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Registered number: 09731214
Elcie Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Elcie Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Balance Sheet | 2—3
Notes to the Financial Statements | 4—8

Page 1
Elcie Limited
Company Information
For The Year Ended 31 March 2025
Company Information

Directors | Mr M Durst
| Mrs I Durst
| Mrs C Pinkus
| Ms L Durst
Company Number | 09731214
Registered Office | 18 Buxmead
| 61-67 The Bishops Avenue
| London
| N2 0BG

Page 1
Page 2
Elcie Limited
Balance Sheet
As At 31 March 2025
Balance Sheet
Registered number: 09731214

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 2,013,459 |  | 2,013,459
Investments | 5 |  | 28,269,088 |  | 26,112,817
|  |  | 30,282,547 |  | 28,126,276
CURRENT ASSETS
Debtors | 6 | 191,529 |  | 129,431 |
Cash at bank and in hand |  | 51,753 |  | 34,702 |
|  | 243,282 |  | 164,133 |
Creditors: Amounts Falling Due Within One Year | 7 | (20,866,148 ) |  | (20,947,854 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (20,622,866 ) |  | (20,783,721 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 9,659,681 |  | 7,342,555
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (815,602 ) |  | (337,441 )
NET ASSETS |  |  | 8,844,079 |  | 7,005,114
CAPITAL AND RESERVES
Called up share capital | 8 |  | 100 |  | 100
Profit and Loss Account |  |  | 8,843,979 |  | 7,005,014
SHAREHOLDERS' FUNDS |  |  | 8,844,079 |  | 7,005,114

Page 2
Page 3
Elcie Limited
Balance Sheet (continued)
As At 31 March 2025
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 24 December 2025 and were signed on its behalf by:

Mr M Durst Director
24/12/2025

The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Elcie Limited
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
Elcie Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09731214 . The registered office is 18 Buxmead, 61-67 The Bishops Avenue, London, N2 0BG.
The principal activity of the company is the holding of investments and rental of property.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets comprise investment properties which are carried at fair value and are not depreciated.

Freehold | 0

2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Financial Instruments
The Company only 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
...CONTINUED
Page 4
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Elcie Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.5. Foreign Currencies
The company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income with 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 5
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Elcie Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.7. Interest income
Interest income is recognised in profit and loss using the effective interest method.
2.8. Valuation of investments
Investments in listed securities are remeasured to market value at each balance sheet date. Gains and losses on remeasurment are recognised in profit or loss for the period.
2.9. Debtors, creditors and cash equivalents
Debtors:
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors:
Short term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.
Cash and cash equivalents:
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
4. Tangible Assets

| Land & Property
--- | ---
| Freehold
| £
Cost
As at 1 April 2024 | 2,013,459
As at 31 March 2025 | 2,013,459
Net Book Value
As at 31 March 2025 | 2,013,459
As at 1 April 2024 | 2,013,459

The 2022, 2023, 2024 and 2025 valuations were made by Vita Properties Limited, on an open market value for existing use basis.
Page 6
Page 7
Elcie Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5. Investments

| Listed
--- | ---
| £
Cost
As at 1 April 2024 | 26,112,817
Additions | 6,501,253
Disposals | (6,257,471 )
Revaluations | 1,912,489
As at 31 March 2025 | 28,269,088
Provision
As at 1 April 2024 | -
As at 31 March 2025 | -
Net Book Value
As at 31 March 2025 | 28,269,088
As at 1 April 2024 | 26,112,817

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 191,529 |  | 128,681
Other debtors | - |  | 750
| 191,529 |  | 129,431

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Corporation tax | 135,778 |  | 124,771
Accruals and deferred income | 8,384 |  | 49,313
Directors' loan accounts | 20,721,986 |  | 20,773,770
| 20,866,148 |  | 20,947,854

8. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

100 (2024 - 100) Ordinary shares shares of £1.00 each
Page 7
Page 8
Elcie Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
9. Related Party Transactions
The balances due to the credit of the directors were £20,721,986 (2024: £20,773,770).
Page 8