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Registered number: 10389969









ELLISAM PROPERTIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
ELLISAM PROPERTIES LIMITED
REGISTERED NUMBER: 10389969

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,187,613
4,036,250

Investments
 6 
807,647
807,647

Investment property
 7 
5,490,000
5,490,000

  
12,485,260
10,333,897

Current assets
  

Debtors
 8 
1,434,253
1,589,012

Cash at bank and in hand
 9 
540,704
303,967

  
1,974,957
1,892,979

Creditors: amounts falling due within one year
 10 
(453,085)
(376,165)

Net current assets
  
 
 
1,521,872
 
 
1,516,814

Total assets less current liabilities
  
14,007,132
11,850,711

Creditors: amounts falling due after more than one year
 11 
(4,108,528)
(2,537,206)

Provisions for liabilities
  

Deferred tax
  
(511,907)
(513,674)

Net assets
  
9,386,697
8,799,831


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
1,230,739
1,230,739

Other reserve
  
2,235,046
2,235,046

Profit and loss account
  
5,920,812
5,333,946

  
9,386,697
8,799,831


Page 1

 
ELLISAM PROPERTIES LIMITED
REGISTERED NUMBER: 10389969
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf 




S D Woods
Director

Date: 4 November 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
ELLISAM PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Other reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 May 2023
100
1,230,739
2,235,046
5,333,946
8,799,831



Profit for the year
-
-
-
586,866
586,866


At 30 April 2024
100
1,230,739
2,235,046
5,920,812
9,386,697


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Other reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 May 2022
100
1,230,739
1,803,796
5,176,440
8,211,075



Profit for the year
-
-
-
157,506
157,506

Transfer to/from profit and loss account
-
-
431,250
-
431,250


At 30 April 2023
100
1,230,739
2,235,046
5,333,946
8,799,831


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ellisam Properties Limited is a private company incorporated in England and Wales and has its registered office at Ellisam House, Purfleet Industrial Park, Purfleet, Essex, RM15 4YD. 
The company's principal activity is that of a holding company and the letting of investment property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant and machinery
-
25%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by either the directors or professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.7

Investment property

Investment property is carried at fair value determined annually by the directors based on external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have used their judgement combined with the external valuations performed by Glenny LLP, Knight Benjamin & Co, George and Company Chartered Surveyors and Kempton Car Croft in arriving at the considered fair value of the Investment Properties as noted in note 8 and Tangible Fixed Assets in note 6.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
4,035,000
16,660
4,051,660


Additions
2,140,175
16,584
2,156,759



At 30 April 2024

6,175,175
33,244
6,208,419



Depreciation


At 1 May 2023
-
15,410
15,410


Charge for the year on owned assets
-
5,396
5,396



At 30 April 2024

-
20,806
20,806



Net book value



At 30 April 2024
6,175,175
12,438
6,187,613



At 30 April 2023
4,035,000
1,250
4,036,250

Page 8

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,859,951



At 30 April 2024

1,859,951



Impairment


At 1 May 2023
1,052,304



At 30 April 2024

1,052,304



Net book value



At 30 April 2024
807,647



At 30 April 2023
807,647


7.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
5,490,000



At 30 April 2024
5,490,000

The 2024 valuations were made by directors based on previous reports completed by Glenny LLP, Knight Benjamin & Co, George and Company Chartered Surveyors and Kempton Carr Croft, at an open market value for existing use basis.






Page 9

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
515,804
1,236,862

Prepayments and accrued income
673,175
-

1,188,979
1,236,862

Due within one year

Trade debtors
68,440
7,222

Prepayments and accrued income
176,834
344,928

1,434,253
1,589,012



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
540,704
303,967

540,704
303,967



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
173,546
168,501

Corporation tax
152,304
82,239

Other taxation and social security
36,044
20,564

Other creditors
1,847
1,847

Accruals and deferred income
89,344
103,014

453,085
376,165


Page 10

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
4,108,528
2,537,206

4,108,528
2,537,206



12.


Deferred taxation




2024
2023


£

£






At beginning of year
(513,674)
(120,968)


Credited/(charged) to profit or loss
1,767
(392,706)



At end of year
(511,907)
(513,674)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revalued property
(516,668)
(521,767)

Decelerated capital allowances
4,761
8,093

(511,907)
(513,674)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



14.


Related party transactions

The company has taken the exemption under FRS102 s33.1A from disclosing related party transactions in relation to a wholly owned subsidiary.

Page 11

 
ELLISAM PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Parent company

The ultimate parent undertaking is Acclaim DMW Holdings Limited a company incorporated in England and Wales.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 4 November 2024 by Mario Cientanni (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 12