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2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2021
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xbrli:shares
iso4217:GBP
10613210
2023-03-01
2024-02-29
10613210
2024-02-29
10613210
2023-02-28
10613210
2022-03-01
2023-02-28
10613210
2023-02-28
10613210
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10613210
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2024-02-29
10613210
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2024-02-29
10613210
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10613210
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10613210
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10613210
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10613210
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2023-02-28
10613210
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2024-02-29
10613210
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2023-02-28
10613210
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10613210
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2023-02-28
10613210
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2023-02-28
10613210
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2024-02-29
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2024-02-29
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2024-02-29
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2024-02-29
10613210
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10613210
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2023-02-28
COMPANY REGISTRATION NUMBER:
10613210
Filleted Unaudited Financial Statements |
|
Year ended 29 February 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Elanster Limited |
|
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elanster Limited for the year ended 29 February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Elanster Limited, as a body, in accordance with the terms of our engagement letter dated 14 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Elanster Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elanster Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Elanster 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 Elanster Limited. You consider that Elanster 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 Elanster 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
1 May 2024
Statement of Financial Position |
|
29 February 2024
Fixed assets
Tangible assets |
5 |
765,424 |
765,637 |
|
|
|
|
Current assets
Debtors |
6 |
– |
1,663 |
Cash at bank and in hand |
86,912 |
91,212 |
|
-------- |
-------- |
|
86,912 |
92,875 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
16,629 |
38,334 |
|
-------- |
-------- |
Net current assets |
70,283 |
54,541 |
|
--------- |
--------- |
Total assets less current liabilities |
835,707 |
820,178 |
|
|
|
|
Provisions |
48,232 |
48,232 |
|
--------- |
--------- |
Net assets |
787,475 |
771,946 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
3 |
3 |
Fair value reserve |
156,461 |
156,461 |
Profit and loss account |
631,011 |
615,482 |
|
--------- |
--------- |
Shareholders funds |
787,475 |
771,946 |
|
--------- |
--------- |
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 29 February 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 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
.
Statement of Financial Position (continued) |
|
29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
1 May 2024
, and are signed on behalf of the board by:
Company registration number:
10613210
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Trap Lane Farm, Trap Lane, Sheffield, S11 7RG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the rents received or receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Equipment |
- |
25% straight line |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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 statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023: Nil).
5.
Tangible assets
|
Investment property |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 March 2023 and 29 February 2024 |
765,000 |
849 |
765,849 |
|
--------- |
---- |
--------- |
Depreciation |
|
|
|
At 1 March 2023 |
– |
212 |
212 |
Charge for the year |
– |
213 |
213 |
|
--------- |
---- |
--------- |
At 29 February 2024 |
– |
425 |
425 |
|
--------- |
---- |
--------- |
Carrying amount |
|
|
|
At 29 February 2024 |
765,000 |
424 |
765,424 |
|
--------- |
---- |
--------- |
At 28 February 2023 |
765,000 |
637 |
765,637 |
|
--------- |
---- |
--------- |
|
|
|
|
The investment properties are included at the directors opinion of fair value of £765,000. The historical cost of the properties including acquisition costs is £560,307.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
– |
1,663 |
|
---- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
3,675 |
25,700 |
Other creditors |
12,954 |
12,634 |
|
-------- |
-------- |
|
16,629 |
38,334 |
|
-------- |
-------- |
|
|
|