Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity1513falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07073848 2023-01-01 2023-12-31 07073848 2022-01-01 2022-12-31 07073848 2023-12-31 07073848 2022-12-31 07073848 2022-01-01 07073848 c:Director1 2023-01-01 2023-12-31 07073848 d:PlantMachinery 2023-01-01 2023-12-31 07073848 d:PlantMachinery 2023-12-31 07073848 d:PlantMachinery 2022-12-31 07073848 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07073848 d:CurrentFinancialInstruments 2023-12-31 07073848 d:CurrentFinancialInstruments 2022-12-31 07073848 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07073848 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07073848 d:ShareCapital 2023-01-01 2023-12-31 07073848 d:ShareCapital 2023-12-31 07073848 d:ShareCapital 2022-01-01 2022-12-31 07073848 d:ShareCapital 2022-12-31 07073848 d:ShareCapital 2022-01-01 07073848 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07073848 d:RetainedEarningsAccumulatedLosses 2023-12-31 07073848 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07073848 d:RetainedEarningsAccumulatedLosses 2022-12-31 07073848 d:RetainedEarningsAccumulatedLosses 2022-01-01 07073848 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07073848 c:OrdinaryShareClass1 2023-12-31 07073848 c:OrdinaryShareClass1 2022-12-31 07073848 c:FRS102 2023-01-01 2023-12-31 07073848 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07073848 c:FullAccounts 2023-01-01 2023-12-31 07073848 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07073848 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07073848 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07073848 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07073848









ELEMENT LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ELEMENT LONDON LIMITED
REGISTERED NUMBER: 07073848

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
7,573
12,675

  
7,573
12,675

Current assets
  

Stocks
 7 
-
13

Debtors: amounts falling due within one year
 8 
1,508,299
1,064,738

Cash at bank and in hand
 9 
3,135,676
2,538,678

  
4,643,975
3,603,429

Creditors: amounts falling due within one year
 10 
(3,383,518)
(2,697,424)

Net current assets
  
 
 
1,260,457
 
 
906,005

Total assets less current liabilities
  
1,268,030
918,680

Provisions for liabilities
  

Deferred tax
 11 
(1,893)
(3,168)

  
 
 
(1,893)
 
 
(3,168)

Net assets
  
1,266,137
915,512


Capital and reserves
  

Called up share capital 
 12 
45,000
45,000

Profit and loss account
  
1,221,137
870,512

  
1,266,137
915,512


Page 1

 
ELEMENT LONDON LIMITED
REGISTERED NUMBER: 07073848
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2024.




M A Lee
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
ELEMENT LONDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
45,000
870,512
915,512


Comprehensive income for the year

Profit for the year
-
751,125
751,125
Total comprehensive income for the year
-
751,125
751,125


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,500)
(400,500)


Total transactions with owners
-
(400,500)
(400,500)


At 31 December 2023
45,000
1,221,137
1,266,137


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
ELEMENT LONDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
45,000
585,287
630,287


Comprehensive income for the year

Profit for the year
-
645,225
645,225
Total comprehensive income for the year
-
645,225
645,225


Contributions by and distributions to owners

Dividends: Equity capital
-
(360,000)
(360,000)


Total transactions with owners
-
(360,000)
(360,000)


At 31 December 2022
45,000
870,512
915,512


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Element London Limited is a private company limited by shares and incorporated in England under registered number 07073848. Its registered office is at 5 Morie Street, London SW18 1SL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The directors have carefully considered all aspects of the Company's finances to ensure that the Company has sufficient financial resources to operate throughout the next 12 months and have completed the accounts on a going concern basis.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover is recognised on an invoice date basis with up to 20% of the gross margin deferred until fulfillment of the job.       

Page 5

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 13).


5.


Interest receivable

2023
2022
£
£


Other interest receivable
29,003
10,912

29,003
10,912

Page 9

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
42,821


Additions
2,968


Disposals
(721)



At 31 December 2023

45,068



Depreciation


At 1 January 2023
30,146


Charge for the year on owned assets
8,070


Disposals
(721)



At 31 December 2023

37,495



Net book value



At 31 December 2023
7,573



At 31 December 2022
12,675

Page 10

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Vouchers and event tickets
-
13

-
13



8.


Debtors

2023
2022
£
£


Trade debtors
1,408,358
883,462

Other debtors
99,941
181,276

1,508,299
1,064,738



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,135,676
2,538,678

3,135,676
2,538,678



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,155
144,995

Corporation tax
233,640
147,204

Other taxation and social security
161,328
159,031

Other creditors
2,689,542
2,145,886

Accruals and deferred income
253,853
100,308

3,383,518
2,697,424


Page 11

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,168)
(3,586)


Charged to profit or loss
1,275
418



At end of year
(1,893)
(3,168)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,893)
(3,168)

(1,893)
(3,168)


12.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



45,000 (2022 - 45,000) Ordinary shares of £1.00 each
45,000
45,000



13.


Restricted cash

Included within cash at bank and in hand is restricted cash of £72,900 (2022: £122,023) provided as security for ABTOT travel bonds. 


14.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £11,427 (2021: £8,775). Contributions totaling £2920 (2022: £2364) were payable to the fund at the reporting date.

Page 12

 
ELEMENT LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Transactions with directors


M A Lee

2023
2022
£
£
Balance outstanding at the start of the year

255,634

241,999

Paid by the director

204,463

181,658

Repaid to the director

(428,290)

(168,023)

Balance outstanding at the year end
31,807

255,634



O N H Duval

2023
2022
£
£
Balance outstanding at the start of the year

80,590

(9,410)

Paid by the director

200,250

180,000

Repaid to the director

(280,753)

(90,000)

Balance outstanding at the year end
87

80,590


The above loans are unsecured, interest free  with no  fixed repayment date, included in other creditors less than 1 year.


16.


Controlling party

In the opinion of the directors, the company has no controlling party.      

 
Page 13