Registration number: 10260604

Elvet Residences Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Elvet Residences Limited

Company Information

Director

A J Ward

Registered office

Durham Workspace Abbey Road Pity Me Durham DH1 5JZ

Accountants

EHT Tax Accountants Limited Chartered Accountants63 Harvey Avenue Durham DH1 5ZB

Elvet Residences Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	81,356	84,641
Investment property	5	27,782,260	27,670,000
		27,863,616	27,754,641
Current assets
Debtors	6	1,122,641	1,180,216
Cash at bank and in hand		91,110	31,839
		1,213,751	1,212,055
Creditors: Amounts falling due within one year	7	(263,138)	(248,597)
Net current assets		950,613	963,458
Total assets less current liabilities		28,814,229	28,718,099
Creditors: Amounts falling due after more than one year	7	(18,036,877)	(17,963,263)
Provisions for liabilities		(2,382,788)	(2,382,789)
Net assets		8,394,564	8,372,047
Capital and reserves
Called up share capital	8	200	200
Revaluation reserve		752,544	752,544
Retained earnings		7,641,820	7,619,303
Shareholders' funds		8,394,564	8,372,047

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.

Director's 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 director acknowledges his 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 Profit and Loss Account.

Approved and authorised by the director on 14 January 2026
 

Elvet Residences Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2025 (continued)

......................................... A J Ward Director

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The company was formerly known as Three Tuns Developments Limited.

The address of its registered office is:
Durham Workspace
Abbey Road
Pity Me
Durham
DH1 5JZ
England

These financial statements were authorised for issue by the director on 14 January 2026.

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.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable from rental income in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income receivable under operating leases is accrued on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

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:

Plant and equipment 10% Straight line
Fixtures and fittings 20% Straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2024 - 2).

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2024	269,800	20,120	289,920
Additions	28,732	-	28,732
At 31 March 2025	298,532	20,120	318,652
Depreciation
At 1 April 2024	195,199	10,080	205,279
Charge for the year	31,013	1,004	32,017
At 31 March 2025	226,212	11,084	237,296
Carrying amount
At 31 March 2025	72,320	9,036	81,356
At 31 March 2024	74,601	10,040	84,641

5	Investment properties

	2025 £
At 1 April	27,670,000
Additions	112,260
At 31 March	27,782,260

The investment property is carried at its fair value at the balance sheet date as determined by an independent professional surveyor. The valuation was carried out on 9 January 2023 by Knight Frank LLP in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institute of Chartered Surveyors. The directors considered this to reflect the fair value at the reporting date.

6

Debtors

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6	Debtors (continued)

Current	2025 £	2024 £
Trade debtors	10,706	8,996
Prepayments	18,408	-
Other debtors	1,093,527	1,171,220
	1,122,641	1,180,216

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	40,200	40,200
Trade creditors		150,818	129,982
Taxation and social security		2,347	-
Accruals and deferred income		62,598	-
Other creditors		7,175	78,415
		263,138	248,597

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	18,036,877	17,963,263

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	200	200	200	200

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	18,036,877	17,963,263

Current loans and borrowings

Elvet Residences Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Loans and borrowings (continued)

	2025 £	2024 £
Bank borrowings	40,200	40,200