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2022-01-31
Sage Accounts Production 21.0 - FRS102_2021
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2023-01-30
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2022-01-31
2023-01-30
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2023-01-30
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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.