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REGISTERED NUMBER: 10287971 (England and Wales)










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: B S Dayal





REGISTERED OFFICE: PO Box 4385
Cardiff
CF14 8LH





REGISTERED NUMBER: 10287971 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
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 4 957 1,277
Tangible assets 5 42,617 35,879
43,574 37,156

CURRENT ASSETS
Debtors 6 2,849 4,151
Cash at bank 584,395 398,025
587,244 402,176
CREDITORS
Amounts falling due within one year 7 (205,708 ) (161,640 )
NET CURRENT ASSETS 381,536 240,536
TOTAL ASSETS LESS CURRENT
LIABILITIES

425,110

277,692

CREDITORS
Amounts falling due after more than one year 8 - (2,827 )

PROVISIONS FOR LIABILITIES 10 (8,279 ) (7,059 )
NET ASSETS 416,831 267,806

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 11 416,830 267,805
416,831 267,806

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

ElasticAir Limited (Registered number: 10287971)

Balance Sheet - continued
31 July 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:





B S Dayal - Director


ElasticAir Limited (Registered number: 10287971)

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

1. STATUTORY INFORMATION

ElasticAir 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.

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 fittings25% on reducing balance
Computer equipment25% 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 2 (2021 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 August 2021
and 31 July 2022 2,261
AMORTISATION
At 1 August 2021 984
Amortisation for year 320
At 31 July 2022 1,304
NET BOOK VALUE
At 31 July 2022 957
At 31 July 2021 1,277

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 29,044 24,220 53,264
Additions 6,360 12,835 19,195
At 31 July 2022 35,404 37,055 72,459
DEPRECIATION
At 1 August 2021 11,130 6,255 17,385
Charge for year 5,788 6,669 12,457
At 31 July 2022 16,918 12,924 29,842
NET BOOK VALUE
At 31 July 2022 18,486 24,131 42,617
At 31 July 2021 17,914 17,965 35,879

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 2,849 4,151

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 2,845 2,618
Taxation and social security 172,857 154,991
Other creditors 30,006 4,031
205,708 161,640

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 - 2,827

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 - 1,116
Between one and five years - 372
- 1,488

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 8,279 7,059

Deferred
tax
£   
Balance at 1 August 2021 7,059
Provided during year 1,220
Balance at 31 July 2022 8,279

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.