Registrar
Registration number:
Eltime Limited
for the Year Ended 30 November 2023
Eltime Limited
Contents
Company Information |
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Director's Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Eltime Limited
Company Information
Directors |
D N Hurst |
Registered office |
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Bankers |
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Accountants |
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Eltime Limited
Director's Report for the Year Ended 30 November 2023
The director presents his report and the financial statements for the year ended 30 November 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the manufacture of electronic measuring devices
Small companies provision statement
This report has 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.
Approved by the
Director
Eltime Limited
(Registration number: 01446958)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
180 |
180 |
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Capital redemption reserve |
20 |
20 |
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Revaluation reserve |
599,979 |
599,979 |
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Other reserves |
322,519 |
322,519 |
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Retained earnings |
2,373,478 |
2,056,886 |
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Shareholders' funds |
3,296,176 |
2,979,584 |
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Eltime Limited
(Registration number: 01446958)
Balance Sheet as at 30 November 2023
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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: 10-14 Hall Road Maldon, Essex, CM9 4NF.
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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for manufacture and sale of electronic measuring devices and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company also receives rental income from the investment property
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line or 15% reducing balance |
Tools and equipment |
20% straight line |
Buildings |
Not provided |
The director considers that it is not necessary to depreciate buildings as it would be immaterial and the building is frequently revalued. This is a departure from the Companies Act 2006 however the director considers the Financial Statements to show a true and fair view.
Investment property
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 |
3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
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.
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 December 2022 |
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At 30 November 2023 |
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Amortisation |
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At 1 December 2022 |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
- |
- |
Tangible assets |
Buildings |
Tools and equipment |
Office equipment |
Total |
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Cost or valuation |
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At 1 December 2022 |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
- |
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Charge for the year |
- |
- |
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At 30 November 2023 |
- |
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Carrying amount |
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At 30 November 2023 |
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- |
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At 30 November 2022 |
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- |
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Included within the net book value of buildings above is £1,000,000 (2022 - £1,000,000) in respect of buildings.
Revaluation
The fair value of the company's Freehold Property was revalued on
The directors do not consider the value to be materially different at the 30 November 2023.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Investment properties |
2023 |
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At 1 December |
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At 30 November |
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The Investment Property was revalued by the director on 30 November 2022. The directors do not consider the value to be materially different at 30 November 2023.
Stocks |
2023 |
2022 |
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Work in progress |
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Other inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £78,667 (2022 - £178,667).
Eltime Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £358,555 (2022 - £437,222).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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180 |
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180 |