Silverfin false false 31/12/2023 01/01/2023 31/12/2023 James Clifford John Dent 04/06/2020 20 February 2024 The principal activity of the company continues to be that of management consultancy activities other than financial management. 12646943 2023-12-31 12646943 bus:Director1 2023-12-31 12646943 2022-12-31 12646943 core:CurrentFinancialInstruments 2023-12-31 12646943 core:CurrentFinancialInstruments 2022-12-31 12646943 core:ShareCapital 2023-12-31 12646943 core:ShareCapital 2022-12-31 12646943 core:RetainedEarningsAccumulatedLosses 2023-12-31 12646943 core:RetainedEarningsAccumulatedLosses 2022-12-31 12646943 core:ComputerSoftware 2022-12-31 12646943 core:ComputerSoftware 2023-12-31 12646943 core:FurnitureFittings 2022-12-31 12646943 core:FurnitureFittings 2023-12-31 12646943 core:CurrentFinancialInstruments 1 2023-12-31 12646943 core:CurrentFinancialInstruments 1 2022-12-31 12646943 bus:OrdinaryShareClass1 2023-12-31 12646943 2023-01-01 2023-12-31 12646943 bus:FilletedAccounts 2023-01-01 2023-12-31 12646943 bus:SmallEntities 2023-01-01 2023-12-31 12646943 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12646943 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12646943 bus:Director1 2023-01-01 2023-12-31 12646943 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 12646943 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 12646943 2022-01-01 2022-12-31 12646943 core:ComputerSoftware 2023-01-01 2023-12-31 12646943 core:FurnitureFittings 2023-01-01 2023-12-31 12646943 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12646943 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12646943 (England and Wales)

THE FAMILY ELEPHANT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE FAMILY ELEPHANT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE FAMILY ELEPHANT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
THE FAMILY ELEPHANT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 1,187 2,635
Tangible assets 5 2,000 2,600
3,187 5,235
Current assets
Debtors 6 5,287 1,452
Cash at bank and in hand 5,221 11,667
10,508 13,119
Creditors: amounts falling due within one year 7 ( 128,903) ( 54,170)
Net current liabilities (118,395) (41,051)
Total assets less current liabilities (115,208) (35,816)
Net liabilities ( 115,208) ( 35,816)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 115,308 ) ( 35,916 )
Total shareholder's deficit ( 115,208) ( 35,816)

For the financial year ending 31 December 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 financial statements of The Family Elephant Limited (registered number: 12646943) were approved and authorised for issue by the Director on 20 February 2024. They were signed on its behalf by:

James Clifford John Dent
Director
THE FAMILY ELEPHANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE FAMILY ELEPHANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Family Elephant Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3rd Floor Eagle Tower, Montpellier Drive, Cheltenham, GL50 1TA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £115,208. The Company is supported through loans from a connected Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the connected Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

Prior year restatements are made where a material adjustment is required in the prior year figures. The comparatives are adjusted to allow comparability between periods. See note 2 for further details.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Management charges 49,168 (22,829) 26,339

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

4. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 6,029 6,029
Additions 809 809
At 31 December 2023 6,838 6,838
Accumulated amortisation
At 01 January 2023 3,394 3,394
Charge for the financial year 2,257 2,257
At 31 December 2023 5,651 5,651
Net book value
At 31 December 2023 1,187 1,187
At 31 December 2022 2,635 2,635

5. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2023 3,000 3,000
At 31 December 2023 3,000 3,000
Accumulated depreciation
At 01 January 2023 400 400
Charge for the financial year 600 600
At 31 December 2023 1,000 1,000
Net book value
At 31 December 2023 2,000 2,000
At 31 December 2022 2,600 2,600

6. Debtors

2023 2022
£ £
Prepayments 2,207 0
Other debtors 3,080 1,452
5,287 1,452

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,783 1,153
Amounts owed to connected companies 122,010 32,649
Amounts owed to director 0 15,837
Accruals 3,110 4,531
128,903 54,170

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

At the balance sheet date and included within creditors are amounts totalling nil (2022: £15,837) as due to the company director.