ELSA MORTIMER STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
Elsa Mortimer Street Limited is a company limited by shares, incorporated in England and Wales. The company's registered number is 12978095. Its registered office is 10 Queen Street Place, London EC4R 1AG.
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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:
The directors have reviewed the company's cashflows over the next 12 months and consider the business to be a going concern. They will continue to support the Company as required along with steps being taken by management to ensure that all financial commitments can be met when they fall due.
Revenue represents rental income from properties is credited to the profit and loss account on a straight line basis over the lease term. Where payments are received from tenants in advance of the services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investment property is carried at fair value determined annually by directors and / or external valuers
and derived from the current market rents and investment property yields for comparable real estate,
adjusted if necessary for any difference in the nature, location or condition of the specific asset.
No depreciation is provided. Changes in fair value are recognised in the Statement of
Comprehensive Income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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