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REGISTERED NUMBER: 08720736 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2021

for

514Elemental Ltd

514Elemental Ltd (Registered number: 08720736)

Contents of the Financial Statements
for the Year Ended 31 December 2021










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


514Elemental Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTOR: Miss S T Huntley-Robertson





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 08720736 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

514Elemental Ltd (Registered number: 08720736)

Abridged Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 26,200 34,470

CURRENT ASSETS
Stocks 10,462 4,990
Debtors - 550
Cash at bank 3,844 11,595
14,306 17,135
CREDITORS
Amounts falling due within one year 39,621 31,137
NET CURRENT LIABILITIES (25,315 ) (14,002 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

885

20,468

CREDITORS
Amounts falling due after more than one
year

6

(16,910

)

(19,615

)

PROVISIONS FOR LIABILITIES - (266 )
NET (LIABILITIES)/ASSETS (16,025 ) 587

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings (16,027 ) 585
SHAREHOLDERS' FUNDS (16,025 ) 587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

514Elemental Ltd (Registered number: 08720736)

Abridged Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 8 September 2022 and were signed by:





Miss S T Huntley-Robertson - Director


514Elemental Ltd (Registered number: 08720736)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. STATUTORY INFORMATION

514Elemental Ltd 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 6 years
Motor vehicles - Straight line over 5 years
Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Government grants
Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue items are credited to the profit and loss account when they are receivable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.


514Elemental Ltd (Registered number: 08720736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company has retained losses of £16,027 (2020 - retained profit £585). It also has net current liabilities of £25,315 (2020 - £14,002) and net liabilities of £16,025 (2020 - net assets £587). The company cannot continue to make losses of this significance while still meeting its obligations as they fall due.

The director is considering the possibility of ceasing to trade within 12 months from the date of approval of these accounts, and therefore has not given detailed consideration to a period of 12 months from the date of approval.

As no formal decision has been made in this regard, the director continues to adopt the going concern basis of accounting. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - NIL ) .

514Elemental Ltd (Registered number: 08720736)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2021 56,678
Additions 25,374
Disposals (35,551 )
At 31 December 2021 46,501
DEPRECIATION
At 1 January 2021 22,208
Charge for year 6,004
Eliminated on disposal (7,911 )
At 31 December 2021 20,301
NET BOOK VALUE
At 31 December 2021 26,200
At 31 December 2020 34,470


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2021 2020
£    £   
Repayable by instalments
Bank loans due after 5 years 7,790 10,806

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
2 Ordinary £1 2 2