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Registration number: 09605261

Elbe Street Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Elbe Street Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Elbe Street Limited

Company Information

Director

Mr V Scalzo

Registered office

24 Florence Court
Florence Way
Knaphill
Surrey
GU21 2TN

Registered number

09605261

Accountants

Ripe LLP
Chartered Accountants
9a Burroughs Gardens
London
NW4 4AU

 

Elbe Street Limited

(Registration number: 09605261)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

-

137,325

Cash at bank and in hand

 

4,608

825

 

4,608

138,150

Creditors: Amounts falling due within one year

5

(15,439)

(452,345)

Net liabilities

 

(10,831)

(314,195)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(10,931)

(314,295)

Shareholders' deficit

 

(10,831)

(314,195)

For the financial year ending 31 May 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 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 30 September 2024
 

.........................................
Mr V Scalzo
Director

 

Elbe Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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:
24 Florence Court
Florence Way
Knaphill
Surrey
GU21 2TN

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.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The company has ceased trading and the director intend to wind up the company in near future. Therefore, it would not be appropriate for the financial statements for the year ended 31 May 2024 to be prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

 

Elbe Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

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.

 

Elbe Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Financial instruments

Classification
The financial assets and liabilities of the balance sheet are presented and evaluated in accordance with the various categories in accordance with IFRS 9 but for presentation purpose we are using FRS 102.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

8

-

118,825

Other debtors

 

-

18,500

 

-

137,325

 

Elbe Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

533

5,200

Trade creditors

 

-

237

Accruals and deferred income

 

2,100

2,100

Other creditors

 

12,806

444,808

 

15,439

452,345

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

25

25

25

25

Ordinary A shares of £1 each

25

25

25

25

Ordinary B shares of £1 each

25

25

25

25

Ordinary C shares of £1 each

25

25

25

25

100

100

100

100

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

533

5,200

Bounce Back Loan is repayable in 60 equal monthly instalments commencing from 03/08/2021. Interest is charged at rate of 2.5% per annum.

 

Elbe Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

Transactions with the director

At the balance sheet date, the company owed £12,806 (2023: £444,808) to the director and shareholder, Mr V Scalzo.


Pirandello Ltd
(A company in which Mr V Scalzo is a director)

As at balance sheet date, Pirandello Ltd owed £- (2023: £118,825) to the company.