5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 2757951 2023-06-01 2024-05-31 2757951 2024-05-31 2757951 2023-05-31 2757951 2022-06-01 2023-05-31 2757951 2023-05-31 2757951 2022-05-31 2757951 core:MotorVehicles 2023-06-01 2024-05-31 2757951 bus:Director2 2023-06-01 2024-05-31 2757951 bus:Director3 2023-06-01 2024-05-31 2757951 bus:Director4 2023-06-01 2024-05-31 2757951 core:MotorVehicles 2023-05-31 2757951 core:MotorVehicles 2024-05-31 2757951 core:WithinOneYear 2024-05-31 2757951 core:WithinOneYear 2023-05-31 2757951 core:AfterOneYear 2024-05-31 2757951 core:AfterOneYear 2023-05-31 2757951 core:ShareCapital 2024-05-31 2757951 core:ShareCapital 2023-05-31 2757951 core:RetainedEarningsAccumulatedLosses 2024-05-31 2757951 core:RetainedEarningsAccumulatedLosses 2023-05-31 2757951 core:MotorVehicles 2023-05-31 2757951 bus:SmallEntities 2023-06-01 2024-05-31 2757951 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 2757951 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 2757951 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 2757951 bus:FullAccounts 2023-06-01 2024-05-31 2757951 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 2757951 core:FurnitureFittingsToolsEquipment 2024-05-31 2757951 core:FurnitureFittingsToolsEquipment 2023-05-31 2757951 core:FurnitureFittings 2024-05-31
COMPANY REGISTRATION NUMBER: 2757951
Elms Price Lettings Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 May 2024
Elms Price Lettings Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
10,455
13,459
Current Assets
Debtors
6
9,304
2,520
Cash at bank and in hand
98,750
100,744
----------
----------
108,054
103,264
Creditors: amounts falling due within one year
7
99,884
84,434
----------
----------
Net Current Assets
8,170
18,830
---------
---------
Total Assets Less Current Liabilities
18,625
32,289
Creditors: amounts falling due after more than one year
8
14,079
23,465
---------
---------
Net Assets
4,546
8,824
---------
---------
Elms Price Lettings Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
12,000
12,000
Profit and loss account
( 7,454)
( 3,176)
---------
---------
Shareholders Funds
4,546
8,824
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
W. J. Price
A. J. McLoughlin
Director
Director
M. P. Spence
Director
Company registration number: 2757951
Elms Price Lettings Limited
Notes to the Financial Statements
Year Ended 31st May 2024
1. General Information
The company is a private company limited by shares, registered in England & Wales.. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. Revenue Recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commission and management fees, stated net of Value Added Tax. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25% reducing balance
Furniture & equipment - 15% reducing balance
Impairment of Fixed Assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial Instruments
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 entity after deducting all of its financial liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible Assets
Motor vehicles
Furniture & equipment
Total
£
£
£
Cost
At 1st June 2023 and 31st May 2024
19,990
19,493
39,483
---------
---------
---------
Depreciation
At 1st June 2023
10,152
15,872
26,024
Charge for the year
2,460
544
3,004
---------
---------
---------
At 31st May 2024
12,612
16,416
29,028
---------
---------
---------
Carrying amount
At 31st May 2024
7,378
3,077
10,455
---------
---------
---------
At 31st May 2023
9,838
3,621
13,459
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,990
2,321
Other debtors
6,314
199
-------
-------
9,304
2,520
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,386
9,386
Trade creditors
26,045
13,549
Social security and other taxes
19,515
19,801
Other creditors
44,938
41,698
---------
---------
99,884
84,434
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,079
23,465
---------
---------