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Elmbank Property Limited

Registered Number
SC655381
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

Elmbank Property Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Porteous, Ariki

Registered Address

10 Newton Terrace Charing Cross
Glasgow
G3 7PJ

Registered Number

SC655381 (Scotland)
Elmbank Property Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3548,712548,712
548,712548,712
Current assets
Debtors4-2,803
Cash at bank and on hand2391
232,894
Creditors amounts falling due within one year5(572,546)(568,425)
Net current assets (liabilities)(572,523)(565,531)
Total assets less current liabilities(23,811)(16,819)
Net assets(23,811)(16,819)
Capital and reserves
Called up share capital101101
Profit and loss account(23,912)(16,920)
Shareholders' funds(23,811)(16,819)
The financial statements were approved and authorised for issue by the Director on 24 February 2025, and are signed on its behalf by:
Porteous, Ariki
Director
Registered Company No. SC655381
Elmbank Property Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including the provisions of Section1A Small Entities and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
The balance sheet is in a net liability position. However, the directors will continue to fund the business to ensure liabilities are paid as they fall due. Therefore, these accounts are prepared on a going concern basis.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Tangible fixed assets and depreciation
Tangible fixed assets, with the exception of freehold property, are measured using the cost model. These assets 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.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
At 01 June 23548,712548,712
At 31 May 24548,712548,712
Net book value
At 31 May 24548,712548,712
At 31 May 23548,712548,712
4.Debtors: amounts due within one year

2024

2023

££
Other debtors-2,803
Total-2,803
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,228-
Amounts owed to related parties569,690565,290
Other creditors6283,135
Total572,546568,425