Elgar Properties (Worcs.) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02861068 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

ELGAR PROPERTIES (WORCS.) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Harrison Jnr

SECRETARY:

Ms K Walton

REGISTERED OFFICE:

The Porthouse

75 Lowesmoor Wharf

Worcester

Worcestershire

WR1 2RS

REGISTERED NUMBER:

02861068 (England and Wales)

ACCOUNTANTS:

Hayward Wright Ltd

4 Clews Road

Redditch

Worcestershire

B98 7ST

FIXED ASSETS

Investment property

4

6,100,000

CURRENT ASSETS

Debtors

5

1,065,170

808,757

Cash at bank

39,678

18,272

1,104,848

827,029

CREDITORS

Amounts falling due within one year

6

1,101,410

892,977

NET CURRENT ASSETS/(LIABILITIES)

3,438

(65,948

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,103,438

6,034,052

CREDITORS

Amounts falling due after more than one
year

7

(3,936,349

)

(3,866,943

)

PROVISIONS FOR LIABILITIES

10

(417,151

)

(417,151

)

NET ASSETS

1,749,938

1,749,958

CAPITAL AND RESERVES

Called up share capital

11

2

Revaluation reserve

12

1,909,716

Retained earnings

(159,780

)

(159,760

)

SHAREHOLDERS' FUNDS

1,749,938

1,749,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26th November 2025 and were signed by:

S Harrison Jnr - Director

1.	STATUTORY INFORMATION

Elgar Properties (Worcs.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - NIL ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2024

and 31st March 2025

6,100,000

NET BOOK VALUE

At 31st March 2025

6,100,000

At 31st March 2024

6,100,000

Fair value at 31st March 2025 is represented by:

£

Valuation in 2017

920,266

Valuation in 2019

990,000

Valuation in 2021

285,000

Cost

3,904,734

6,100,000

If Investment Property had not been revalued it would have been included at the following historical cost:

31/3/25

31/3/24

£

Cost

3,904,735

The Investment Properties were valued on an open market basis on 24th April 2021 by Lambert Smith Hampton .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

Trade debtors

62,940

104,034

Amounts owed by group undertakings

1,002,231

704,724

Other debtors

(1

)

(1

)

1,065,170

808,757

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

Bank loans and overdrafts (see note 8)

70,000

Trade creditors

3,051

35,201

Amounts owed to group undertakings

597,780

161,400

Tax

-

74,071

VAT

990

-

Other creditors

25,606

Directors' current accounts

346,783

471,749

Accrued expenses

57,200

54,950

1,101,410

892,977

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

Bank loans (see note 8)

3,936,349

3,866,943

8.

LOANS

An analysis of the maturity of loans is given below:

31/3/25

31/3/24

£

Amounts falling due within one year or on demand:

Bank loans

70,000

31/3/25

31/3/24

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

70,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

3,866,349

3,796,943

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

Bank loans

4,006,349

3,936,943

The bank loans and overdrafts are secured by legal mortgages over various land and buildings currently under development and held for investment, fixed and floating charges over the other assets of the company, a second charge over the Director's principal private residence and a personal guarantee by the director.

10.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

Deferred tax

Other timing differences

417,151

Deferred

tax

£

Balance at 1st April 2024

417,151

Balance at 31st March 2025

417,151

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/25

31/3/24

value:

£

2

Ordinary

1

2

12.

RESERVES

Revaluation

reserve

£

At 1st April 2024

and 31st March 2025

1,909,716