Company No: 11852792 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	15,862		19,883
Investment property	4	9,300,000		9,956,900
		9,315,862		9,976,783
Current assets
Debtors	5	339,875		35,794
Cash at bank and in hand		2,697		120,749
		342,572		156,543
Creditors: amounts falling due within one year	6	( 235,928)		( 234,216)
Net current assets/(liabilities)		106,644		(77,673)
Total assets less current liabilities		9,422,506		9,899,110
Creditors: amounts falling due after more than one year	7	( 2,600,000)		( 2,498,333)
Net assets		6,822,506		7,400,777
Capital and reserves
Called-up share capital		7,201,056		7,201,056
Undistributable reserve		( 656,900 )		0
Profit and loss account		278,350		199,721
Total shareholders' funds		6,822,506		7,400,777

For the financial year ending 31 March 2025 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 financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Elms Farm Associates Limited (registered number: 11852792) were approved and authorised for issue by the Board of Directors on 18 September 2025. They were signed on its behalf by:

B A Farr Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elms Farm Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elms Farm, Upper Tockington Road, Tockington, BS32 4LQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	14,240		16,201		52		30,493
Additions	0		580		0		580
At 31 March 2025	14,240		16,781		52		31,073
Accumulated depreciation
At 01 April 2024	5,171		5,417		22		10,610
Charge for the financial year	1,814		2,781		6		4,601
At 31 March 2025	6,985		8,198		28		15,211
Net book value
At 31 March 2025	7,255		8,583		24		15,862
At 31 March 2024	9,069		10,784		30		19,883

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	9,956,900
Fair value movement	(656,900)
As at 31 March 2025	9,300,000

Valuation

The valuations of investment properties were made as at 5 September 2025 by Savills on an open market basis.
As a result, it was deemed the market value of the properties at the year end had decreased by £656,900 which is recognised in the profit and loss account.
No depreciation is provided in respect of these properties.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	9,956,900		9,956,900

5. Debtors

	2025		2024
	£		£
Trade debtors	4,202		12,444
Amounts owed by associates	310,728		0
Other debtors	24,945		23,350
	339,875		35,794

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	100,000		102,000
Trade creditors	6,714		1,056
Taxation and social security	40,263		61,760
Other creditors	88,951		69,400
	235,928		234,216

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	2,600,000		2,498,333

The bank loan is secured by a fixed charge over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	2,200,000		209,033