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Company registration number: 12243137
Elm Housing Ltd
Unaudited filleted financial statements
31 October 2024
Elm Housing Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Elm Housing Ltd
Directors and other information
Directors Mr M J Eastham
Mr I S Massey (Appointed 22 August 2024)
Mr A M Leigh (Appointed 22 August 2024)
Company number 12243137
Registered office 105 Garstang Road
Preston
Lancashire
PR1 1LD
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
Elm Housing Ltd
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 30,996 5,383
_______ _______
30,996 5,383
Current assets
Debtors 6 13,890 -
Cash at bank and in hand 85,576 60,712
_______ _______
99,466 60,712
Creditors: amounts falling due
within one year 7 ( 178,193) ( 93,221)
_______ _______
Net current liabilities ( 78,727) ( 32,509)
_______ _______
Total assets less current liabilities ( 47,731) ( 27,126)
Creditors: amounts falling due
after more than one year 8 ( 8,628) -
_______ _______
Net liabilities ( 56,359) ( 27,126)
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account ( 56,362) ( 27,129)
_______ _______
Shareholders deficit ( 56,359) ( 27,126)
_______ _______
For the year ending 31 October 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 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.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr M J Eastham
Director
Company registration number: 12243137
Elm Housing Ltd
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 105 Garstang Road, Preston, Lancashire, PR1 1LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at the reporting date the accounts showed net liabilities of £56,359. The losses incurred by the company to date are a result of the set up costs incurred in establishing the business. As at the reporting date the company was trading profitably and it is epxected that the position will reverse to a net asset position during the next accounting period. The company required the continuing financial support of the directors and in their opinion this was to continue for as long as it is required by the company. As a result the accounts have been prepared on a going concern basis.
Turnover
All turnover is recorded as the market value of consideration receivable for the services performed net of any discounts. Due to the nature of the services performed the turnover is exempt from VAT. Revenue is recognised as and when the services are performed and provided to the customer. Any amounts invoiced in advance of the performance of the services are considered to be deferred income and are recorded within other creditors in these accounts and only recognised as income as and when the services are then performed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25% reducing balance (33.33% straight line on computer equip.)
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2023 6,729 - 6,729
Additions 16,319 14,990 31,309
_______ _______ _______
At 31 October 2024 23,048 14,990 38,038
_______ _______ _______
Depreciation
At 1 November 2023 1,346 - 1,346
Charge for the year 3,218 2,478 5,696
_______ _______ _______
At 31 October 2024 4,564 2,478 7,042
_______ _______ _______
Carrying amount
At 31 October 2024 18,484 12,512 30,996
_______ _______ _______
At 31 October 2023 5,383 - 5,383
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 13,890 -
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,349 -
Other creditors 176,844 93,221
_______ _______
178,193 93,221
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 8,628 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M J Eastham ( 30,972) ( 450) ( 31,422)
Mr I S Massey ( 30,971) ( 5,312) ( 36,283)
Mr A M Leigh ( 30,971) ( 312) ( 31,283)
_______ _______ _______
( 92,914) ( 6,074) ( 98,988)
_______ _______ _______
These loans are interest free and repayable on demand.