2023-01-012023-12-312023-12-31false12013674ELLSI 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ELLSI LIMITED

Registered Number
12013674
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ELLSI LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CAMPBELL, Sharon Louise
DELANEY, Paul
DELANEY, Rebecca Amanda
LOWE, Nicole

Registered Address

Ninth Avenue Flixborough Industrial Estate
Flixborough
Scunthorpe
DN15 8SL

Registered Number

12013674 (England and Wales)
ELLSI LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets385,6884,902
Tangible assets564,02440,693
149,71245,595
Current assets
Stocks63,835,2502,964,421
Debtors71,423,9131,020,027
Cash at bank and on hand122,43878,712
5,381,6014,063,160
Creditors amounts falling due within one year8(3,079,779)(2,282,144)
Net current assets (liabilities)2,301,8221,781,016
Total assets less current liabilities2,451,5341,826,611
Creditors amounts falling due after one year9(1,015,833)(1,038,718)
Provisions for liabilities10(35,000)(5,000)
Net assets1,400,701782,893
Capital and reserves
Called up share capital100100
Profit and loss account1,400,601782,793
Shareholders' funds1,400,701782,893
The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2024, and are signed on its behalf by:
DELANEY, Paul
Director
Registered Company No. 12013674
ELLSI LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or 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.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Development costs
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis over a period of 10 years and results in the carrying amount being expensed in the income statement over the estimated useful life.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Fixtures & Fittings - 20% straight line Tooling is included within fixtures & fittings and is depreciated at 5% straight line.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company 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.
2.Average number of employees

20232022
Average number of employees during the year2528
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 234,9444,944
Additions82,03082,030
At 31 December 2386,97486,974
Amortisation and impairment
At 01 January 234242
Charge for year1,2441,244
At 31 December 231,2861,286
Net book value
At 31 December 2385,68885,688
At 31 December 224,9024,902
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. Amortisation is provided on all intangible assets as follows: Intellectual Property - 5% straight line Research & Development - 10% straight line Software - Not yet in use therefore not amortised
5.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 January 2352,83952,839
Additions37,35237,352
At 31 December 2390,19190,191
Depreciation and impairment
At 01 January 2312,14612,146
Charge for year14,02114,021
At 31 December 2326,16726,167
Net book value
At 31 December 2364,02464,024
At 31 December 2240,69340,693
6.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

2023

2022

££
Finished goods3,835,2502,964,421
Total3,835,2502,964,421
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,108,147908,035
Other debtors257,006100,188
Prepayments and accrued income58,76011,804
Total1,423,9131,020,027
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.
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables60,67176,832
Bank borrowings and overdrafts1,466,062491,826
Amounts owed to related parties350,058958,450
Taxation and social security494,945176,656
Other creditors640,154470,988
Accrued liabilities and deferred income67,889107,392
Total3,079,7792,282,144
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. Included within other creditors, due within one year, is a loan totalling £516,011 (2022 - £348,624) which is secured by fixed and floating charges. Included within bank borrowings, due within one year, is a loan totalling £1,456,062 (2022 - £481,826) which is secured by fixed and floating charges.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,83325,833
Amounts owed to related parties1,000,0001,000,000
Other creditors-12,885
Total1,015,8331,038,718
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)35,0005,000
Total35,0005,000
11.Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £10,444 (2022 - £55,113). Contributions totalling £3,416 (2022 - £1,912) were payable to the fund at the balance sheet date and are included in creditors.
12.Related party transactions
Included within other debtors, amounts falling due within one year, is an amount of £211,764 (2022 - £12,058) due from Kass Bathroom Products Limited, a company with common directors. This amount is interest free. Included within creditors, amounts falling due after more than one year, is an amount of £1,000,000 (2022 - £1,000,000) due to Sabeni Trading Limited. Included within creditors, amounts falling due within one year, is an amount of £350,058 (2022 - £958,450) due to Sabeni Trading Limited. These amounts are interest free. Sabeni Trading Limited is a company under the control of P Delaney, father of S L Campbell, N Delaney and R A Delaney. Included within other debtors, amounts falling due within one year, is an amount of £5,683 (2022 - £12,885 creditor) due from P Delaney. This amount is interest free and repayable on demand. Included within other debtors, amounts falling due within one year, is an amount of £5,000 (2022 - £Nil) due from S Campbell. This amount is interest free and repayable on demand. Included in the profit and loss account is rent payable to Sabeni Trading Limited of £300,000 for rent of space in Sabeni Trading Limited's premises.