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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Elm Tree Property Ltd |
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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for |
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Elm Tree Property Ltd |
Elm Tree Property Ltd (Registered number: 10686183) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Elm Tree Property Ltd |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Old Rectory |
Springhead Road |
Northfleet |
Kent |
DA11 8HN |
Elm Tree Property Ltd (Registered number: 10686183) |
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Abridged Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Elm Tree Property Ltd (Registered number: 10686183) |
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Abridged Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Elm Tree Property Ltd (Registered number: 10686183) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Elm Tree Property Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
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The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows: |
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Rental income from operating leases (net of any incentives given to the lessees) is recognised when the right to receive payment is established. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Government grants |
All grants provided by the UK Government to the entity have been calculated on the accruals basis. |
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Investment property |
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 Profit and Loss Account, 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 have been enacted or substantively enacted by the balance sheet date. |
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Elm Tree Property Ltd (Registered number: 10686183) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Fair value at 31 March 2021 is represented by: |
£ |
Valuation in 2019 | 19,131 |
Cost | 255,869 |
275,000 |
Elm Tree Property Ltd (Registered number: 10686183) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | INVESTMENT PROPERTY - continued |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31.3.21 | 31.3.20 |
£ | £ |
Cost | 255,869 | 255,869 |
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Investment property was valued on an open market basis on 1 June 2018 by Interbay . |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
31.3.21 | 31.3.20 |
£ | £ |
Repayable otherwise than by instalments |
Mortgage |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.21 | 31.3.20 |
£ | £ |
Mortgage | 220,000 | 220,000 |
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A loan of £220,000 is secured against investment property. |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2020 |
and 31 March 2021 |
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10. | RELATED PARTY DISCLOSURES |
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During the period the company repaid £51,492 of a loan made by the director. The balance outstanding at the end of the period was £9,764 (2020: £61,256). |
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The loan is included within creditors due within one year, is free of interest and is repayable on demand. |
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11. | COVID-19 BUSINESS SUPPORT |
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The company received £656 of grants covering the interest due on the Bounce Back loan received during the period. No conditions or other contingencies have been applied to the grant. |