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Registration number: 13481972

Elfstone Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Elfstone Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Elfstone Properties Ltd

Company Information

Director

Mr Peter George Austin

Registered office

Unit A, 82 James Carter Rd
Mildenhall
Suffolk
IP28 7DE

Accountants

RiverView Portfolio Limited 1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Elfstone Properties Ltd

(Registration number: 13481972)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

160

240

Investment property

5

155,000

140,000

 

155,160

140,240

Current assets

 

Debtors

6

-

9

Cash at bank and in hand

 

993

48

 

993

57

Creditors: Amounts falling due within one year

7

(1,249)

(1,228)

Net current liabilities

 

(256)

(1,171)

Total assets less current liabilities

 

154,904

139,069

Creditors: Amounts falling due after more than one year

7

(166,745)

(162,526)

Provisions for liabilities

(1,682)

-

Net liabilities

 

(13,523)

(23,457)

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

7,169

-

Retained earnings

(21,692)

(24,457)

Shareholders' deficit

 

(13,523)

(23,457)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 March 2025
 

 

Elfstone Properties Ltd

(Registration number: 13481972)
Balance Sheet as at 30 June 2024 (continued)

.........................................
Mr Peter George Austin
Director

 

Elfstone Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A, 82 James Carter Rd
Mildenhall
Suffolk
IP28 7DE

These financial statements were authorised for issue by the director on 7 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Straight Line

Investment property

The fair value of the property at the year end has been arrived at on the basis of a valuation carried out at that
date by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at
by reference to the market evidence of transaction prices for similar properties in the location the property is
situated.

 

Elfstone Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Elfstone Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

400

400

At 30 June 2024

400

400

Depreciation

At 1 July 2023

160

160

Charge for the year

80

80

At 30 June 2024

240

240

Carrying amount

At 30 June 2024

160

160

At 30 June 2023

240

240

5

Investment properties

2024
£

At 1 July

140,000

Fair value adjustments

15,000

At 30 June

155,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

-

9

 

-

9

 

Elfstone Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,249

1,228

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

166,745

162,526

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

7,169

7,169

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

92,990

92,990

Other borrowings

73,755

69,536

166,745

162,526