REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2022 |
for |
ElasticAir Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2022 |
for |
ElasticAir Limited |
ElasticAir Limited (Registered number: 10287971) |
Contents of the Financial Statements |
for the Year Ended 31 July 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ElasticAir Limited |
Company Information |
for the Year Ended 31 July 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
ElasticAir Limited (Registered number: 10287971) |
Balance Sheet |
31 July 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 |
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. |
ElasticAir Limited (Registered number: 10287971) |
Balance Sheet - continued |
31 July 2022 |
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 |
ElasticAir Limited (Registered number: 10287971) |
Notes to the Financial Statements |
for the Year Ended 31 July 2022 |
1. | STATUTORY INFORMATION |
ElasticAir Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that of Cloud solution and IT consultancy. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
TURNOVER |
Turnover represent amount receivable for Cloud solution and IT consultancy net of VAT. |
INTANGIBLE ASSETS |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Website costs 25% Reducing Balance |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | 25% on reducing balance |
Computer equipment | 25% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties,loans to related parties and investments in non-puttable ordinary shares. |
ElasticAir Limited (Registered number: 10287971) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in Balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Website |
costs |
£ |
COST |
At 1 August 2021 |
and 31 July 2022 |
AMORTISATION |
At 1 August 2021 |
Amortisation for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
ElasticAir Limited (Registered number: 10287971) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2021 |
Additions |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
The director considers the carrying value of trade and other receivables approximate to their fair values. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
The directors consider the carrying amounts of long term liabilities approximate to their fair values. |
ElasticAir Limited (Registered number: 10287971) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2022 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 8,279 | 7,059 |
Deferred |
tax |
£ |
Balance at 1 August 2021 |
Provided during year |
Balance at 31 July 2022 |
11. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting distributions made to the company's shareholders. This is a distributable reserve. |
12. | RELATED PARTY DISCLOSURES |
As at the balance sheet date included in creditors were amount of £28,016 (2021 - £781) due to the director. |