Elphick & Son Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00104681 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 AUGUST 2013 TO 31 MARCH 2014

FOR

ELPHICK & SON LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

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

2

146

292

Investment property

3

2,988,344

3,114,449

2,988,490

3,114,741

CURRENT ASSETS

Debtors

42,391

47,523

Cash at bank

105,724

58,553

148,115

106,076

CREDITORS

Amounts falling due within one year

101,785

46,863

NET CURRENT ASSETS

46,330

59,213

TOTAL ASSETS LESS CURRENT LIABILITIES

3,034,820

3,173,954

CAPITAL AND RESERVES

Called up share capital

4

12,378

12,378

Revaluation reserve

2,621,453

2,676,516

Capital redemption reserve

655

655

Profit and loss account

400,334

484,405

SHAREHOLDERS' FUNDS

3,034,820

3,173,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16 October 2014 and were signed on its behalf by:

A C Elphick - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of

freehold land and buildings.

Turnover

Turnover 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 properties are included in the balance sheet at their open market value. Any surplus on revaluation is

transferred to the investment property revaluation reserve. Any deficit is deducted from the investment property

revaluation reserve except permanent diminution in value, which are charged to the profit and loss account. No

amortisation or depreciation is provided in respect of freehold investment properties in accordance with

Statement of Accounting Practice 19 "Accounting for Investment Properties". This treatment is contrary to the

requirements of the Companies Act 2006 to provide for depreciation but is considered necessary to ensure that

the financial statements give a true and fair view. Depreciation is only one of the factors reflected at the balance

sheet date valuation and the amount that might have been shown cannot be separately identified or quantified.

Deferred tax

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

sheet date.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

and 31 March 2014

438

DEPRECIATION

At 1 August 2013

146

Charge for period

146

At 31 March 2014

292

NET BOOK VALUE

At 31 March 2014

146

At 31 July 2013

292

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 August 2013

3,114,449

Additions

3,895

Disposals

(130,000

)

At 31 March 2014

2,988,344

NET BOOK VALUE

At 31 March 2014

2,988,344

At 31 July 2013

3,114,449

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,725

Ordinary

£1

2,725

2,725

9,653

Preference

£1

9,653

9,653

12,378

12,378

The rights of the cumulative preference shares are as follows:

They shall be entitled to be paid a fixed cumulative preferential dividend of 5.25% per annum.

Priority upon liquidation or capital reduction up to £1 per share plus any arrears or accruals of dividends.

5.	RELATED PARTY DISCLOSURES

During the period, total dividends of £7,585 (2013 - £125) were paid to the directors .

A C Elphick

2014

2013

£

£

Amount due to related party at the balance sheet date

598

598

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders, no one party holds a majority of the issued share capital of the

company.