Registration number:
Elbe Street Limited
for the Year Ended 31 May 2024
Elbe Street Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Elbe Street Limited
Company Information
Director |
Mr V Scalzo |
Registered office |
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Registered number |
09605261 |
Accountants |
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Elbe Street Limited
(Registration number: 09605261)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
(10,931) |
(314,295) |
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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:
• |
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• |
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
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Elbe Street Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors |
Note |
2024 |
2023 |
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Amounts owed by related parties |
- |
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Other debtors |
- |
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- |
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Elbe Street Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
25 |
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25 |
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|
25 |
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25 |
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|
25 |
|
25 |
|
|
25 |
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25 |
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|
|
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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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
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.