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REGISTERED NUMBER: 00564436 (England and Wales)















ELDERKIN & SON (GUNMAKERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






ELDERKIN & SON (GUNMAKERS) LIMITED (REGISTERED NUMBER: 00564436)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


ELDERKIN & SON (GUNMAKERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr W R Elderkin
Mrs A M Elderkin





SECRETARY: Mrs K J Elderkin





REGISTERED OFFICE: 17 Broad Street
Spalding
Lincolnshire
PE11 1TG





REGISTERED NUMBER: 00564436 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

ELDERKIN & SON (GUNMAKERS) LIMITED (REGISTERED NUMBER: 00564436)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 60,748 68,683
Investments 5 7,166 7,166
67,914 75,849

CURRENT ASSETS
Inventories 636,241 583,086
Debtors 6 49,742 105,031
Cash at bank and in hand 50,261 117,838
736,244 805,955
CREDITORS
Amounts falling due within one year 7 281,236 272,894
NET CURRENT ASSETS 455,008 533,061
TOTAL ASSETS LESS CURRENT LIABILITIES 522,922 608,910

CREDITORS
Amounts falling due after more than one year 8 38,976 89,745
NET ASSETS 483,946 519,165

CAPITAL AND RESERVES
Called up share capital 10 4,002 4,002
Retained earnings 479,944 515,163
SHAREHOLDERS' FUNDS 483,946 519,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 25 August 2023 and were signed on its behalf by:




Mr W R Elderkin - Director


ELDERKIN & SON (GUNMAKERS) LIMITED (REGISTERED NUMBER: 00564436)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Elderkin & Son (Gunmakers) 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 (£).


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 amounts charged to customers for goods and services provided during the year,excluding value added tax.
Gun sales are recognised upon delivery to the customer, or upon collection by the customer.Workshop sales are recognised in the period in which the services are rendered

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.
Land and buildings - 10% on reducing balance and 2% on cost
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 8 (2022 - 9 ) .

ELDERKIN & SON (GUNMAKERS) LIMITED (REGISTERED NUMBER: 00564436)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Motor
property Equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 71,706 21,998 37,641 50,980 182,325
DEPRECIATION
At 1 April 2022 36,089 16,525 33,999 27,029 113,642
Charge for year 1,524 1,070 550 4,791 7,935
At 31 March 2023 37,613 17,595 34,549 31,820 121,577
NET BOOK VALUE
At 31 March 2023 34,093 4,403 3,092 19,160 60,748
At 31 March 2022 35,617 5,473 3,642 23,951 68,683

The net book value of property, plant and equipment includes £ 16,261 (2022 - £ 20,326 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 9,853
PROVISIONS
At 1 April 2022
and 31 March 2023 2,687
NET BOOK VALUE
At 31 March 2023 7,166
At 31 March 2022 7,166

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 48,742 105,031
Other debtors 1,000 -
49,742 105,031

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,159 23,498
Hire purchase contracts 26,595 2,706
Trade creditors 135,098 170,772
Taxation and social security 54,972 48,771
Other creditors 40,412 27,147
281,236 272,894

ELDERKIN & SON (GUNMAKERS) LIMITED (REGISTERED NUMBER: 00564436)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 38,976 63,150
Hire purchase contracts - 26,595
38,976 89,745

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 63,135 86,648
Hire purchase contracts 26,595 29,301
89,730 115,949

Bank loans secured by a fixed and floating charge over the undertaking and all property and assets present and future.

Hire purchase assets secured by the asset being purchased.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,002 Ordinary shares 1 4,002 4,002