back to ELPHICK & SON LIMITED detail Elphick & Son Limited - Accounts to registrar (filleted) - small 18.2
IRIS Accounts Production v18.2.1.62 00104681 Board of Directors 1.4.17 31.3.18 31.3.18 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure001046812017-03-31001046812018-03-31001046812017-04-012018-03-31001046812016-03-31001046812016-04-012017-03-31001046812017-03-3100104681ns15:EnglandWales2017-04-012018-03-3100104681ns14:PoundSterling2017-04-012018-03-3100104681ns10:Director12017-04-012018-03-3100104681ns10:PrivateLimitedCompanyLtd2017-04-012018-03-3100104681ns10:SmallEntities2017-04-012018-03-3100104681ns10:AuditExempt-NoAccountantsReport2017-04-012018-03-3100104681ns10:SmallCompaniesRegimeForDirectorsReport2017-04-012018-03-3100104681ns10:SmallCompaniesRegimeForAccounts2017-04-012018-03-3100104681ns10:FullAccounts2017-04-012018-03-3100104681ns10:OrdinaryShareClass12017-04-012018-03-3100104681ns10:Director22017-04-012018-03-3100104681ns10:CompanySecretary12017-04-012018-03-3100104681ns10:RegisteredOffice2017-04-012018-03-3100104681ns5:CurrentFinancialInstruments2018-03-3100104681ns5:CurrentFinancialInstruments2017-03-3100104681ns5:Non-currentFinancialInstruments2018-03-3100104681ns5:Non-currentFinancialInstruments2017-03-3100104681ns5:ShareCapital2018-03-3100104681ns5:ShareCapital2017-03-3100104681ns5:RevaluationReserve2018-03-3100104681ns5:RevaluationReserve2017-03-3100104681ns5:CapitalRedemptionReserve2018-03-3100104681ns5:CapitalRedemptionReserve2017-03-3100104681ns5:RetainedEarningsAccumulatedLosses2018-03-3100104681ns5:RetainedEarningsAccumulatedLosses2017-03-3100104681ns5:ComputerEquipment2017-04-012018-03-3100104681ns5:ComputerEquipment2017-03-3100104681ns5:ComputerEquipment2018-03-3100104681ns5:ComputerEquipment2017-03-3100104681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2018-03-3100104681ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-03-3100104681ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2018-03-3100104681ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2017-03-3100104681ns5:WithinOneYear2018-03-3100104681ns5:WithinOneYear2017-03-3100104681ns5:BetweenOneFiveYears2018-03-3100104681ns5:BetweenOneFiveYears2017-03-3100104681ns5:AllPeriods2018-03-3100104681ns5:AllPeriods2017-03-3100104681ns5:DeferredTaxation2017-03-3100104681ns5:DeferredTaxation2017-04-012018-03-3100104681ns5:DeferredTaxation2018-03-3100104681ns10:OrdinaryShareClass12018-03-3100104681ns10:Director112017-03-3100104681ns10:Director112016-03-3100104681ns10:Director112017-04-012018-03-3100104681ns10:Director112016-04-012017-03-3100104681ns10:Director112018-03-3100104681ns10:Director112017-03-31


REGISTERED NUMBER: 00104681 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

ELPHICK & SON LIMITED

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


ELPHICK & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018







DIRECTORS: A C Elphick
Mrs P A Elphick





SECRETARY: A C Elphick





REGISTERED OFFICE: Agmonds Cottage
Spithurst Road
Barcombe
Lewes
East Sussex
BN8 5EE





REGISTERED NUMBER: 00104681 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 3,460,000 2,988,344
3,460,000 2,988,344

CURRENT ASSETS
Debtors 6 23,622 28,775
Cash at bank 105,228 92,563
128,850 121,338
CREDITORS
Amounts falling due within one year 7 60,560 52,187
NET CURRENT ASSETS 68,290 69,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,528,290

3,057,495

CREDITORS
Amounts falling due after more than one
year

8

(9,653

)

(9,653

)

PROVISIONS FOR LIABILITIES 10 (337,661 ) (269,441 )
NET ASSETS 3,180,976 2,778,401

CAPITAL AND RESERVES
Called up share capital 11 2,725 2,725
Revaluation reserve 2,357,536 2,352,012
Capital redemption reserve 655 655
Retained earnings 820,060 423,009
SHAREHOLDERS' FUNDS 3,180,976 2,778,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

BALANCE SHEET - continued
31 MARCH 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2018 and were signed on its behalf
by:





A C Elphick - Director


ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018


1. STATUTORY INFORMATION

Elphick & Son Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts
receivable for rents from the letting investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are
included in creditors net of finance charge allocated to future periods. The finance element of the rental payment
is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation
outstanding in each period.

Lease payments under operating leases, where substantially all the risks and benefits remain with the lessor, are
charged as expenses in the period in which they were incurred.

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an
impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the
impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2017
and 31 March 2018 438
DEPRECIATION
At 1 April 2017
and 31 March 2018 438
NET BOOK VALUE
At 31 March 2018 -
At 31 March 2017 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2017 2,988,344
Revaluations 471,656
At 31 March 2018 3,460,000
NET BOOK VALUE
At 31 March 2018 3,460,000
At 31 March 2017 2,988,344

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2018 is represented by:

£   
Valuation in 2003 499,101
Valuation in 2004 498,478
Valuation in 2006 380,000
Valuation in 2013 1,243,874
Valuation in 2018 471,656
Cost 366,891
3,460,000

If investment properties had not been revalued they would have been included at the following historical cost:

2018 2017
£    £   
Cost 366,891 366,891

Investment properties were valued on an open market basis on 31 March 2016 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Other debtors 23,622 28,775

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Taxation and social security 8,723 665
Other creditors 51,837 51,522
60,560 52,187

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2018 2017
£    £   
Other creditors 9,653 9,653

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 9,653 9,653

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2018 2017
£    £   
Within one year 8,579 10,782
Between one and five years 5,764 6,443
14,343 17,225

ELPHICK & SON LIMITED (REGISTERED NUMBER: 00104681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


10. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax 337,661 269,441

Deferred
tax
£   
Balance at 1 April 2017 269,441
Utilised during year 68,220
Balance at 31 March 2018 337,661

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
2,725 Ordinary £1 2,725 2,725

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and
31 March 2017:

2018 2017
£    £   
A C Elphick
Balance outstanding at start of year - -
Amounts advanced 2,633 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,633 -