Company Registration No. 00754163 (England and Wales)
ELMBROOK SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
United Kingdom
BS20 7LZ
ELMBROOK SECURITIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ELMBROOK SECURITIES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mrs M J Ledbury
Secretary
E Welling
Company number
00754163
Registered office
383 Two Mile Hill Road
Kingswood
BRISTOL
BS15 1AD
Accountants
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
United Kingdom
BS20 7LZ
ELMBROOK SECURITIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,718,691
1,718,904
Current assets
Debtors
5
5,893
990
Cash at bank and in hand
283,133
231,980
289,026
232,970
Creditors: amounts falling due within one year
6
(13,712)
(8,459)
Net current assets
275,314
224,511
Total assets less current liabilities
1,994,005
1,943,415
Provisions for liabilities
(230,600)
(230,600)
Net assets
1,763,405
1,712,815
Capital and reserves
Called up share capital
10,000
10,000
Other reserves
1,288,494
1,288,494
Profit and loss reserves
464,911
414,321
Total equity
1,763,405
1,712,815
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELMBROOK SECURITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2022
Mrs M J Ledbury
Director
Company Registration No. 00754163
The notes on pages 4 to 8 form part of these financial statements
ELMBROOK SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
1
Accounting policies
Company information
Elmbrook Securities Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
383 Two Mile Hill Road, Kingswood, BRISTOL, BS15 1AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
10% per annum on a straight line basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
ELMBROOK SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ELMBROOK SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
ELMBROOK SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 July 2020 and 30 June 2021
33,376
Depreciation and impairment
At 1 July 2020 and 30 June 2021
33,376
Carrying amount
At 30 June 2021
At 30 June 2020
4
Investment property
2021
£
Fair value
At 1 July 2020
1,718,904
Disposals
(213)
At 30 June 2021
1,718,691
The investment property class of of fixed assets was partly revalued on 27 June 2017 by Joanna Wade Dip REA, FNAEA, MARLA of Colemans Estate Agents and partly revalued by Harvey Henson FRICS of Harvey Henson Estate Agents on 01 July 2017. Both parties are professional valuers and are external to the company. The basis of this valuation was open market value. The Director has considered the fair value of the properties held at the balance sheet date, taking note of market conditions, investment return and the tenants lease terms and has concluded that these professional valuations reflect fair value.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
5,725
Prepayments and accrued income
168
990
5,893
990
ELMBROOK SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
11,826
3,238
Other creditors
31
3,433
Accruals and deferred income
1,855
1,788
13,712
8,459