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Filleted
Registration number: 11705936

Elliston Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Elliston Developments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Elliston Developments Ltd

Company Information

Directors

Mr P A Sauro

Mr M A Sauro

Registered office

9 Elliston Terrace
Carmarthen
SA31 1HA

Accountants

LHP Carmarthen
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Elliston Developments Ltd

(Registration number: 11705936)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

82,824

42,564

Current assets

 

Stocks

5

551,157

579,990

Debtors

6

203,193

36,043

Cash at bank and in hand

 

20,877

14,517

 

775,227

630,550

Creditors: Amounts falling due within one year

7

(570,258)

(490,109)

Net current assets

 

204,969

140,441

Total assets less current liabilities

 

287,793

183,005

Creditors: Amounts falling due after more than one year

7

(158,300)

(42,761)

Net assets

 

129,493

140,244

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

129,393

140,144

Shareholders' funds

 

129,493

140,244

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

Mr P A Sauro
Director

   
     
 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Elliston Terrace
Carmarthen
SA31 1HA

These financial statements were authorised for issue by the Board on 1 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Office equipment

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

20,067

79

32,990

53,136

Additions

41,971

532

11,828

54,331

At 31 March 2023

62,038

611

44,818

107,467

Depreciation

At 1 April 2022

3,679

20

6,873

10,572

Charge for the year

5,419

142

8,510

14,071

At 31 March 2023

9,098

162

15,383

24,643

Carrying amount

At 31 March 2023

52,940

449

29,435

82,824

At 31 March 2022

16,388

59

26,117

42,564

5

Stocks

2023
£

2022
£

Work in progress

551,157

579,990

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

5,457

-

Amounts owed by related parties

10

149,102

6,600

Prepayments

 

4,939

2,570

Other debtors

 

43,695

26,873

   

203,193

36,043

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

11,321

231,743

Trade creditors

 

45,229

31,031

Taxation and social security

 

8,084

2,409

Amounts owed to related parties

 

497,575

169,939

Directors' loan accounts

 

1,292

-

Other creditors

 

6,757

54,987

 

570,258

490,109

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

158,300

42,761

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

50

50

50

50

Ordinary B Shares of £1 each

50

50

50

50

 

100

100

100

100

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,742

39,371

Hire purchase contracts

36,626

3,390

Other borrowings

87,932

-

158,300

42,761

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,472

5,315

Hire purchase contracts

5,849

2,654

Other borrowings

-

223,774

11,321

231,743

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr P A Sauro

Interest free loan repayable on demand

10,193

1,504

11,697

       
     

Mr M A Sauro

Interest free loan repayable on demand

8,762

(10,054)

(1,292)

       
     

 

 

Elliston Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr P A Sauro

Interest free loan repayable on demand

(598)

10,790

10,193

       
     

Mr M A Sauro

Interest free loan repayable on demand

1,591

7,172

8,762

       
     

 

Loans to related parties

 

Other related parties

2023
£

2022
£

At start of period

6,600

221,661

Advanced

142,502

-

Repaid

-

(215,061)

At end of period

149,102

6,600

Terms of loans to related parties

Loans owed by other related parties are interest free with no fixed repayments and are repayable on demand.

Loans from related parties

 

Other related parties

2023
£

2022
£

At start of period

169,939

-

Advanced

327,636

169,939

At end of period

497,575

169,939

Terms of loans from related parties

Loans owed to other related parties are interest free with no fixed repayments and are repayable on demand.