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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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Elmswell (Holdings) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Elmswell (Holdings) Limited |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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Elmswell (Holdings) Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Beeches |
30 Bridge Street |
Thetford |
Norfolk |
IP24 3AG |
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BANKERS: |
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28 - 34 Risbygate Street |
Bury St Edmunds |
Suffolk |
IP33 3AH |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Elmswell (Holdings) Limited (Registered number: 02704419) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Elmswell (Holdings) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements are the first financial statements that comply with FRS 102 Section 1A small |
entities. The date of transition is 01 January 2015. The transition has resulted in an alignment of accounting |
policies to those required in the adoption of FRS 102 and FRS 102 1A. Any impact is explained in the notes to |
these financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about Elmswell (Holdings) Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company has taken the option |
under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment properties |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment |
At each reporting date, tangible fixed assets and investments are assessed to determine whether there is an |
indication that the carrying amount of an asset may be more than its recoverable amount and that the asset |
should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which |
is the higher of its value in use and its net realisable value, is estimated and compared with its carrying |
amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated |
recoverable amount and an impairment loss is recognised in profit and loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
subsidiary |
undertakings |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Elmswell (Holdings) Limited (Registered number: 02704419) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
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Revaluations | 200,000 |
At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Included in cost or valuation of investment property is freehold land of £ 5,000 (2015 - £ 5,000 ) which is not |
depreciated. |
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Cost or valuation at 31 December 2016 is represented by: |
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£ |
Valuation in 2014 | 229,160 |
Valuation in 2016 | 200,000 |
Cost | 75,840 |
505,000 |
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If the investment property had not been revalued it would have been included at the following historical cost: |
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2016 | 2015 |
£ | £ |
Cost | 75,840 | 75,840 |
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The investment property was valued on an open market basis on 31 December 2016 by the directors . |
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7. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Included in the other debtors balance is an amount of £60,137 (2015 - £60,137) due from a connected |
company. No interest has been charged on this loan. |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax provision | 71,832 | 32,545 |
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Deferred |
tax |
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Balance at 1 January 2016 |
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Charge to Income Statement during year |
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Balance at 31 December 2016 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 1,758 | 1,758 |
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11. | RESERVES |
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Share premium account |
This reserve records the amount above the nominal value received for shares sold, less transaction costs. |
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Fair value reserve |
This reserve is used to record movements in the fair value of investment property and other fixed asset |
investments, which as unrealised is not distributable. |
Elmswell (Holdings) Limited (Registered number: 02704419) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest on this loan was charged by the company at the HM Revenue & Customs approved rate of 3.00% and |
amounted to £437 (2015 - £1,179). |