Elphick & Son Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00104681 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ELPHICK & SON LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

A C Elphick

Mrs P A Elphick

SECRETARY:

A C Elphick

REGISTERED OFFICE:

Agmonds Cottage

Spithurst Road

Barcombe

Lewes

East Sussex

BN8 5EE

REGISTERED NUMBER:

00104681 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

3,460,000

3,460,000

3,460,000

3,460,000

CURRENT ASSETS

Debtors

6

19,290

23,622

Cash at bank and in hand

82,930

105,228

102,220

128,850

CREDITORS

Amounts falling due within one year

7

34,570

60,560

NET CURRENT ASSETS

67,650

68,290

TOTAL ASSETS LESS CURRENT LIABILITIES

3,527,650

3,528,290

CREDITORS

Amounts falling due after more than one year

8

(9,653

)

(9,653

)

PROVISIONS FOR LIABILITIES

10

(337,661

)

(337,661

)

NET ASSETS

3,180,336

3,180,976

CAPITAL AND RESERVES

Called up share capital

11

2,725

2,725

Revaluation reserve

2,755,448

2,755,448

Capital redemption reserve

655

655

Retained earnings

421,508

422,148

SHAREHOLDERS' FUNDS

3,180,336

3,180,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 December 2019 and were signed on its behalf by:

A C Elphick - Director

1.	STATUTORY INFORMATION

Elphick & Son Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts

receivable for rents from the letting investment properties.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and

depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are

included in creditors net of finance charge allocated to future periods. The finance element of the rental payment

is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation

outstanding in each period.

Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are

charged as expenses in the period in which they were incurred.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2018

and 31 March 2019

438

DEPRECIATION

At 1 April 2018

and 31 March 2019

438

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

3,460,000

NET BOOK VALUE

At 31 March 2019

3,460,000

At 31 March 2018

3,460,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2003

499,101

Valuation in 2004

498,478

Valuation in 2006

380,000

Valuation in 2013

1,243,874

Valuation in 2018

471,656

Cost

366,891

3,460,000

If investment properties had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

366,891

366,891

Investment properties were valued on an open market basis on 31 March 2019 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

19,290

23,622

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

7,349

8,723

Other creditors

27,221

51,837

34,570

60,560

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

9,653

9,653

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

9,653

9,653

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

9,459

8,579

Between one and five years

7,209

5,764

16,668

14,343

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

337,661

337,661

Deferred

tax

£

Balance at 1 April 2018

337,661

Balance at 31 March 2019

337,661

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2,725

Ordinary

£1

2,725

2,725

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

A C Elphick

Balance outstanding at start of year

2,633

-

Amounts advanced

32,599

2,633

Amounts repaid

(33,691

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,541

2,633