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REGISTERED NUMBER: 02883276 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

John Elliot Limited

John Elliot Limited (Registered number: 02883276)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John Elliot Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr M T Elliot
Mr J J Elliot





SECRETARY: Mr M T Elliot





REGISTERED OFFICE: Great Clifton Farm
Great Clifton
Workington Cumbria
CA14 1TZ





REGISTERED NUMBER: 02883276 (England and Wales)





ACCOUNTANTS: Benson Accountants
The Mill
Station Road
Wigton
Cumbria
CA7 9BA

John Elliot Limited (Registered number: 02883276)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,092,886 1,996,633
2,092,886 1,996,633

CURRENT ASSETS
Stocks 113,029 83,464
Debtors 6 1,027,722 1,168,735
Cash at bank 210,814 59,413
1,351,565 1,311,612
CREDITORS
Amounts falling due within one year 7 305,986 459,792
NET CURRENT ASSETS 1,045,579 851,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,138,465

2,848,453

CREDITORS
Amounts falling due after more than one
year

8

(451,796

)

(272,017

)

PROVISIONS FOR LIABILITIES (312,467 ) (281,187 )
NET ASSETS 2,374,202 2,295,249

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 2,274,202 2,195,249
2,374,202 2,295,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

John Elliot Limited (Registered number: 02883276)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:




Mr J J Elliot - Director



Mr M T Elliot - Director


John Elliot Limited (Registered number: 02883276)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

John Elliot Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and not provided
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

John Elliot Limited (Registered number: 02883276)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 30,000
AMORTISATION
At 1 January 2023
and 31 December 2023 30,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 287,923 4,438,486 240,761 25,634 4,992,804
Additions - 561,153 45,493 3,855 610,501
Disposals (12,253 ) (182,944 ) (12,000 ) - (207,197 )
At 31 December 2023 275,670 4,816,695 274,254 29,489 5,396,108
DEPRECIATION
At 1 January 2023 30,226 2,768,461 175,390 22,094 2,996,171
Charge for year 983 438,535 21,628 1,330 462,476
Eliminated on disposal (1,715 ) (144,436 ) (9,274 ) - (155,425 )
At 31 December 2023 29,494 3,062,560 187,744 23,424 3,303,222
NET BOOK VALUE
At 31 December 2023 246,176 1,754,135 86,510 6,065 2,092,886
At 31 December 2022 257,697 1,670,025 65,371 3,540 1,996,633

John Elliot Limited (Registered number: 02883276)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 1,102,631
Additions 472,564
Transfer to ownership (348,950 )
At 31 December 2023 1,226,245
DEPRECIATION
At 1 January 2023 404,542
Charge for year 201,979
Transfer to ownership (188,191 )
At 31 December 2023 418,330
NET BOOK VALUE
At 31 December 2023 807,915
At 31 December 2022 698,089

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of the ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 815,612 960,268
Other debtors 212,110 208,467
1,027,722 1,168,735

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 164,044 169,590
Trade creditors 92,795 191,530
Taxation and social security 41,195 19,974
Other creditors 7,952 78,698
305,986 459,792

John Elliot Limited (Registered number: 02883276)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 451,796 272,017

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 615,840 441,607

10. FINANCIAL INSTRUMENTS

Financial Assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price.

Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price.

11. OBLIGATIONS UNDER FINANCE LEASES AND HIRE PURCHASE

The maturity of these amounts is as follows:

Amounts payable:
Within one year -£164,044
Between one and five years-£451,796

12. DIRECTORS ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr M T Elliot
Balance outstanding at start of year 129,547 130,881
Amounts advanced 37,183 38,165
Amounts repaid (37,999 ) (39,499 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 128,731 129,547

The above loan is unsecured, interest is charged at the official rate of interest, and is repayable on demand.

John Elliot Limited (Registered number: 02883276)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

In addition to the loan noted above, during the year, one of the directors lent the company monies amounting to £1,779 (2022 - £74,312). The loan is interest free, unsecured and repayable on demand.