Company registration number 09362747 (England and Wales)
Elevate Bridal Limited
Unaudited Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Elevate Bridal Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 3
Elevate Bridal Limited
Balance sheet
For the year ended 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
3,632
5,980
Cash at bank and in hand
1,737
5,444
5,369
11,424
Creditors: amounts falling due within one year
4
(2,091)
(2,091)
Net current assets
3,278
9,333
Creditors: amounts falling due after more than one year
5
(11,103)
(13,355)
Net liabilities
(7,825)
(4,022)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,925)
(4,122)
Total equity
(7,825)
(4,022)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 April 2024
Ms V M S Harris
Director
Company registration number 09362747 (England and Wales)
Elevate Bridal Limited
Notes to the Financial Statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Elevate Bridal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based 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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Elevate Bridal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,632
5,980
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,091
2,091
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,103
13,355