Registered number:
08980362
ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2021
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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 2021
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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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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
REGISTERED NUMBER:
08980362
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 APRIL 2021
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.
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 on 6 May 2022
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The notes on pages 3 to 8 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 2021
Elysian Development Management Limited is a limited liability company registered in England and Wales. Its registered office and business address is 112-116 New Oxford Street, London, WC1A 1HH.
The company's principal activity is that of property development management.
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, 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 profit or lossthe 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 2021
2.
Accounting policies (continued)
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Basic financial instruments
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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 with 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.
Grants are accounted under the accruals model. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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Foreign currency translation
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The financial statements are presented in £ Sterling, which is the functional currency of the company.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
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.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.
Accounting policies (continued)
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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The average monthly number of employees, including directors, during the year was 13
(2020 -
14
)
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Charge for the year on owned assets
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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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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
5.
Debtors (continued)
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Included within other debtors is a loan to a director of the company. Interest amounting to £8,380 (2020 - £8,781) has been charged on the loan during the year. At the reporting date, the balance outstanding was £396,214 (2020 - £372,408).
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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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Included within other creditors is an unsecured loan from a director of the company. The interest rate on the loan is 5% per annum. At the reporting date, the balance outstanding was £155,918 (2020 - £150,000).
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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ELYSIAN DEVELOPMENT MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Commitments under operating leases
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At 30 April 2021 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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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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