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Hi, I want to include Elspeth Von Draken on Carmine Dragon in my army but I'd like to know her rules and point value before spending £115 on 1 model. Could someone please give me general overview of her and dragon including cost please?

Breaking it down into two:

Carmine Dragons are (as far as Monsters go) able to be ridiculously badass (seriously, one of these tooled up can take out an Exalted Bloodthirster without breaking a sweat)
Elspeth, well, she is a lvl 4 loremaster of death, has a couple of nice magic items. She isnt the sort you would use in a regular game, but as a fluff piece, or in a SoM game she rocks...

Really expensive cannon bait. Fine if you can capitolize on that, but don't expect her to survive long against Dwarves, Ogres, Demons, Skaven, and other Empire armies.