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COMPANY REGISTRATION NUMBER: 01971533
Elmbid Limited
Unaudited financial statements
31 January 2024
Elmbid Limited
Statement of financial position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
12,629
16,147
Investments
5
130,050
150,050
---------
---------
142,679
166,197
Current assets
Debtors
6
462,664
131,417
Cash at bank and in hand
51,578
222,548
---------
---------
514,242
353,965
Creditors: Amounts falling due within one year
7
( 1,136,304)
( 1,001,978)
-----------
-----------
Net current liabilities
( 622,062)
( 648,013)
---------
---------
Total assets less current liabilities
( 479,383)
( 481,816)
Creditors: Amounts falling due after more than one year
8
( 14,072)
( 24,230)
---------
---------
Net liabilities
( 493,455)
( 506,046)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 493,555)
( 506,146)
---------
---------
Shareholders deficit
( 493,455)
( 506,046)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Elmbid Limited
Statement of financial position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr D R Parker
Director
Company registration number: 01971533
Elmbid Limited
Accounting policies
Year ended 31 January 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The going concern basis is considered appropriate despite the adverse financial position disclosed in the balance sheet. The company continues to have the support of its bankers. Also, the directors and other loan creditors have given their assurance that they will continue to support the company by neither withdrawing substantial funds nor charging interest on their loan account with the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Motor vehicles
-
15% straight line
Office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Elmbid Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ilketshall Hall, Ilketshall St. Lawrence, Beccles, Suffolk, NR34 8NH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 February 2023
1,958
21,495
626
24,079
Disposals
( 626)
( 626)
------
-------
----
-------
At 31 January 2024
1,958
21,495
23,453
------
-------
----
-------
Depreciation
At 1 February 2023
1,395
5,911
626
7,932
Charge for the year
294
3,224
3,518
Disposals
( 626)
( 626)
------
-------
----
-------
At 31 January 2024
1,689
9,135
10,824
------
-------
----
-------
Carrying amount
At 31 January 2024
269
12,360
12,629
------
-------
----
-------
At 31 January 2023
563
15,584
16,147
------
-------
----
-------
5. Investments
Investments
£
Cost
At 1 February 2023
150,050
Disposals
( 20,000)
---------
At 31 January 2024
130,050
---------
Impairment
At 1 February 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
130,050
---------
At 31 January 2023
150,050
---------
6. Debtors
2024
2023
£
£
Trade debtors
4,134
17,530
Other debtors
458,530
113,887
---------
---------
462,664
131,417
---------
---------
The deferred taxation asset included in Other Debtors of £112,832 (2023: £112,823) will not be realised within one year .
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,045
9,798
Trade creditors
1,512
356
Social security and other taxes
4,239
8,158
Other creditors
1,120,508
983,666
-----------
-----------
1,136,304
1,001,978
-----------
-----------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,072
24,230
-------
-------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 6)
112,832
112,823
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
( 2,400)
( 3,068)
Unused tax losses
115,232
115,891
---------
---------
112,832
112,823
---------
---------