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REGISTERED NUMBER: 11852792 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

ELMS FARM ASSOCIATES LIMITED

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELMS FARM ASSOCIATES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B A Farr
S J Farr
J R A Farr
D Alderson
S L Bullock





SECRETARY: J R A Farr





REGISTERED OFFICE: The Elms Farm Office
Upper Tockington Road
Tockington
Bristol
BS32 4LQ





REGISTERED NUMBER: 11852792 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 19,883 13,592
Investment property 5 9,956,900 9,956,900
9,976,783 9,970,492

CURRENT ASSETS
Debtors 6 35,794 34,536
Cash at bank 120,749 21,617
156,543 56,153
CREDITORS
Amounts falling due within one year 7 (234,216 ) (209,333 )
NET CURRENT LIABILITIES (77,673 ) (153,180 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,899,110

9,817,312

CREDITORS
Amounts falling due after more than one
year

8

(2,498,333

)

(2,556,629

)
NET ASSETS 7,400,777 7,260,683

CAPITAL AND RESERVES
Called up share capital 10 7,201,056 7,201,056
Retained earnings 199,721 59,627
SHAREHOLDERS' FUNDS 7,400,777 7,260,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Balance Sheet - continued
31 MARCH 2024


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

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 13 January 2025 and were signed on its behalf by:





B A Farr - Director


ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Elms Farm Associates Limited 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.

The principal activity of the company in the year under review was that of property management.

2. ACCOUNTING POLICIES

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

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 £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 12,980 52 5,301 18,333
Additions 1,260 - 10,900 12,160
At 31 March 2024 14,240 52 16,201 30,493
DEPRECIATION
At 1 April 2023 2,904 15 1,822 4,741
Charge for year 2,267 7 3,595 5,869
At 31 March 2024 5,171 22 5,417 10,610
NET BOOK VALUE
At 31 March 2024 9,069 30 10,784 19,883
At 31 March 2023 10,076 37 3,479 13,592

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 9,956,900
NET BOOK VALUE
At 31 March 2024 9,956,900
At 31 March 2023 9,956,900

.

The valuations of investment properties were made as at 30 September 2021 by the Savills on an open market basis. No depreciation is provided in respect of these properties.

On an historical cost basis these would have been included at an original cost of £9,956,900.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,444 11,290
Other debtors 23,350 23,246
35,794 34,536

ELMS FARM ASSOCIATES LIMITED (REGISTERED NUMBER: 11852792)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 102,000 96,000
Trade creditors 1,056 8,123
Tax 61,126 44,894
Social security and other taxes 633 173
Other creditors 45,714 51,485
Directors' current accounts 16,067 329
Accruals and deferred income 7,620 8,329
234,216 209,333

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 408,000 384,000
Bank loans more 5 yr by instal 2,090,333 2,172,629
2,498,333 2,556,629

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,090,333 2,172,629

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,600,333 2,652,629

The loan is secured by a fixed charge over assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,201,056 Ordinary £1 7,201,056 7,201,056