 896,548 |
ELLIOT LEIGH PROPERTY INVESTMENTS 2 LTD (REGISTERED NUMBER: 04840441) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgages | 8,523,950 | 8,113,289 |
The mortgages are secured by way of fixed and floating charges over the properties held by the company. |
9. | 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. |
At the balance sheet date, the company was owed £792,921 (2023: £456,041) by Elliot Leigh Property Management Limited and £67,335 (2023: £113,670) by Elliot Leigh TLC Limited, both companies connected by virtue of common control. |
At the balance sheet date, the company owed £20,271 (2023: nil) to Elliot Leigh Property Investment Limited, a company connected by virtue of common control. |