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Registrar

Registration number: 01446958

Eltime Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Eltime Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Eltime Limited

Company Information

Directors

D N Hurst

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Santander UK Plc
Bridle Road
Bootle
Merseyside
L30 4GB

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

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:

D N Hurst

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 on 26 July 2024 and signed on its behalf by:

D N Hurst
Director

 

Eltime Limited

(Registration number: 01446958)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,001,375

1,001,617

Investment property

6

2,000,000

2,000,000

 

3,001,375

3,001,617

Current assets

 

Stocks

7

411,939

282,044

Debtors

8

439,911

442,985

Cash at bank and in hand

 

151,114

159,958

 

1,002,964

884,987

Creditors: Amounts falling due within one year

9

(209,534)

(329,727)

Net current assets

 

793,430

555,260

Total assets less current liabilities

 

3,794,805

3,556,877

Creditors: Amounts falling due after more than one year

9

(358,555)

(437,222)

Provisions for liabilities

(140,074)

(140,071)

Net assets

 

3,296,176

2,979,584

Capital and reserves

 

Called up share capital

10

180

180

Capital redemption reserve

20

20

Revaluation reserve

599,979

599,979

Other reserves

322,519

322,519

Retained earnings

2,373,478

2,056,886

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:

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 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 on 26 July 2024
 

D N Hurst
Director

 

Eltime Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: 10-14 Hall Road Maldon, Essex, CM9 4NF.

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.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 13).

 

Eltime Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

305,000

305,000

At 30 November 2023

305,000

305,000

Amortisation

At 1 December 2022

305,000

305,000

At 30 November 2023

305,000

305,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Buildings
£

Tools and equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

1,000,000

57,850

121,737

1,179,587

At 30 November 2023

1,000,000

57,850

121,737

1,179,587

Depreciation

At 1 December 2022

-

57,850

120,120

177,970

Charge for the year

-

-

242

242

At 30 November 2023

-

57,850

120,362

178,212

Carrying amount

At 30 November 2023

1,000,000

-

1,375

1,001,375

At 30 November 2022

1,000,000

-

1,617

1,001,617

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 30 November 2022 by the director.
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 £260,000 (2022 - £260,000).

 

Eltime Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Investment properties

2023
£

At 1 December

2,000,000

At 30 November

2,000,000

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.

7

Stocks

2023
£

2022
£

Work in progress

15,000

15,000

Other inventories

396,939

267,044

411,939

282,044

8

Debtors

2023
£

2022
£

Trade debtors

193,960

199,526

Prepayments

4,308

1,815

Other debtors

241,643

241,644

439,911

442,985

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

78,667

178,667

Trade creditors

 

15,662

31,483

Taxation and social security

 

109,688

107,889

Accruals and deferred income

 

3,500

3,500

Other creditors

 

2,017

8,188

 

209,534

329,727

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
£

Due after one year

 

Loans and borrowings

358,555

437,222

Creditors include bank loans and overdrafts which are secured of £358,555 (2022 - £437,222).

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

180

180

180

180