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COMPANY REGISTRATION NUMBER: 11346038
Happy Elephant Properties Ltd
Filleted Unaudited Financial Statements
31 October 2024
Happy Elephant Properties Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
939,335
939,503
Current assets
Debtors
5
200
200
Cash at bank and in hand
7,645
3,523
-------
-------
7,845
3,723
Creditors: amounts falling due within one year
6
319,908
309,597
---------
---------
Net current liabilities
312,063
305,874
---------
---------
Total assets less current liabilities
627,272
633,629
Creditors: amounts falling due after more than one year
7
636,872
646,045
---------
---------
Net liabilities
( 9,600)
( 12,416)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 9,700)
( 12,516)
-------
--------
Shareholders deficit
( 9,600)
( 12,416)
-------
--------
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.
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 .
Happy Elephant Properties Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 19 July 2025 , and are signed on behalf of the board by:
Mr. M Fletcher
Director
Company registration number: 11346038
Happy Elephant Properties 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 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is represented rental income received or receivable under the contractual terms of the tenancy agreements
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by its company directors to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 entity 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment Properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
939,103
839
939,942
---------
----
---------
Depreciation
At 1 November 2023
439
439
Charge for the year
168
168
---------
----
---------
At 31 October 2024
607
607
---------
----
---------
Carrying amount
At 31 October 2024
939,103
232
939,335
---------
----
---------
At 31 October 2023
939,103
400
939,503
---------
----
---------
At the balance sheet date, the carrying value of the company's investment properties have been revalued at the opinion of the directors, any changes in carrying out such revaluation will be reflected in the income statement. The company's investment properties have been pledged to financial institutions for acquisition of banking facilities.
5. Debtors
2024
2023
£
£
Other debtors
200
200
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors - desc in a/cs
148
Other creditors
319,760
309,597
---------
---------
319,908
309,597
---------
---------
Included in the creditors amount fall due within one year, there is an amount of £286,006 (2023: £285,694) due to the company director.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
636,872
646,045
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr. M Fletcher
( 285,694)
( 312)
( 286,006)
---------
----
---------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr. M Fletcher
( 285,174)
( 520)
( 285,694)
---------
----
---------
The terms of the directors' loans are interest free, repayable on demand and unsecured.