Registered number
10930400
Elegantly Spirited Limited
Filleted Accounts
26 January 2024
Elegantly Spirited Limited
Registered number: 10930400
Balance Sheet
as at 26 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 7,278 18,356
Current assets
Stocks 161,637 221,773
Debtors 5 139,776 125,401
Cash at bank and in hand 112,422 221,760
413,835 568,934
Creditors: amounts falling due within one year 6 (96,329) (126,298)
Net current assets 317,506 442,636
Total assets less current liabilities 324,784 460,992
Creditors: amounts falling due after more than one year 7 (1,000,000) (1,000,000)
Net liabilities (675,216) (539,008)
Capital and reserves
Called up share capital 327,045 327,045
Share premium 971,591 971,591
Profit and loss account (1,973,852) (1,837,644)
Shareholders' funds (675,216) (539,008)
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.
Mr. A.J. Carlton
Director
Approved by the board on 8 August 2024
Elegantly Spirited Limited
Notes to the Accounts
for the year ended 26 January 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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 2 4
3 Intangible fixed assets £
Website:
Cost
At 27 January 2023 73,179
At 26 January 2024 73,179
Amortisation
At 27 January 2023 73,179
At 26 January 2024 73,179
Net book value
At 26 January 2024 -
The cost of the website has been fully written-off.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 January 2023 44,382
At 26 January 2024 44,382
Depreciation
At 27 January 2023 26,026
Charge for the year 11,078
At 26 January 2024 37,104
Net book value
At 26 January 2024 7,278
At 26 January 2023 18,356
5 Debtors 2024 2023
£ £
Trade debtors 139,776 125,401
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,194 19,448
Taxation and social security costs 26,676 25,288
Other creditors 58,459 81,562
96,329 126,298
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 1,000,000 1,000,000
8 Other information
Elegantly Spirited Limited is a private company limited by shares and incorporated in England. Its registered office is:
Brock House
19 Langham Street
London
W1W 6BP
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