Elms Price Lettings Limited Filleted accounts for Companies House (small and micro)

ELMS PRICE LETTINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 2757951

Elms Price Lettings Limited

Filleted Unaudited Financial Statements

For the Year Ended

31 May 2021

Elms Price Lettings Limited

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£

Fixed Assets

Tangible assets	5		22,723	5,293

Current Assets

Debtors	6	3,832	3,812
Cash at bank and in hand		116,613	57,767
		----------	---------
		120,445	61,579

Creditors: amounts falling due within one year	7	91,729		88,276
		----------		---------
Net Current Assets/(Liabilities)			28,716	( 26,697)
			---------	---------
Total Assets Less Current Liabilities			51,439	( 21,404)

Creditors: amounts falling due after more than one year	8	50,000	–
		---------	---------
Net Assets/(Liabilities)		1,439	( 21,404)
		---------	---------

Elms Price Lettings Limited

Statement of Financial Position (continued)

31 May 2021

	2021		2020
Note	£	£	£

Capital and Reserves

Called up share capital	12,000	12,000
Profit and loss account	( 10,561)	( 33,404)
	---------	---------
Shareholders Funds/(Deficit)	1,439	( 21,404)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 October 2021 , and are signed on behalf of the board by:

W. J. Price	A. J. McLoughlin
Director	Director

Company registration number: 2757951

Elms Price Lettings Limited

Notes to the Financial Statements

Year Ended 31st May 2021

1. General Information

The company is a private company limited by shares, registered in England & Wales.. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis continues to be the basis for preparing the annual report and accounts.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commission and management fees, stated net of Value Added Tax.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Furniture & equipment	-	15% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial Instruments

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 entity after deducting all of its financial liabilities.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 6 (2020: 7 ).

5. Tangible Assets

	Motor vehicles	Furniture & equipment	Total
	£	£	£
Cost
At 1st June 2020	10,495	17,632	28,127
Additions	19,990	1,029	21,019
	---------	---------	---------
At 31st May 2021	30,485	18,661	49,146
	---------	---------	---------
Depreciation
At 1st June 2020	9,095	13,739	22,834
Charge for the year	2,849	740	3,589
	---------	---------	---------
At 31st May 2021	11,944	14,479	26,423
	---------	---------	---------
Carrying amount
At 31st May 2021	18,541	4,182	22,723
	---------	---------	---------
At 31st May 2020	1,400	3,893	5,293
	---------	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	1,629	1,664
Other debtors	2,203	2,148
	-------	-------
	3,832	3,812
	-------	-------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,760	12,896
Corporation tax	5,913	450
Social security and other taxes	19,116	30,297
Other creditors	63,940	44,633
	---------	---------
	91,729	88,276
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	50,000	–
	---------	----