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REGISTERED NUMBER: 04268034 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Elite Engraving Limited

Elite Engraving Limited (Registered number: 04268034)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Elite Engraving Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: D R Millard



REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



REGISTERED NUMBER: 04268034 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: National Westminster Bank plc
PO Box 205
90 Regent Street
Kingswood
Bristol
BS99 5AE

Elite Engraving Limited (Registered number: 04268034)

Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 132,761 152,886
132,761 152,886

CURRENT ASSETS
Inventories 2,650 2,650
Debtors 6 57,942 68,173
Cash at bank and in hand 90,870 108,228
151,462 179,051
CREDITORS
Amounts falling due within one year 7 123,618 117,042
NET CURRENT ASSETS 27,844 62,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

160,605

214,895

CREDITORS
Amounts falling due after more than one
year

8

(41,666

)

(58,236

)

PROVISIONS FOR LIABILITIES (10,712 ) (13,347 )
NET ASSETS 108,227 143,312

Elite Engraving Limited (Registered number: 04268034)

Statement of Financial Position - continued
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 9 50 50
Retained earnings 9 108,127 143,212
SHAREHOLDERS' FUNDS 108,227 143,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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

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

The financial statements were approved by the director and authorised for issue on 3 October 2023 and were signed by:





D R Millard - Director


Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Elite Engraving 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

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

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 statement of financial position date.

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 8 ) .

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 195,000
AMORTISATION
At 1 January 2022
and 31 December 2022 195,000
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2022 117,243 142,445 3,952
Additions - - (707 )
At 31 December 2022 117,243 142,445 3,245
DEPRECIATION
At 1 January 2022 41,034 100,468 3,009
Charge for year 5,862 6,297 -
At 31 December 2022 46,896 106,765 3,009
NET BOOK VALUE
At 31 December 2022 70,347 35,680 236
At 31 December 2021 76,209 41,977 943

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 77,210 9,600 350,450
Additions - 1,264 557
At 31 December 2022 77,210 10,864 351,007
DEPRECIATION
At 1 January 2022 44,637 8,416 197,564
Charge for year 8,143 380 20,682
At 31 December 2022 52,780 8,796 218,246
NET BOOK VALUE
At 31 December 2022 24,430 2,068 132,761
At 31 December 2021 32,573 1,184 152,886

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2022
and 31 December 2022 77,210
DEPRECIATION
At 1 January 2022 44,637
Charge for year 8,143
At 31 December 2022 52,780
NET BOOK VALUE
At 31 December 2022 24,430
At 31 December 2021 32,573

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 46,065 56,327
Prepayments and accrued income 11,877 11,846
57,942 68,173

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 9,442 9,442
Trade creditors 12,258 19,532
Tax 8,209 2,817
Tax on director's loan int 2,249 1,376
Social security and other taxes 3,182 3,489
VAT 5,581 5,933
Directors' current accounts 69,339 61,646
Accrued expenses 2,710 2,159
123,618 117,042

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans - 2-5 years 32,224 39,352
Hire purchase contracts 9,442 18,884
41,666 58,236

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 143,212 50 143,262
Profit for the year 4,915 4,915
Dividends (40,000 ) (40,000 )
At 31 December 2022 108,127 50 108,177

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. RELATED PARTY DISCLOSURES

Mr D R Millard
2022 2021

Gross interest on loan to company 4,363 2,893

Capital introduced/(withdrawn) 7,693 1,593

At the year end, the company owed the director £69,339 (2021 - £61,646).