Registered number
SC487473
ELMBANK TRADERS LIMITED
Filleted Accounts
31 January 2023
ELMBANK TRADERS LIMITED
Registered number: SC487473
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 15,363 17,070
25,363 27,070
Current assets
Stocks 14,750 19,025
Debtors 5 25,000 25,000
Cash at bank and in hand 11,878 25,554
51,628 69,579
Creditors: amounts falling due within one year 6 (29,391) (28,074)
Net current assets 22,237 41,505
Total assets less current liabilities 47,600 68,575
Creditors: amounts falling due after more than one year 7 (35,588) (45,205)
Net assets 12,012 23,370
Capital and reserves
Called up share capital 100 100
Profit and loss account 11,912 23,270
Shareholders' funds 12,012 23,370
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammad Ayub
Director
Approved by the board on 7 August 2023
ELMBANK TRADERS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Intangible fixed assets
Intangible fixed assets are measured at cost.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at 10% reducing balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 10,000
Additions -
Disposals -
At 31 January 2023 10,000
Amortisation
At 1 February 2022 -
Provided during the year -
On disposals -
At 31 January 2023 -
Net book value
At 31 January 2023 10,000
At 31 January 2022 10,000
4 Tangible fixed assets
Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
At 1 February 2022 24,849 437 25,286
Additions - - -
Disposals - - -
At 31 January 2023 24,849 437 25,286
Depreciation
At 1 February 2022 7,988 228 8,216
Charge for the year 1,686 21 1,707
Surplus on revaluation - - -
On disposals - - -
At 31 January 2023 9,674 249 9,923
Net book value
At 31 January 2023 15,175 188 15,363
At 31 January 2022 16,861 209 17,070
5 Debtors 2023 2022
£ £
Trade debtors 25,000 25,000
25,000 25,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 488 721
Accruals 3,140 3,140
Taxation and social security costs 14,743 18,757
Other creditors 11,020 5,456
29,391 28,074
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,588 45,205
35,588 45,205
8 Other information
ELMBANK TRADERS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
162 Darnley Street
G41 2LL
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