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

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 2023
ELLAHI ESTATES LIMITED
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,607,000
2,757,000
Current assets
Stocks
–
283,710
Debtors
6
13,023
7,524
Cash at bank and in hand
64,246
10,599
---------
---------
77,269
301,833
Creditors: amounts falling due within one year
7
691,702
1,026,856
---------
------------
Net current liabilities
614,433
725,023
------------
------------
Total assets less current liabilities
1,992,567
2,031,977
Creditors: amounts falling due after more than one year
8
296,219
591,484
------------
------------
Net assets
1,696,348
1,440,493
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
2,072,296
2,199,040
Profit and loss account
( 376,048)
( 758,647)
------------
------------
Shareholders funds
1,696,348
1,440,493
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 May 2023 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 2023
These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , and are signed on behalf of the board by:
Arshad Ellahi
Director
Company registration number: 04000783
ELLAHI ESTATES LIMITED
Notes to the Financial Statements
Year ended 31 May 2023
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
2023
2022
£
£
Current tax:
UK current tax expense
95,650
37,146
---------
---------
Tax on profit
95,650
37,146
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2022: the same as) the standard rate of corporation tax in the UK of 20 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
478,249
195,504
---------
---------
Profit on ordinary activities by rate of tax
95,650
37,146
---------
---------
5. Tangible assets
Investment properties
Plant and machinery
Total
£
£
£
Cost
At 1 June 2022
2,757,000
3,695
2,760,695
Transfers
( 150,000)
–
( 150,000)
------------
---------
------------
At 31 May 2023
2,607,000
3,695
2,610,695
------------
---------
------------
Depreciation
At 1 June 2022 and 31 May 2023
–
3,695
3,695
------------
---------
------------
Carrying amount
At 31 May 2023
2,607,000
–
2,607,000
------------
---------
------------
At 31 May 2022
2,757,000
–
2,757,000
------------
---------
------------
The investment properties are stated at their fair value .
6. Debtors
2023
2022
£
£
Other debtors
13,023
7,524
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
84,000
175,000
Trade creditors
23,853
28,212
Corporation tax
114,014
64,772
Amounts due to companies in which the director has an interest
425,366
648,874
Other creditors
44,469
109,998
---------
------------
691,702
1,026,856
---------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
296,219
591,484
---------
---------
9. Directors' advances, credits and guarantees
The amounts due to directors/shareholders at the balance sheet date was £41,409 (2022 - £107,358).
10. Related party transactions
The company is under the control of members of the Ellahi family.