Registered number
09779281
ELMS & SONS LTD
Filleted Accounts
31 January 2024
ELMS & SONS LTD
Registered number: 09779281
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 799,929 771,439
Current assets
Debtors 4 1,500 1,500
Cash at bank and in hand 13,067 12,170
14,567 13,670
Creditors: amounts falling due within one year 5 (92,911) (65,468)
Net current liabilities (78,344) (51,798)
Total assets less current liabilities 721,585 719,641
Creditors: amounts falling due after more than one year 6 (638,421) (642,442)
Net assets 83,166 77,200
Capital and reserves
Called up share capital 100 100
Profit and loss account 83,066 77,100
Shareholders' funds 83,166 77,200
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rutland Arthur Burton Elms
Director
Approved by the board on 28 October 2024
ELMS & SONS LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 rendering of property management services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Motor vehicle 18% Reducing balance
Fixtures & fittings 18% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
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