ELLAHI ESTATES LIMITED Filleted accounts for Companies House (small and micro)

ELLAHI ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04000783

ELLAHI ESTATES LIMITED

Filleted Unaudited Financial Statements

31 May 2022

ELLAHI ESTATES LIMITED

Statement of Financial Position

31 May 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	2,757,000	2,757,000

Current assets

Stocks		283,710	–
Debtors	6	7,524	2,393
Cash at bank and in hand		10,599	29,702
		---------	---------
		301,833	32,095

Creditors: amounts falling due within one year	7	1,026,856	717,043
		------------	---------
Net current liabilities		725,023	684,948
		------------	------------
Total assets less current liabilities		2,031,977	2,072,052

Creditors: amounts falling due after more than one year	8	591,484	789,917
		------------	------------
Net assets		1,440,493	1,282,135
		------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	2,199,040	2,199,040
Profit and loss account	( 758,647)	( 917,005)
	------------	------------
Shareholders funds	1,440,493	1,282,135
	------------	------------

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 31 May 2022 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 .

ELLAHI ESTATES LIMITED

Statement of Financial Position (continued)

31 May 2022

These financial statements were approved by the board of directors and authorised for issue on 27 September 2022 , and are signed on behalf of the board by:

Arshad Ellahi	Mr A F Ellahi
Director	Director

Company registration number: 04000783

ELLAHI ESTATES LIMITED

Notes to the Financial Statements

Year ended 31 May 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.

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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at their fair value.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

Revenue recognition

The turnover shown in the profit and loss account represents amounts of property rentals receivable during the year.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Investment properties are shown at their fair value. Plant and fixtures are stated at cost

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:

	Plant and fixtues	-	10% straight line

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.

Stocks

Stocks are stated at cost.

4. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	37,146	42,807
	---------	---------
Tax on profit	37,146	42,807
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2021: the same as) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	195,504	225,300
	---------	---------
Profit on ordinary activities by rate of tax	37,146	42,807
	---------	---------

5. Tangible assets

	Investment properties	Plant and machinery	Total
	£	£	£
Cost
At 1 June 2021 and 31 May 2022	2,757,000	3,695	2,760,695
	------------	---------	------------
Depreciation
At 1 June 2021 and 31 May 2022	–	3,695	3,695
	------------	---------	------------
Carrying amount
At 31 May 2022	2,757,000	–	2,757,000
	------------	---------	------------
At 31 May 2021	2,757,000	–	2,757,000
	------------	---------	------------

The investment properties are stated at their fair value.

6. Debtors

	2022	2021
	£	£
Other debtors	7,524	2,393
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	175,000	176,000
Trade creditors	28,212	5,243
Corporation tax	64,772	59,364
Amounts due to companies in which the director has an interest	648,874	384,931
Other creditors	109,998	91,505
	------------	---------
	1,026,856	717,043
	------------	---------

See note 9 for details of loan security.

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

	2022	2021
	£	£
Bank loans and overdrafts	591,484	789,917
	---------	---------

Included within bank loans is a £50,000 Government backed bounce back loan. Apart from this all other loans are secured against the companies properties.

9. Directors' advances, credits and guarantees

The amounts due to directors/shareholders at the balance sheet date was £107,358 (2021 - 87,742).

10. Related party transactions

The company is under the control of members of the Ellahi family.