Company Registration No. 03594038 (England and Wales)
ELMSWOOD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
ELMSWOOD PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr E Kopilov
Mr A G Gelbard
Mr M J Crader
Mr R G Kopilov
(Appointed 26 October 2017)
Company number
03594038
Registered office
Lynwood House
373-375 Station Road
Harrow, Middlesex
HA1 2AW
Accountants
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow, Middlesex
HA1 2AW
Business address
54 Slaidburn Street
London
SW10 0JW
Bankers
Royal Bank of Scotland Plc
London Blackfriars Branch
36-37 New Bridge Street
London
EC3V 6BJ
ELMSWOOD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ELMSWOOD PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
413
622
Investment properties
4
4,088,000
3,913,000
Investments
5
495,375
415,375
4,583,788
4,328,997
Current assets
Stocks
-
45,000
Debtors
7
372,979
1,137,616
Investments
8
466,014
524,509
Cash at bank and in hand
131,408
235,439
970,401
1,942,564
Creditors: amounts falling due within one year
9
(99,642)
(150,619)
Net current assets
870,759
1,791,945
Total assets less current liabilities
5,454,547
6,120,942
Creditors: amounts falling due after more than one year
10
(2,286,515)
(2,306,419)
Provisions for liabilities
(390,116)
(369,985)
Net assets
2,777,916
3,444,538
Capital and reserves
Called up share capital
11
2
2
Revaluation reserve
12
2,393,340
2,238,103
Profit and loss reserves
384,574
1,206,433
Total equity
2,777,916
3,444,538
ELMSWOOD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 2 December 2018 and are signed on its behalf by:
Mr E Kopilov
Director
Company Registration No. 03594038
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Elmswood Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15 years straight line
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
.
1.4
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Current asset investments
Current asset investments are stated at cost
less impairment
.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
3,130
Depreciation and impairment
At 1 April 2017
2,508
Depreciation charged in the year
209
At 31 March 2018
2,717
Carrying amount
At 31 March 2018
413
At 31 March 2017
622
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
4
Investment property
2018
£
Fair value
At 1 April 2017
3,913,000
Revaluations
175,000
At 31 March 2018
4,088,000
Investment properties were revalued in March 2018 by the directors and Knight Frank LLP, as defined within the RICS Appraisal and Valuation Standards, on an open market basis .
5
Fixed asset investments
2018
2017
£
£
Investments
415
415
Loans
494,960
414,960
495,375
415,375
Movements in fixed asset investments
Shares in group undertakings and participating interests
Loans to group undertakings and participating interests
Total
£
£
£
Cost or valuation
At 1 April 2017
415
414,960
415,375
Additions
-
80,000
80,000
At 31 March 2018
415
494,960
495,375
Carrying amount
At 31 March 2018
415
494,960
495,375
At 31 March 2017
415
414,960
415,375
6
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Instruments measured at cost less impairment
466,014
524,509
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
6
Financial instruments
(Continued)
- 8 -
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
9,590
11,254
Amounts owed by group undertakings
127,000
747,000
Other debtors
236,389
379,362
372,979
1,137,616
8
Current asset investments
2018
2017
£
£
Other investments
466,014
524,509
During the year, the company made short term investments in the following joint ventures and provided the following loans to these joint ventures:
- High Wycombe Joint Venture - £5 investment (1.3%) and loan of £nil.
- Elstree Joint Venture - £11 investment (1.3%) and loan of £25,988.
- Farnbrough Joint Venture - £4 investment (6.6%) and loan of £nil.
- Reading Joint Venture - £6 investment (1.3%) and loan of £nil.
- Grainmarket Basildon Limited - £20 investment (20.0%) and loan of £439,980.
Included in current asset investments are loans amounting to £439,980 (2017: £439,980) receivable in greater than one year.
9
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
17,020
17,020
Trade creditors
323
181
Corporation tax
4,334
70,606
Other taxation and social security
9,741
7,755
Other creditors
68,224
55,057
99,642
150,619
ELMSWOOD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
10
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
2,247,960
2,264,980
Other creditors
38,555
41,439
2,286,515
2,306,419
The bank loans and overdrafts of £2,264,980 (2017: £2,282,000) are secured by way of a charge over the investment properties.
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
12
Revaluation reserve
2018
2017
£
£
At beginning of year
2,238,103
2,185,971
Transfer to retained earnings
155,237
52,132
At end of year
2,393,340
2,238,103
13
Joint arrangements
The company has a 50% joint venture property investment with Grainmarket Properties Limited. The company has accounted for its share of the assets, liabilities, results and cashflows of the arrangement within the financial statements.
14
Parent company
The company's parent undertaking is Gerko Limited, a company registered in Israel.
The registered office of Gerko Limited is P.O. Box 3110, Savyon, 56540, Israel.
2018-03-31
2017-04-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
03 December 2018
Mr E Kopilov
Mr A G Gelbard
Mr M J Crader
Mr R G Kopilov
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