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Registration number: 13389310

Elmsley Homes (Falfield) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Elmsley Homes (Falfield) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Elmsley Homes (Falfield) Limited

Company Information

Directors

Mr Lee Taylor

Mrs Nadia Taylor

Registered office

The Hewletts
Aggs Hill
Cheltenham
GL54 4ET

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Elmsley Homes (Falfield) Limited

(Registration number: 13389310)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

260,875

260,875

Current assets

 

Debtors

5

3,593,825

3,177,138

Creditors: Amounts falling due within one year

6

(3,858,656)

(3,439,965)

Net current liabilities

 

(264,831)

(262,827)

Net liabilities

 

(3,956)

(1,952)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(4,056)

(2,052)

Shareholders' deficit

 

(3,956)

(1,952)

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr Lee Taylor
Director

 

Elmsley Homes (Falfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
The Hewletts
Aggs Hill
Cheltenham
GL54 4ET
England

These financial statements were authorised for issue by the Board on 30 October 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statement

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Elmsley Homes (Falfield) Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

 

Elmsley Homes (Falfield) Limited

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

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

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 cash consolidation expected to be paid or receive

 

3

Staff numbers

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

4

Investments

2023
£

2022
£

Investments in subsidiaries

260,875

260,875

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

3,593,825

3,177,138

   

3,593,825

3,177,138

 

Elmsley Homes (Falfield) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,855,000

2,030,000

Trade creditors

 

-

330

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,496,593

1,127,314

Accruals and deferred income

 

1,500

1,500

Other creditors

 

505,563

280,821

 

3,858,656

3,439,965

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,855,000

2,030,000

 

Elmsley Homes (Falfield) Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mr Lee Taylor

Amounts owed to director

280,821

224,742

505,563

       
     

 

2022

At 11 May 2021
£

Repayments by director
£

At 31 October 2022
£

Mr Lee Taylor

Amounts owed to director

-

280,821

280,821

       
     

 

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

3,177,038

3,177,038

Advanced

416,686

416,686

At end of period

3,593,724

3,593,724

2022

Subsidiary
£

Total
£

Advanced

3,177,038

3,177,038

At end of period

3,177,038

3,177,038

 

Elmsley Homes (Falfield) Limited

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

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

1,127,314

1,127,314

Advanced

369,279

369,279

At end of period

1,496,593

1,496,593

2022

Other related parties
£

Total
£

Advanced

1,194,689

1,194,689

Repaid

(67,375)

(67,375)

At end of period

1,127,314

1,127,314

10

Parent and ultimate parent undertaking

The ultimate parent is Elmsley Homes (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party is Lee and Nadia Taylor.