Registered number
08219301
ELEMENT PORTFOLIO LTD
Filleted Accounts
31 December 2023
ELEMENT PORTFOLIO LTD
Registered number: 08219301
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 18,973 10,606
Cash at bank and in hand 3,063 6,318
22,036 16,924
Creditors: amounts falling due within one year 4 (44,370) (26,426)
Net current liabilities (22,334) (9,502)
Net liabilities (22,334) (9,502)
Capital and reserves
Called up share capital 100 100
Profit and loss account (22,434) (9,602)
Shareholders' funds (22,334) (9,502)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J Williamson
Director
Approved by the board on 19 September 2024
ELEMENT PORTFOLIO LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Creditors
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2023 2022
£ £
Trade debtors 5,168 1,801
Amounts owed by group undertakings and undertakings in which the company has a participating interest 13,805 8,805
18,973 10,606
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 41,880 23,184
Taxation and social security costs 192 3,242
Directors Loan Account 2,298 -
44,370 26,426
5 Other information
ELEMENT PORTFOLIO LTD is a private company limited by shares and incorporated in England. Its registered office is:
Raydean House
15 Western Parade
Barnet
Herts
EN5 1AH
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