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Registration number: 08711641

Elma Research Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Elma Research Limited

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Unaudited Financial Statements

3 to 6

 

Elma Research Limited

(Registration number: 08711641)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,518

12,103

Current assets

 

Debtors

6

1,160,154

735,834

Cash at bank and in hand

 

252,961

476,078

 

1,413,115

1,211,912

Creditors: Amounts falling due within one year

7

(917,044)

(601,048)

Net current assets

 

496,071

610,864

Net assets

 

510,589

622,967

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

509,589

621,967

Shareholders' funds

 

510,589

622,967

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 July 2024 and signed on its behalf by:
 

.........................................
M Massagrande
Director

 

Elma Research Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,000

621,967

622,967

Profit for the year

-

17,593

17,593

Dividends

-

(129,971)

(129,971)

At 31 December 2023

1,000

509,589

510,589

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1,000

591,745

592,745

Profit for the year

-

159,199

159,199

Dividends

-

(128,977)

(128,977)

At 31 December 2022

1,000

621,967

622,967

 

Elma Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 Waterhouse Square
138-142 Holborn
London
EC1N 2SW
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Elma Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis

Office equipment

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Elma Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
The company only enters into basic financial instruments 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 non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,435

5,238

5

Tangible assets

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

6,261

28,787

35,048

Additions

8,850

-

8,850

At 31 December 2023

15,111

28,787

43,898

Depreciation

At 1 January 2023

2,258

20,687

22,945

Charge for the year

2,738

3,697

6,435

At 31 December 2023

4,996

24,384

29,380

Carrying amount

At 31 December 2023

10,115

4,403

14,518

At 31 December 2022

4,003

8,100

12,103

 

Elma Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

900,454

616,418

Prepayments

71,050

29,623

Other debtors

188,650

89,793

 

1,160,154

735,834

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

173,244

96,447

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

32,061

35,010

Taxation and social security

 

57,133

75,629

Accruals and deferred income

 

650,562

386,823

Other creditors

 

4,044

7,139

 

917,044

601,048

8

Related party transactions

Summary of transactions with other related parties

At the period end the net balance due to the shareholder was £32,061 (2022: £35,010). The loan is interest free and repayable on demand.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Elma Research SRL, incorporated in Italy.