ELVASTON PROPERTIES LIMITED


Directors	BOTTOMLEY, Michael David
	STANHOPE, William Henry Leicester, Viscount Petersham


Registered Address	Number 3 Acorn Business Park
	Airedale Business Centre
	Skipton
	BD23 2UE


Registered Number	03367639 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders, and creditors and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - between 12.5% and 33.3% on cost

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:
Plant and machinery - between 12.5% and 33.3% on cost

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	3		3

3.	Tangible fixed assets

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 January 24	10,446	10,446
At 31 December 24	10,446	10,446
Depreciation and impairment
At 01 January 24	6,710	6,710
Charge for year	2,655	2,655
At 31 December 24	9,365	9,365
Net book value
At 31 December 24	1,081	1,081
At 31 December 23	3,736	3,736

4.	Investment property
	The investment properties above are used in operating leases. Gross rents receivable relating to these operating leases amounting to £412,957 (2023 - £382,552). The 2024 valuation was made by the directors, on an open market value for existing use basis. If the investment properties has been accounted for under the historic cost accounting rules, the properties would have been measured as follows: 2024 - £2,521,404 (2023 - £2,521,404).

Investment property

The investment properties above are used in operating leases. Gross rents receivable relating to these operating leases amounting to £412,957 (2023 - £382,552).

The 2024 valuation was made by the directors, on an open market value for existing use basis. 

If the investment properties has been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
2024 - £2,521,404 (2023 - £2,521,404).


		£
	Fair value at 01 January 24	3,700,000
	Fair value adjustments	(1,250,000)
	At 31 December 24	2,450,000

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	-	21,498
Total	-	21,498


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Bank borrowings and overdrafts	36,772	20,290
Amounts owed to related parties	33,502	-
Taxation and social security	742	17,480
Other creditors	573,555	573,523
Accrued liabilities and deferred income	238,776	274,399
Total	883,347	885,692


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts included within creditors due within one year are secured over the assets to which they relate.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Bank borrowings and overdrafts included within creditors due within one year are secured over the assets to which they relate.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	1,022,696	1,072,315
Total	1,022,696	1,072,315


	Bank borrowings and overdrafts included within creditors due after one year are secured over the assets to which they relate.

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	-	361,000
Total	-	361,000

9.	Related party transactions
	The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with the entities which are part of the group, since 100% of the voting rights in the company are controlled within the group.

10.	Controlling party
	The company was, during the year and the previous year, under the control of the 12th Earl of Harrington who, as the sole life tenant of the Stanhope Trust, was interested in 100% of the allotted share capital of Halley Investment Company Limited. The company is a wholly owned subsidiary undertaking of Elvaston Investments Limited, a company registered in England and Wales. The ultimate parent undertaking is Halley Investment Company Limited, a company incorporated in Bermuda and registered in England and Wales. The financial statements of Elvaston Investments Limited and Halley Investment Company Limited are available to the public and may be obtained from Companies House, Cardiff, CF14 3UZ.

10.

Controlling party

The company was, during the year and the previous year, under the control of the 12th Earl of Harrington who, as the sole life tenant of the Stanhope Trust, was interested in 100% of the allotted share capital of Halley Investment Company Limited.

The company is a wholly owned subsidiary undertaking of Elvaston Investments Limited, a company registered in England and Wales. The ultimate parent undertaking is Halley Investment Company Limited, a company incorporated in Bermuda and registered in England and Wales.

The financial statements of Elvaston Investments Limited and Halley Investment Company Limited are available to the public and may be obtained from Companies House, Cardiff, CF14 3UZ.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		1,081		3,736
Investment property	4		2,450,000		3,700,000
			2,451,081		3,703,736
Current assets
Debtors	5	-		21,498
Cash at bank and on hand		97,481		560,424
		97,481		581,922
Creditors amounts falling due within one year	6	(883,347)		(885,692)
Net current assets (liabilities)			(785,866)		(303,770)
Total assets less current liabilities			1,665,215		3,399,966
Creditors amounts falling due after one year	7		(1,022,696)		(1,072,315)
Provisions for liabilities	8		-		(361,000)
Net assets			642,519		1,966,651
Capital and reserves
Called up share capital			100		100
Revaluation reserve			-		878,596
Profit and loss account			642,419		1,087,955
Shareholders' funds			642,519		1,966,651