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REGISTERED NUMBER: 10686183 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Elm Tree Property Ltd

Elm Tree Property Ltd (Registered number: 10686183)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Elm Tree Property Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr R James
Ms R Micklewright





REGISTERED OFFICE: Suite 3 Falcon Court Business Centre
College Road
Maidstone
Kent
ME15 6TF





REGISTERED NUMBER: 10686183 (England and Wales)





ACCOUNTANTS: Skyfire Accountancy Ltd
The Old Rectory
Springhead Road
Northfleet
Kent
DA11 8HN

Elm Tree Property Ltd (Registered number: 10686183)

Abridged Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 670 1,036
Investment property 6 750,850 750,850
751,520 751,886

CURRENT ASSETS
Stocks 705,362 -
Debtors 5,830 3,000
Cash at bank 19,364 4,197
730,556 7,197
CREDITORS
Amounts falling due within one year 962,795 163,250
NET CURRENT LIABILITIES (232,239 ) (156,053 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,281

595,833

CREDITORS
Amounts falling due after more than one
year

7

(569,180

)

(573,461

)

PROVISIONS FOR LIABILITIES (13,262 ) (13,332 )
NET (LIABILITIES)/ASSETS (63,161 ) 9,040

CAPITAL AND RESERVES
Called up share capital 500 500
Fair value reserve 9 55,996 55,996
Retained earnings (119,657 ) (47,456 )
SHAREHOLDERS' FUNDS (63,161 ) 9,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Elm Tree Property Ltd (Registered number: 10686183)

Abridged Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





Mr R James - Director


Elm Tree Property Ltd (Registered number: 10686183)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Elm Tree Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis despite the company having net liabilities at the end of the period. The company is in the process of developing a property for sale and the costs in work in progress will not accurately reflect the market value of the property with development part completed.

The director also confirms that they will not seek repayment of their loan to the company until the development has been completed and sold.

The director considers that the company will continue to be trading for a minimum period of twelve months from the date of approving the accounts.

Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Elm Tree Property Ltd (Registered number: 10686183)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 13,438
DEPRECIATION
At 1 March 2023 12,402
Charge for year 366
At 29 February 2024 12,768
NET BOOK VALUE
At 29 February 2024 670
At 28 February 2023 1,036

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 750,850
NET BOOK VALUE
At 29 February 2024 750,850
At 28 February 2023 750,850

Elm Tree Property Ltd (Registered number: 10686183)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2019 19,131
Valuation in 2022 50,000
Cost 681,719
750,850

If investment property had not been revalued it would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 258,551 258,551

Investment property was valued on an open market basis on 25 April 2022 by a director .

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
29.2.24 28.2.23
£    £   
Repayable otherwise than by instalments
Mortgage 538,750 538,750

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Mortgage 538,750 538,750

Mortgages are secured against investment property.

9. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 55,996

10. RELATED PARTY DISCLOSURES

During the period the company borrowed £355,396 from a director. The balance outstanding at the end of the period was £509,430 (2023: £154,034).

The loan is included within creditors due within one year, is free of interest and is repayable on demand.