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Registration number: 01159252

Elvington Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Elvington Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Elvington Holdings Limited

Company Information

Director

Mr Timothy Nicholas Garland

Registered office

Unit G4
Elvington Industrial Estate
Elvington
York
North Yorkshire
YO41 4AR

Accountants

Ian Walker & Co
Box Tree House
Northminster Business Park
Upper Poppleton
York
YO26 6QR

 

Elvington Holdings Limited

(Registration number: 01159252)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,153,789

2,363,117

Current assets

 

Stocks

5

33,325

31,009

Debtors

6

294,820

304,441

Cash at bank and in hand

 

24,113

68,616

 

352,258

404,066

Creditors: Amounts falling due within one year

7

(542,780)

(577,767)

Net current liabilities

 

(190,522)

(173,701)

Total assets less current liabilities

 

1,963,267

2,189,416

Creditors: Amounts falling due after more than one year

7

(479,549)

(671,093)

Provisions for liabilities

(270,516)

(181,492)

Net assets

 

1,213,202

1,336,831

Capital and reserves

 

Called up share capital

8

26,660

26,660

Retained earnings

1,186,542

1,310,171

Shareholders' funds

 

1,213,202

1,336,831

For the financial year ending 31 December 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.

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 19 September 2024
 

 

Elvington Holdings Limited

(Registration number: 01159252)
Balance Sheet as at 31 December 2023

.........................................
Mr Timothy Nicholas Garland
Director

 

Elvington Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit G4
Elvington Industrial Estate
Elvington
York
North Yorkshire
YO41 4AR

These financial statements were authorised for issue by the director on 19 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Elvington Holdings Limited

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

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.

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

Plant and equipment

20% straight line

Fixtures and fittings

25% straight line

Vehicles

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Elvington Holdings Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 14).

 

Elvington Holdings Limited

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

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

94,180

314,300

4,125,793

4,534,273

Additions

3,420

-

335,705

339,125

Disposals

-

(23,615)

(297,368)

(320,983)

At 31 December 2023

97,600

290,685

4,164,130

4,552,415

Depreciation

At 1 January 2023

82,544

240,160

1,848,452

2,171,156

Charge for the year

2,695

16,580

375,565

394,840

Eliminated on disposal

-

(21,236)

(146,134)

(167,370)

At 31 December 2023

85,239

235,504

2,077,883

2,398,626

Carrying amount

At 31 December 2023

12,361

55,181

2,086,247

2,153,789

At 31 December 2022

11,636

74,140

2,277,341

2,363,117

5

Stocks

2023
£

2022
£

Other inventories

33,325

31,009

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

198,138

294,687

Amounts owed by related parties

6,680

6,680

Prepayments

 

2,583

3,074

Other debtors

 

87,419

-

   

294,820

304,441

 

Elvington Holdings Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

396,249

378,688

Trade creditors

 

53,147

94,139

Taxation and social security

 

47,964

44,161

Accruals and deferred income

 

27,918

27,738

Other creditors

 

17,502

33,041

 

542,780

577,767

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

479,549

671,093

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

26,660

26,660

26,660

26,660

       
 

Elvington Holdings Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,883

25,991

Hire purchase contracts

463,666

645,102

479,549

671,093

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,867

9,626

Bank overdrafts

-

974

Hire purchase contracts

386,382

368,088

396,249

378,688

10

Parent and ultimate parent undertaking

The company's immediate parent is Elvington Plant Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is Tim Garland.