Company registration number 12743504 (England and Wales)
ELSA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ELSA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ELSA PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Investment property
3
508,034
190,000
CURRENT ASSETS
Debtors
4
2,687
285
Cash at bank and in hand
2,032
2,114
4,719
2,399
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(85,490)
(25,953)
NET CURRENT LIABILITIES
(80,771)
(23,554)
TOTAL ASSETS LESS CURRENT LIABILITIES
427,263
166,446
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(276,509)
(141,079)
PROVISIONS FOR LIABILITIES
(38,769)
(6,944)
NET ASSETS
111,985
18,423
CAPITAL AND RESERVES
Called up share capital
100
100
Non-distributable profits reserve
7
119,187
29,602
Distributable profit and loss reserves
(7,302)
(11,279)
TOTAL EQUITY
111,985
18,423
ELSA PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

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

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 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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr S P McDermott
Director
Company registration number 12743504 (England and Wales)
ELSA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

ELSA Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Summerleaze Acres, Redwick, Magor, Caldicot, NP26 3DE.

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 £.

The financial statements have been prepared under the historical cost basis, as modified by the revaluation of certain financial asset, liabilities and investment properties measured at fair value through profit or loss.

1.2
Turnover

The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of rental income receivable.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.5
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 in the company's balance sheet 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.

ELSA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

ELSA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
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.

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
INVESTMENT PROPERTY
2024
£
Fair value
At 1 August 2023
190,000
Additions
196,624
Revaluations
121,410
At 31 July 2024
508,034

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ELSA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,498
96
Other debtors
189
189
2,687
285
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
1,776
2,412
Corporation tax
225
-
0
Other creditors
83,489
23,541
85,490
25,953

The above includes secured creditors of £1,776. These balances are secured over the investment properties held by the company.

6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
230,966
95,693
Other creditors
45,543
45,386
276,509
141,079

The above includes secured creditors of £230,966. These balances are secured over the investment properties held by the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
222,684
84,779
ELSA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
7
NON-DISTRIBUTABLE PROFITS RESERVE
2024
2023
£
£
At the beginning of the year
29,602
-
Non distributable profits in the year
89,585
29,602
At the end of the year
119,187
29,602
8
RELATED PARTY TRANSACTIONS

Included within other creditors due within one year is a balance of £81,066 (2023: £21,066) due to a company related by common control. This balance is interest free and repayable on demand.

9
DIRECTORS' TRANSACTIONS

Included within creditors due after more than one year is £45,543 (2023: £45,386) due to the directors, these balances are interest free and repayable on demand.

2024-07-312023-08-01falsefalsefalse07 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr S P McDermottMrs L A McDermott127435042023-08-012024-07-31127435042024-07-31127435042023-07-3112743504core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3112743504core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3112743504core:ShareCapital2024-07-3112743504core:ShareCapital2023-07-3112743504core:FurtherSpecificReserve1ComponentTotalEquity2024-07-3112743504core:FurtherSpecificReserve1ComponentTotalEquity2023-07-3112743504core:RetainedEarningsAccumulatedLosses2024-07-3112743504core:RetainedEarningsAccumulatedLosses2023-07-3112743504bus:Director12023-08-012024-07-31127435042022-08-012023-07-31127435042023-07-3112743504core:CurrentFinancialInstruments2024-07-3112743504core:CurrentFinancialInstruments2023-07-3112743504core:WithinOneYear2024-07-3112743504core:WithinOneYear2023-07-3112743504core:Non-currentFinancialInstruments2024-07-3112743504core:Non-currentFinancialInstruments2023-07-3112743504bus:PrivateLimitedCompanyLtd2023-08-012024-07-3112743504bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3112743504bus:FRS1022023-08-012024-07-3112743504bus:AuditExemptWithAccountantsReport2023-08-012024-07-3112743504bus:Director22023-08-012024-07-3112743504bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP