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Registration number: 11280824


Daniel Elcock Machinery Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Daniel Elcock Machinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Daniel Elcock Machinery Limited

Company Information

Director

Mr D M Elcock

Registered office

Glebe Cottage
Sheriffhales
Shropshire
TF11 8RA

Accountants

Howsons (Stoke) Limited
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Daniel Elcock Machinery Limited

(Registration number: 11280824)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

8,000

Tangible assets

5

32,156

19,517

 

32,156

27,517

Current assets

 

Stocks

6

50,000

40,000

Debtors

7

31,334

26,316

Cash at bank and in hand

 

282,418

269,020

 

363,752

335,336

Creditors: Amounts falling due within one year

8

(227,012)

(214,342)

Net current assets

 

136,740

120,994

Total assets less current liabilities

 

168,896

148,511

Provisions for liabilities

(6,110)

-

Net assets

 

162,786

148,511

Capital and reserves

 

Called up share capital

100

100

Retained earnings

162,686

148,411

Shareholders' funds

 

162,786

148,511

For the financial year ending 31 August 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.

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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 31 May 2024
 

 

Daniel Elcock Machinery Limited

(Registration number: 11280824)
Balance Sheet as at 31 August 2023

.........................................
Mr D M Elcock
Director

 

Daniel Elcock Machinery Limited

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

1

General information

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

The address of its registered office is:
Glebe Cottage
Sheriffhales
Shropshire
TF11 8RA

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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.

 

Daniel Elcock Machinery Limited

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

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

Land and buildings

5% straight line

Plant and machinery

20% straight line

Motor vehicles

20% straight line

Office equipment

30% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

5 years straight line

 

Daniel Elcock Machinery Limited

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

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Daniel Elcock Machinery Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

40,000

40,000

At 31 August 2023

40,000

40,000

Amortisation

At 1 September 2022

32,000

32,000

Amortisation charge

8,000

8,000

At 31 August 2023

40,000

40,000

Carrying amount

At 31 August 2023

-

-

At 31 August 2022

8,000

8,000

 

Daniel Elcock Machinery Limited

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

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

9,812

9,133

13,658

2,180

34,783

Additions

-

18,200

825

-

19,025

At 31 August 2023

9,812

27,333

14,483

2,180

53,808

Depreciation

At 1 September 2022

1,962

7,306

4,210

1,788

15,266

Charge for the year

491

2,737

2,869

289

6,386

At 31 August 2023

2,453

10,043

7,079

2,077

21,652

Carrying amount

At 31 August 2023

7,359

17,290

7,404

103

32,156

At 31 August 2022

7,850

1,827

9,448

392

19,517

 

Daniel Elcock Machinery Limited

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

6

Stocks

2023
£

2022
£

Other inventories

50,000

40,000

7

Debtors

2023
£

2022
£

Trade debtors

28,541

26,316

Other debtors

2,793

-

 

31,334

26,316

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

6,634

4,821

Taxation and social security

-

6,018

Other creditors

32,453

26,609

Director's loan account

187,925

176,894

227,012

214,342