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Registration number: 13861669

Eliot & Sons Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Eliot & Sons Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Eliot & Sons Ltd

Company Information

Directors

T H Eliot

Mrs R J Eliot

Registered office

28 Broadway
Frome
Somerset
BA11 3HA

Accountants

Burton Sweet
Chartered accountants & business advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Eliot & Sons Ltd

(Registration number: 13861669)
Balance Sheet
31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,440

15,550

Tangible assets

5

1,571

1,666

 

14,011

17,216

Current assets

 

Stocks

6

13,560

15,954

Debtors

7

2,002

1,782

Cash at bank and in hand

 

31,604

18,449

 

47,166

36,185

Creditors: Amounts falling due within one year

8

(47,437)

(63,702)

Net current liabilities

 

(271)

(27,517)

Net assets/(liabilities)

 

13,740

(10,301)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

13,640

(10,401)

Shareholders' funds/(deficit)

 

13,740

(10,301)

 

Eliot & Sons Ltd

(Registration number: 13861669)
Balance Sheet
31 January 2024

For the financial year ending 31 January 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
T H Eliot
Director

 

Eliot & Sons Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
28 Broadway
Frome
Somerset
BA11 3HA

These financial statements were authorised for issue by the Board on 12 April 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.

 

Eliot & Sons Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

The current corporation 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.

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

Office equipment

Over 3 years on a straight line basis

Plant and machinery

25% on a reducing balance basis

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

Franchise fee

Over 5 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.

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.

 

Eliot & Sons Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

 

Eliot & Sons Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

15,550

15,550

At 31 January 2024

15,550

15,550

Amortisation

Amortisation charge

3,110

3,110

At 31 January 2024

3,110

3,110

Carrying amount

At 31 January 2024

12,440

12,440

At 31 January 2023

15,550

15,550

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

1,608

690

2,298

Additions

88

549

637

At 31 January 2024

1,696

1,239

2,935

Depreciation

At 1 February 2023

402

230

632

Charge for the year

324

408

732

At 31 January 2024

726

638

1,364

Carrying amount

At 31 January 2024

970

601

1,571

At 31 January 2023

1,206

460

1,666

 

Eliot & Sons Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Work in progress

13,560

15,954

7

Debtors

2024
£

2023
£

Trade debtors

2,002

1,000

Other debtors

-

782

2,002

1,782

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,096

3,018

Taxation and social security

 

5,562

-

Other creditors

 

37,779

60,684

 

47,437

63,702