Company registration number 08051559 (England and Wales)
ELMSTED HOLDINGS LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Pages For Filing With Registrar
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Elmsted Holdings Limited For The Year Ended 31 July 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elmsted Holdings Limited for the year ended 31 July 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Elmsted Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 11 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Elmsted Holdings Limited and state those matters that we have agreed to state to the board of directors of Elmsted Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elmsted Holdings Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Elmsted Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elmsted Holdings Limited. You consider that Elmsted Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Elmsted Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
15 April 2025
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Balance Sheet
As At 31 July 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
504,724
505,682
Investments
5
550,000
550,000
1,054,724
1,055,682
Current assets
Debtors
7
8,184
2,121
Cash at bank and in hand
38,456
48,690
46,640
50,811
Creditors: amounts falling due within one year
8
(42,984)
(58,581)
Net current assets/(liabilities)
3,656
(7,770)
Total assets less current liabilities
1,058,380
1,047,912
Creditors: amounts falling due after more than one year
9
(350,179)
(366,296)
Provisions for liabilities
(12,363)
(12,292)
Net assets
695,838
669,324
Capital and reserves
Called up share capital
106
106
Share premium account
549,894
549,894
Profit and loss reserves
145,838
119,324
Total equity
695,838
669,324
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Balance Sheet (Continued)
As At 31 July 2024
31 July 2024
- 3 -

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

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
Mrs P J S Beaugie
Director
Company registration number 08051559 (England and Wales)
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Statement Of Changes In Equity
For The Year Ended 31 July 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
106
549,894
113,100
663,100
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
237,092
237,092
Dividends
-
-
(230,868)
(230,868)
Balance at 31 July 2023
106
549,894
119,324
669,324
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
347,164
347,164
Dividends
-
-
(320,650)
(320,650)
Balance at 31 July 2024
106
549,894
145,838
695,838

The notes on pages 5 to 9 form part of these financial statements.

Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2024
- 5 -
1
Accounting policies
Company information

Elmsted Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm Workshops, Hamstreet Road, Shadoxhurst, Ashford, Kent, England, TN26 1NW.

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

Revenue is recognised to the extent that it is probable that the economic benefits will follow to the company and the revenue can be reliably measured. Revenue is measured as fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales 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:

Freehold land and buildings
not depreciated
Plant and equipment
6% straight line
Fixtures and fittings
20% straight line

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
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.5
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.

Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,947
4,516
Deferred tax
Origination and reversal of timing differences
71
(677)
Total tax charge
5,018
3,839
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
499,735
7,627
15,012
522,374
Depreciation and impairment
At 1 August 2023
-
0
2,181
14,511
16,692
Depreciation charged in the year
-
0
458
500
958
At 31 July 2024
-
0
2,639
15,011
17,650
Carrying amount
At 31 July 2024
499,735
4,988
1
504,724
At 31 July 2023
499,735
5,446
501
505,682
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
550,000
550,000
6
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Simon Beaugie Picture Frames Limited
Picture framing
Ordinary
100.00
Brisley Investments Ltd
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

The registered office of the subsidiaries is the same as the parent company
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Simon Beaugie Picture Frames Limited
636,053
202,002
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
8,184
2,121
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10
16,806
16,806
Trade creditors
1,974
2,418
Amounts owed to group undertakings
12,401
28,330
Corporation tax
4,947
4,516
Other taxation and social security
4,356
4,011
Accruals and deferred income
2,500
2,500
42,984
58,581

Amounts owed to group companies represents amounts due to Simon Beaugie Picture Frames Limited (SBPFL), all amounts owed to Brisley Investments Limited (BIL) were written off in the year. Both SBPFL and BIL are subsidiary undertakings.

9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
100,179
116,296
Share capital treated as debt
10
250,000
250,000
350,179
366,296

Secured loans

 

Bank loans are secured by way of a charge over the property of the company.

10
Loans and overdrafts
2024
2023
£
£
Bank loans
116,985
133,102
Preference shares
250,000
250,000
366,985
383,102
Payable within one year
16,806
16,806
Payable after one year
350,179
366,296
Elmsted Holdings Limited
ELMSTED HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2024
- 9 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
12,363
12,292
2024
Movements in the year:
£
Liability at 1 August 2023
12,292
Charge to profit or loss
71
Liability at 31 July 2024
12,363

 

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
46,667
33,333

The lease commitments are in respect of premises occupied and used by the company.

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