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Registration number: 06552093

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

(Registration number: 06552093)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

41,625

49,950

Tangible assets

5

12,510

15,552

 

54,135

65,502

Current assets

 

Stocks

6

5,000

4,200

Debtors

7

37,026

29,710

Cash at bank and in hand

 

159,055

136,564

 

201,081

170,474

Creditors: Amounts falling due within one year

8

(46,762)

(49,134)

Net current assets

 

154,319

121,340

Total assets less current liabilities

 

208,454

186,842

Provisions for liabilities

(2,955)

(2,955)

Net assets

 

205,499

183,887

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

204,499

182,887

Shareholders' funds

 

205,499

183,887

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 February 2024
 

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

(Registration number: 06552093)
Balance Sheet as at 31 May 2023

.........................................
Mr DAVID VINCENT ELSTON
Director

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

1

General information

The company is a private company limited by share capital, incorporated in ENGLAND.

The address of its registered office is:
51 MOLESWORTH STREET
WADEBRIDGE
Cornwall
PL27 7DR
United Kingdom

These financial statements were authorised for issue by the director on 16 February 2024.

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.

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.

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furnitur,fittings,tools and equipment

25% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 20 years

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.

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

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.

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.

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.

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

166,500

166,500

At 31 May 2023

166,500

166,500

Amortisation

At 1 June 2022

116,550

116,550

Amortisation charge

8,325

8,325

At 31 May 2023

124,875

124,875

Carrying amount

At 31 May 2023

41,625

41,625

At 31 May 2022

49,950

49,950

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

74,098

74,098

Additions

1,129

1,129

At 31 May 2023

75,227

75,227

Depreciation

At 1 June 2022

58,546

58,546

Charge for the year

4,171

4,171

At 31 May 2023

62,717

62,717

Carrying amount

At 31 May 2023

12,510

12,510

At 31 May 2022

15,552

15,552

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

6

Stocks

2023
£

2022
£

Work in progress

5,000

4,200

7

Debtors

Current

2023
£

2022
£

Trade debtors

36,657

28,653

Prepayments

370

370

Other debtors

(1)

687

 

37,026

29,710

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

26,252

19,417

Taxation and social security

 

12,380

13,689

Accruals and deferred income

 

1,830

9,728

Other creditors

 

6,300

6,300

 

46,762

49,134

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares class 1 of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

26,252

19,417

11

Related party transactions

 

DAVID V ELSTON & CO. LTD

trading as David V Elston & Co.

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,000

-

12

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares class 1 of £1 each

100

100

100

100