Company No:
Contents
DIRECTORS | Mrs J Kingdon |
Mrs K Rosser | |
Mrs I Rosser |
REGISTERED OFFICE | Hawthorn House Emperor Way |
Exeter Business Park | |
Exeter | |
EX1 3QS | |
United Kingdom |
COMPANY NUMBER | 00949328 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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4,135,000 | 4,835,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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2,041,038 | 1,701,257 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 1,686,741 | 1,403,204 | ||
Total assets less current liabilities | 5,821,741 | 6,238,204 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Elm Developments Limited (registered number:
Mrs K Rosser
Director |
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.
Elm Developments Limited 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 principal and registered address of the Company is:
Hawthorn House
Emperor Way
Exeter
United Kingdom
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties 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 £.
The company recognises revenue in the period to which it relates with accrued and deferred income being adjusted as necessary.
Tax is recognised in the 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 corporation 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.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2022 |
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Disposals | (700,000) |
As at 31 January 2023 |
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The directors assessed the value of the property as at 31 January 2023 and determined there was no change in the fair value of the investment properties at that date. The historic cost of the investment properties is £3,148,875 (2022 - £3,181,551).
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£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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As at 31 Jan 2023, the profit and loss account included £455,325 (2022: £1,138,456) of non-distributable reserves where deferred tax of £40,800 arising on the revaluation is included within the reserves. This relates to the revaluation surplus on investment properties.
Parent Company:
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Hawthorn house Emperor Way Exeter Business Park Exeter EX1 3QS United Kingdom |