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COMPANY REGISTRATION NUMBER: SC601411
Elemental Crystals Limited
Filleted Unaudited Abridged Financial Statements
31 March 2023
Elemental Crystals Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed Assets
Intangible assets
4
2,000
4,000
Tangible assets
5
2,245
2,203
-------
-------
4,245
6,203
Current Assets
Stocks
7,000
11,500
Debtors
28,057
9,317
Cash at bank and in hand
2,584
2,455
--------
--------
37,641
23,272
Creditors: amounts falling due within one year
34,741
19,354
--------
--------
Net Current Assets
2,900
3,918
-------
--------
Total Assets Less Current Liabilities
7,145
10,121
Creditors: amounts falling due after more than one year
7,000
10,000
-------
--------
Net Assets
145
121
-------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
45
21
----
----
Shareholders Funds
145
121
----
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Elemental Crystals Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr J Rushton
Director
Company registration number: SC601411
Elemental Crystals Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite 8, 5 West Victoria Dock Road, Dundee, DD1 3JT, United Kingdom.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The Director has reviewed the post-balance sheet date performance of the company and believes that the company can continue trading for a period of at least 12 months from the date of signing these financial statements and therefore the financial statements have been prepared on a going concern basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Corporation Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Intangible Assets
£
Cost
At 1 April 2022 and 31 March 2023
10,000
--------
Amortisation
At 1 April 2022
6,000
Charge for the year
2,000
--------
At 31 March 2023
8,000
--------
Carrying amount
At 31 March 2023
2,000
--------
At 31 March 2022
4,000
--------
5. Tangible Assets
£
Cost
At 1 April 2022
3,063
Additions
387
-------
At 31 March 2023
3,450
-------
Depreciation
At 1 April 2022
860
Charge for the year
345
-------
At 31 March 2023
1,205
-------
Carrying amount
At 31 March 2023
2,245
-------
At 31 March 2022
2,203
-------