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REGISTERED NUMBER: 04268034 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Elite Engraving Limited

Elite Engraving Limited (Registered number: 04268034)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Elite Engraving Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D R Millard



REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



REGISTERED NUMBER: 04268034 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: National Westminster Bank plc
PO Box 205
90 Regent Street
Kingswood
Bristol
BS99 5AE

Elite Engraving Limited (Registered number: 04268034)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 170,805 132,761
170,805 132,761

CURRENT ASSETS
Inventories 2,650 2,650
Debtors 6 45,409 57,942
Cash at bank and in hand 106,091 90,870
154,150 151,462
CREDITORS
Amounts falling due within one year 7 122,619 123,618
NET CURRENT ASSETS 31,531 27,844
TOTAL ASSETS LESS CURRENT
LIABILITIES

202,336

160,605

CREDITORS
Amounts falling due after more than one
year

8

(42,536

)

(41,666

)

PROVISIONS FOR LIABILITIES (11,527 ) (10,712 )
NET ASSETS 148,273 108,227

Elite Engraving Limited (Registered number: 04268034)

Statement of Financial Position - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 9 50 50
Retained earnings 9 148,173 108,127
SHAREHOLDERS' FUNDS 148,273 108,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 September 2024 and were signed by:





D R Millard - Director


Elite Engraving Limited (Registered number: 04268034)

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

1. STATUTORY INFORMATION

Elite Engraving Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 195,000
AMORTISATION
At 1 January 2023
and 31 December 2023 195,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 117,243 142,445 3,245
Additions - - -
Disposals - - -
At 31 December 2023 117,243 142,445 3,245
DEPRECIATION
At 1 January 2023 46,896 106,765 3,009
Charge for year 5,862 5,352 35
Eliminated on disposal - - -
At 31 December 2023 52,758 112,117 3,044
NET BOOK VALUE
At 31 December 2023 64,485 30,328 201
At 31 December 2022 70,347 35,680 236

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 77,210 10,864 351,007
Additions 87,990 - 87,990
Disposals (77,210 ) - (77,210 )
At 31 December 2023 87,990 10,864 361,787
DEPRECIATION
At 1 January 2023 52,780 8,796 218,246
Charge for year 17,520 310 29,079
Eliminated on disposal (56,343 ) - (56,343 )
At 31 December 2023 13,957 9,106 190,982
NET BOOK VALUE
At 31 December 2023 74,033 1,758 170,805
At 31 December 2022 24,430 2,068 132,761

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 77,210
Additions 60,990
Disposals (77,210 )
At 31 December 2023 60,990
DEPRECIATION
At 1 January 2023 52,780
Charge for year 12,457
Eliminated on disposal (56,343 )
At 31 December 2023 8,894
NET BOOK VALUE
At 31 December 2023 52,096
At 31 December 2022 24,430

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 33,432 46,065
Prepayments and accrued income 11,977 11,877
45,409 57,942

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 7,500 9,442
Trade creditors 18,896 12,258
Tax 6,028 8,209
Tax on director's loan int 1,207 2,249
Social security and other taxes 3,830 3,182
VAT 5,865 5,581
Directors' current accounts 66,029 69,339
Accrued expenses 2,616 2,710
122,619 123,618

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 22,536 32,224
Hire purchase contracts 20,000 9,442
42,536 41,666

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 108,127 50 108,177
Profit for the year 73,785 73,785
Dividends (33,739 ) (33,739 )
At 31 December 2023 148,173 50 148,223

Elite Engraving Limited (Registered number: 04268034)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RELATED PARTY DISCLOSURES

Mr D R Millard
2023 2022

Gross interest on loan to company 6,036 4,363

Capital introduced/(withdrawn) (3,311 ) 7,693

At the year end, the company owed the director £66,028 (2022 - £69,339).