Registered number
05070791
Elf Forktrucks Limited
Filleted Accounts
for the year ended 30 June 2024
Elf Forktrucks Limited
Registered number: 05070791
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 352,897 292,889
Current assets
Stocks 438,500 485,500
Debtors 5 198,905 181,711
Cash at bank and in hand 89,822 80,426
727,227 747,637
Creditors: amounts falling due within one year 6 (287,098) (455,559)
Net current assets 440,129 292,078
Total assets less current liabilities 793,026 584,967
Creditors: amounts falling due after more than one year 7 (318,802) (211,843)
Provisions for liabilities (93,113) (77,165)
Net assets 381,111 295,959
Capital and reserves
Called up share capital 100 100
Profit and loss account 381,011 295,859
Shareholders' funds 381,111 295,959
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Horsham
Director
Approved by the board on 31 July 2024
Elf Forktrucks Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 60,000
At 30 June 2024 60,000
Amortisation
At 1 July 2023 60,000
At 30 June 2024 60,000
Net book value
At 30 June 2024 -
Goodwill has been capitalised and written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 4,700 265,250 128,225 398,175
Additions - 103,431 56,000 159,431
Disposals - (18,000) (3,600) (21,600)
At 30 June 2024 4,700 350,681 180,625 536,006
Depreciation
At 1 July 2023 3,002 88,429 13,855 105,286
Charge for the year 170 57,300 29,972 87,442
On disposals - (6,636) (2,983) (9,619)
At 30 June 2024 3,172 139,093 40,844 183,109
Net book value
At 30 June 2024 1,528 211,588 139,781 352,897
At 30 June 2023 1,698 176,821 114,370 292,889
5 Debtors 2024 2023
£ £
Trade debtors 162,450 181,323
Other debtors 36,455 388
198,905 181,711
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,096 31,815
Obligations under finance lease and hire purchase contracts 88,532 57,694
Trade creditors 45,512 202,339
Taxation and social security costs 75,604 20,655
Other creditors 65,354 143,056
287,098 455,559
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,374 23,465
Obligations under finance lease and hire purchase contracts 238,053 188,378
Other creditors 69,375 -
318,802 211,843
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,871 23,710
Obligations under finance lease and hire purchase contracts 326,585 246,072
328,456 269,782
HSBC have a fixed and floating charge over the whole assets and undertaking. The loans in respect of the hire purchase and finance lease agreements are secured against the assets to which they relate.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 25,893 -
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Stephen Horsham
Overdrawn loan account, with no fixed terms for repayment. Interest of £639 (2023 : Nil) was paid by the director at a rate of 2.25%. 65,665 (170,740) 79,890 (25,185)
Joanne Horsham
Interest free loan, in credit, with no fixed terms for repayment. 9,751 (35,611) 28,400 2,540
Jade Limebear
Interest free loan, in credit, with no fixed terms for repayment. 12,237 (29,919) 24,312 6,630
Luke Horsham
Interest free loan, in credit, with no fixed terms for repayment. 12,237 (29,919) 24,312 6,630
99,890 (266,189) 156,914 (9,385)
11 Related party transactions
The directors Mr Stephen Horsham and Mrs Joanne Horsham have provided a joint and several personal guarantee to the company's bankers in respect of a loan. The value of the security is £100,000 (2023 : £100,000). They have also provided a joint and several personal guarantee to Healey House Holdings Ltd in respect of a loan. The value of the security is £90,000 (2023 : Nil).
12 Other information
Elf Forktrucks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hillhouse
Alder Street
Huddersfield
West Yorkshire
HD1 6JY
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