Elmhill Properties Limited

Elmhill Properties Limited

ELMHILL PROPERTIES LIMITED - Company Information

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1 August 2016 false No description of principal activity Taxfiler 2018.3.Web 09121313business:PrivateLimitedCompanyLtd2016-08-012017-07-31 091213132016-07-31 091213132016-08-012017-07-31 09121313business:AuditExemptWithAccountantsReport2016-08-012017-07-31 09121313business:FullAccounts2016-08-012017-07-31 091213132017-07-31 09121313business:Director12016-08-012017-07-31 09121313business:RegisteredOffice2016-08-012017-07-31 091213132016-07-31 09121313core:WithinOneYear2017-07-31 09121313core:WithinOneYear2016-07-31 09121313core:AfterOneYear2017-07-31 09121313core:AfterOneYear2016-07-31 09121313core:ShareCapital2017-07-31 09121313core:ShareCapital2016-07-31 09121313core:RetainedEarningsAccumulatedLosses2017-07-31 09121313core:RetainedEarningsAccumulatedLosses2016-07-31 09121313business:SmallEntities2016-08-012017-07-31 09121313countries:EnglandWales2016-08-012017-07-31 09121313core:RevaluationPropertyDeferredTax2017-07-31 09121313core:RevaluationPropertyDeferredTax2016-07-31 091213132015-08-012016-07-31 09121313business:OrdinaryShareClass12016-08-012017-07-31 09121313business:OrdinaryShareClass12015-08-012016-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 09121313 (England and Wales)
Elmhill Properties Limited Unaudited accounts for the year ended 31 July 2017
Elmhill Properties Limited Unaudited accounts Contents
Page
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Elmhill Properties Limited Company Information for the year ended 31 July 2017
Director
Abraham Oestreicher
Company Number
09121313 (England and Wales)
Registered Office
162 OSBALDESTON ROAD LONDON N16 6NJ
Accountants
Precision Ltd 30 Castlewood Road London N16 6DW
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Elmhill Properties Limited Statement of financial position as at 31 July 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Investment property
4
1,350,001 
909,813 
Current assets
Debtors
5
17,714 
8,265 
Cash at bank and in hand
1,305 
2,378 
19,019 
10,643 
Creditors: amounts falling due within one year
6
(286,498)
(945,459)
Net current liabilities
(267,479)
(934,816)
Total assets less current liabilities
1,082,522 
(25,003)
Creditors: amounts falling due after more than one year
7
(672,802)
- 
Provisions for liabilities
Deferred tax
8
(72,940)
- 
Net assets/(liabilities)
336,780 
(25,003)
Capital and reserves
Called up share capital
9
1 
1 
Profit and loss account
336,779 
(25,004)
Shareholders' funds
336,780 
(25,003)
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 29 April 2018.
Abraham Oestreicher Director Company Registration No. 09121313
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Elmhill Properties Limited Notes to the Accounts for the year ended 31 July 2017
1
Statutory information
Elmhill Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 09121313. The registered office is 162 OSBALDESTON ROAD, LONDON, N16 6NJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 11 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
4
Investment property
2017 
£ 
Fair value at 1 August 2016
909,813 
Additions
4,590 
Net gain from fair value adjustments
435,598 
At 31 July 2017
1,350,001 
5
Debtors
2017 
2016 
£ 
£ 
Other debtors
17,714 
8,265 
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Elmhill Properties Limited Notes to the Accounts for the year ended 31 July 2017
6
Creditors: amounts falling due within one year
2017 
2016 
£ 
£ 
Bank loans and overdrafts
- 
156,200 
Other creditors
285,598 
788,239 
Accruals
900 
1,020 
286,498 
945,459 
7
Creditors: amounts falling due after more than one year
2017 
2016 
£ 
£ 
Bank loans
672,802 
- 
8
Deferred taxation
2017 
2016 
£ 
£ 
Revaluation of land and buildings
72,940 
- 
2017 
2016 
£ 
£ 
Charged to the profit and loss account
72,940 
- 
Provision at end of year
72,940 
- 
9
Share capital
2017 
2016 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
10
Average number of employees
During the year the average number of employees was 0 (2016: 0).
11
Reconciliations on adoption of FRS 102
The following were changes in accounting policies arising from the transition to FRS 102: (a) Investment properties Previously, the company's investment properties were held at market value, with aggregate surplus or deficit being recorded in the revaluation reserve, with the exception of permanent diminutions in value which were written off through the profit and loss account. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account. (b) Deferred tax on unrealised gains and losses on investment properties Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
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