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Company registration number: NI055163
Elliott's Tradition Limited
Unaudited filleted financial statements
30 January 2023
Elliott's Tradition Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Elliott's Tradition Limited
Directors and other information
Directors Mr Jeffrey T Elliott
Mr T Frederick Elliott
Mrs Hazel M Elliott
Secretary Mrs Hazel M Elliott
Company number NI055163
Registered office 2 Carn Drive
Portadown
Craigavon
Co Armagh
BT63 5WJ
Accountants Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
Bankers Ulster Bank Ltd
22 Bridge Street
Banbridge
Co Down
BT32 3JT
Elliott's Tradition Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Elliott's Tradition Limited
Year ended 30 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elliott's Tradition Limited for the year ended 30 January 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Elliott's Tradition Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Elliott's Tradition Limited and state those matters that we have agreed to state to the board of directors of Elliott's Tradition Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elliott's Tradition Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elliott's Tradition Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elliott's Tradition Limited. You consider that Elliott's Tradition Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elliott's Tradition Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
21 February 2024
Elliott's Tradition Limited
Balance sheet
30 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 619,900 501,013
_______ _______
619,900 501,013
Current assets
Stocks 381,571 411,891
Debtors 7 1,482,784 1,374,387
Cash at bank and in hand 1,294,045 1,264,904
_______ _______
3,158,400 3,051,182
Creditors: amounts falling due
within one year 8 ( 960,655) ( 967,225)
_______ _______
Net current assets 2,197,745 2,083,957
_______ _______
Total assets less current liabilities 2,817,645 2,584,970
Creditors: amounts falling due
after more than one year 9 ( 41,378) ( 68,027)
Provisions for liabilities 10 ( 72,407) ( 33,027)
_______ _______
Net assets 2,703,860 2,483,916
_______ _______
Capital and reserves
Called up share capital 11 4 4
Profit and loss account 2,703,856 2,483,912
_______ _______
Shareholders funds 2,703,860 2,483,916
_______ _______
For the year ending 30 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr Jeffrey T Elliott
Director
Company registration number: NI055163
Elliott's Tradition Limited
Notes to the financial statements
Year ended 30 January 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Carn Drive, Portadown, Craigavon, Co Armagh, BT63 5WJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Covid-19
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information in making their assessment. In particular, in response to the Covid-19 pandemic, the directors have taken into account the impact on their business of possible scenarios brought on by the impact of Covid-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Freehold property - 1 % reducing balance
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their 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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 21 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 27,619 80,159
Adjustments in respect of previous periods ( 395) ( 13)
_______ _______
Deferred tax:
Origination and reversal of timing differences 39,380 1,968
_______ _______
Tax on profit 66,604 82,114
_______ _______
Reconciliation of tax expense
2023 2022
£ £
Profit before taxation 320,548 427,301
_______ _______
Profit multiplied by rate of tax 60,904 81,187
Adjustments in respect of prior periods ( 395) ( 13)
Effect of expenses not deductible for tax purposes ( 418) 585
Effect of capital allowances and depreciation ( 32,867) ( 1,613)
Deferred tax (release)/charge in the year 39,380 1,968
_______ _______
Tax on profit 66,604 82,114
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 31 January 2022 376,636 528,439 69,226 273,418 1,247,719
Additions - 130,988 2,846 46,845 180,679
Disposals - ( 19,500) - ( 55,167) ( 74,667)
_______ _______ _______ _______ _______
At 30 January 2023 376,636 639,927 72,072 265,096 1,353,731
_______ _______ _______ _______ _______
Depreciation
At 31 January 2022 55,224 473,723 54,146 163,613 746,706
Charge for the year 3,215 35,497 3,826 16,711 59,249
Disposals - ( 19,491) - ( 52,633) ( 72,124)
_______ _______ _______ _______ _______
At 30 January 2023 58,439 489,729 57,972 127,691 733,831
_______ _______ _______ _______ _______
Carrying amount
At 30 January 2023 318,197 150,198 14,100 137,405 619,900
_______ _______ _______ _______ _______
At 30 January 2022 321,412 54,716 15,080 109,805 501,013
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 1,372,092 1,309,417
Amounts owed by connected companies 47,172 10,005
Other debtors 63,520 54,965
_______ _______
1,482,784 1,374,387
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 234,806 158,588
Trade creditors 561,731 569,506
Corporation tax 27,383 95,190
Social security and other taxes 5,867 5,932
Other creditors 130,868 138,009
_______ _______
960,655 967,225
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,227 34,001
Other creditors 18,151 34,026
_______ _______
41,378 68,027
_______ _______
10. Provisions
Deferred tax (note ) Total
£ £
At 31 January 2022 33,027 33,027
Additions 39,380 39,380
_______ _______
At 30 January 2023 72,407 72,407
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
12. Related party transactions
Due to common control the company is deemed to be associated with Fred Elliott Butchers Ltd which the company is owed £47,172 as an intercompany debt and £44,751 as a trade debt.