Elfordleigh Holdings Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8
Related party transactions	8

Elfordleigh Holdings Limited

(Registration number: 04357257)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	2,654,878	2,654,904
Investments	5	2	2
		2,654,880	2,654,906
Current assets
Debtors	6	1,786,613	1,776,652
Cash at bank and in hand		98,705	98,720
		1,885,318	1,875,372
Creditors: Amounts falling due within one year	7	(2,321)	(1,921)
Net current assets		1,882,997	1,873,451
Total assets less current liabilities		4,537,877	4,528,357
Creditors: Amounts falling due after more than one year	7	(2,027,645)	(1,986,539)
Net assets		2,510,232	2,541,818
Capital and reserves
Called up share capital		1,500,000	1,500,000
Revaluation reserve		529,800	529,800
Profit and loss account		480,432	512,018
Shareholders' funds		2,510,232	2,541,818

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 September 2025 and signed on its behalf by:
 

Mrs Angela Hujdurovic-Rack Director

Elfordleigh Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
Elfordleigh Hotel
Colebrook
Plympton
Plymouth
PL7 5EB

Principal activity

The principal activity of the company is that of a property holding company.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006, on the basis that the company and its subsidiary undertaking comprise a small group.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of Mr Rack.

Elfordleigh Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for goods supplied and services rendered in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 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
Freehold property	Nil
Plant and machinery	20% straight line
Motor vehicles	20% straight line

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.

Elfordleigh Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where fair value can be measured reliably are initially recorded at fair value, with changes in fair value recognised in profit and loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Elfordleigh Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Freehold property £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	2,654,878	38,580	47,066	2,740,524
At 31 December 2024	2,654,878	38,580	47,066	2,740,524
Depreciation
At 1 January 2024	-	38,580	47,040	85,620
Charge for the year	-	-	26	26
At 31 December 2024	-	38,580	47,066	85,646
Carrying amount
At 31 December 2024	2,654,878	-	-	2,654,878
At 31 December 2023	2,654,878	-	26	2,654,904

The directors have decided not to obtain a valuation of the property by a qualified valuer in the year, but they believe that the current market value of the property is not materially different to its carrying value. No corporation tax would be payable if the property were to be sold for it's revalued amount. The last valuation incorporated into the accounts was in 2004.

With regard to not depreciating the freehold property:
Freehold land is not depreciated. The hotel buildings are maintained, as a matter of policy, by a programme of repair and refurbishment such that the residual value is at least equal to the book value.
The residual value is based on the estimated amount that would be currently obtainable from disposal of the asset net of disposal costs if the asset were already of the age and condition expected at the end of its useful life. In accordance with Section 27 of FRS 102, an assessment of the hotel's residual value is performed at the end of the reporting period. In addition, the directors' policy is to ensure that the annual budget for repair and refurbishment projects takes into account matters raised in the annual impairment review. Having regard to this, it is the opinion of the directors that depreciation on the building would not be material.

If the freehold property had not been revalued it would be included at cost of £2,125,078 (2023: £2,125,078).

Elfordleigh Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5	Investments

	2024 £	2023 £
Investments in subsidiaries	2	2