Company Registration No. 03539658 (England and Wales)
ELSIPHYL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ELSIPHYL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ELSIPHYL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr T R Wightman
Mrs J S Wightman
Secretary
Mrs J S Wightman
Company number
03539658
Registered office
Arden House
7 Rowley Crescent
Stratford Upon Avon
Warwickshire
CV37 6UT
Accountants
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ELSIPHYL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,641
3,315
Investment property
4
2,110,237
695,891
Investments
5
-
0
172,763
2,112,878
871,969
Current assets
Debtors
6
6,528
592,202
Cash at bank and in hand
123,875
433,793
130,403
1,025,995
Creditors: amounts falling due within one year
7
(516,283)
(275,638)
Net current (liabilities)/assets
(385,880)
750,357
Net assets
1,726,998
1,622,326
Capital and reserves
Called up share capital
1,120
1,120
Revaluation reserve
8
137,422
137,422
Profit and loss reserves
1,588,456
1,483,784
Total equity
1,726,998
1,622,326

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ELSIPHYL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr T R Wightman
Director
Company registration number 03539658 (England and Wales)
ELSIPHYL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Elsiphyl Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arden House, 7 Rowley Crescent, Stratford Upon Avon, Warwickshire, CV37 6UT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

ELSIPHYL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
ELSIPHYL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
6,626
5,735
12,361
Depreciation and impairment
At 1 April 2023
5,567
3,479
9,046
Depreciation charged in the year
336
338
674
At 31 March 2024
5,903
3,817
9,720
Carrying amount
At 31 March 2024
723
1,918
2,641
At 31 March 2023
1,059
2,256
3,315
4
Investment property
2024
£
Fair value
At 1 April 2023
695,891
Additions
1,414,346
At 31 March 2024
2,110,237

Investment property comprises 21 Ascot Close, Arden Cottage and 94 Wordsworth Avenue. On 7th June 2023 Elsiphyl Limited purchased 50% of Payton Properties from Pepro, acquiring further investment property being Packwood House, Guild House and Payton House. The fair value of the investment properties has been arrived at on 31 March 2024 by the directors without a revaluation. Their valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ELSIPHYL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 7 -

Fair value at 31 March 2024 is represented by:

£

 

Valuation in 2001                            11,257

Valuation in 2002 4,000

Valuation in 2003 33,000

Valuation in 2004 30,000

Valuation in 2005 7,584

Valuation in 2006 3,000

Valuation in 2007 24,000

Valuation in 2008 (25,000)

Valuation in 2009 (10,000)

Valuation in 2014 115,000

Valuation in 2015 (55,419)

Cost 1,972,815                

Total 2,110,237

 

If Land and Buildings had not been revalued they would have been included at the following historical cost:

 

2024 2023

£ £

Cost 1,972,815 558,469    

 

Investment property was valued on an open market basis on 31 March 2024 by the directors.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
172,763
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
172,763
Disposals
(172,763)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
172,763
ELSIPHYL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,365
-
0
Amounts owed by group undertakings
-
0
591,972
Other debtors
163
230
6,528
592,202
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,114
-
0
Taxation and social security
42,488
10,453
Other creditors
472,681
265,185
516,283
275,638
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
137,422
137,422
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