Registered number:
08980362
ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2019
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
REGISTERED NUMBER:
08980362
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STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2019
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Cash And Cash Equivalents
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
REGISTERED NUMBER:
08980362
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 APRIL 2019
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
N Jones
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The notes on pages 3 to 7 form part of these financial statements.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
Elysian Development Management Limited is a limited liability company registered in England and Wales. Its registered office and business address is 42 Bruton Place, London, W1J 6PA.
The company's principal activity is that of property development management.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
2.
ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Revenue is recognised when management services are provided.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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Straight line over 3 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
2.
ACCOUNTING POLICIES (continued)
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised at transaction price plus attributable transaction costs.Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
Equity dividends are recognised when they become legally payable.
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the
contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when
they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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CURRENT AND DEFERRED TAXATION
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Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
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The average monthly number of employees, including directors, during the year was 10
(2018 -
7
)
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
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DUE AFTER MORE THAN ONE YEAR
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within other debtors is a loan to G Stein, a director of the company. Interest amounting to £8,112 (2018 - £4,363) has been charged on the loan during the year. At the year end, the balance outstanding was £388,567 (2018 - £256,906). Of the balance outstanding at the year end, £131,661 was repaid within 9 months of the year end.
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
7.
DEFERRED TAXATION (CONTINUED)
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100
(2018 -
100
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Ordinary
shares of £
1
each
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The company contributes to a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £28,348 (2018: £27,380).
Contributions totaling £9,009 (2018: £4,245) were payable to the fund at the balance sheet date and are
included in creditors.
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COMMITMENTS UNDER OPERATING LEASES
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At 30 April 2019 the company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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The immediate and ultimate parent undertaking is Elysian Residences Limited, a company registered in England and Wales.
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