Elmsbrook Ltd Company Accounts

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COMPANY REGISTRATION NUMBER: 07567672

Elmsbrook Ltd

Filleted Unaudited Financial Statements

For the year ended

31 August 2017

Elmsbrook Ltd

Financial Statements

Year ended 31 August 2017

Contents	Pages

Officers and Professional Advisers	1

Statement of Financial Position	2 to 3

Notes to the Financial Statements	4 to 9

Elmsbrook Ltd

Officers and Professional Advisers

The Board of Directors	Mr. R. Wechsler
	Mrs J. N. Wechsler

Registered Office	York House
	Empire Way
	Wembley
	Middlesex
	HA9 0FQ

Accountants	Landau Morley LLP
	Chartered Accountants
	York House
	Empire Way
	Wembley
	Middlesex
	HA9 0FQ

Elmsbrook Ltd

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5	5,893	474
Investments	6	1	25
		-------	----
		5,894	499

Current Assets

Debtors	7	669,396	604,262
Cash at bank and in hand		1,140,170	320,412
		-------------	----------
		1,809,566	924,674

Creditors: amounts falling due within one year	8	287,937		219,317
		-------------		----------
Net Current Assets			1,521,629	705,357
			-------------	----------
Total Assets Less Current Liabilities			1,527,523	705,856
			-------------	----------
Net Assets			1,527,523	705,856
			-------------	----------

Capital and Reserves

Called up share capital	9	99	99
Profit and loss account		1,527,424	705,757
		-------------	----------
Shareholders Funds		1,527,523	705,856
		-------------	----------

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 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 August 2017 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 .

Elmsbrook Ltd

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 22 May 2018 , and are signed on behalf of the board by:

Mr. R. Wechsler

Director

Company registration number: 07567672

Elmsbrook Ltd

Notes to the Financial Statements

Year ended 31 August 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is York House, Empire Way, Wembley, Middlesex, HA9 0FQ.

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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. 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.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	20% reducing balance
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 2 ).

5. Tangible Assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 September 2016	–	947	947
Additions	2,419	4,961	7,380
	-------	-------	-------
At 31 August 2017	2,419	5,908	8,327
	-------	-------	-------
Depreciation
At 1 September 2016	–	473	473
Charge for the year	484	1,477	1,961
	-------	-------	-------
At 31 August 2017	484	1,950	2,434
	-------	-------	-------
Carrying amount
At 31 August 2017	1,935	3,958	5,893
	-------	-------	-------
At 31 August 2016	–	474	474
	-------	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 September 2016	25
Disposals	( 24)
	----
At 31 August 2017	1
	----
Impairment
At 1 September 2016 and 31 August 2017	–
	----

Carrying amount
At 31 August 2017	1
	----
At 31 August 2016	25
	----

7. Debtors

	2017	2016
	£	£
Trade debtors	–	20,512
Other debtors	669,396	583,750
	----------	----------
	669,396	604,262
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	169,134	100,316
Social security and other taxes	17,272	26,374
Other creditors	101,531	92,627
	----------	----------
	287,937	219,317
	----------	----------

9. Called Up Share Capital

Issued, called up and fully paid

	2017		2016
	No	£	No	£
Ordinary A shares of £ 1 each	48	48	48	48
Ordinary B shares of £ 1 each	48	48	48	48
Ordinary C shares of £ 1 each	1	1	1	1
Ordinary D shares of £ 1 each	1	1	1	1
Ordinary E shares of £ 1 each	1	1	1	1
	----	----	----	----
	99	99	99	99
	----	----	----	----

10. Directors' Advances, Credits and Guarantees

2017

	Balance Brought forwardd	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr and Mrs Weschler	(8,350)	(7,306)	(15,656)

2016

	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr and Mrs Wechsler	(6,220)	(2,130)	(8,350)

During the year the dividends totalling £15,000 (2016:£7,500) and £5,000 (2016:£nil) were paid to Mrs J N Wechsler and Mr R Wechsler, directors of the company, respectively. Also during the year, use of home as office of £600 (2016:£600) was charged by the directors.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.