Registered number
10605708
ELB Engineering Ltd
Unaudited Filleted Accounts
29 February 2024
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex CM22 6PU
ELB Engineering Ltd
Registered number: 10605708
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1 1
Current assets
Stocks 8,374 4,280
Debtors 6 18,762 12,882
Cash at bank and in hand 4,457 3,608
31,593 20,770
Creditors: amounts falling due within one year 7 (21,275) (15,835)
Net current assets 10,318 4,935
Total assets less current liabilities 10,319 4,936
Creditors: amounts falling due after more than one year 8 (5,644) (4,153)
Provisions for liabilities - -
Net assets 4,675 783
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 11 4,575 683
Shareholders' funds 4,675 783
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.
R Nicks
Director
Approved by the board on 12 August 2024
ELB Engineering Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Cost at 20%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2024 2023
£ £
Balance sheet
Corporation tax payable on 01.12.2024 9,359 6,773
Profit and loss account
Prior year (over)/under provisions 9 12
UK corporation tax charge/(refund) @ 19% on profits 9,360 6,773
Transfer/(released) to deferred taxation - (62)
9,369 6,723
3 Employees 2024 2023
Number Number
Gross wages 44,730 40,140
Employers NI - -
Pension contributions 2,494 1,944
47,224 42,084
2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 - 22,044 - 22,044
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 29 February 2024 - 22,044 - 22,044
Depreciation
At 1 March 2023 - 22,043 - 22,043
Charge for the year - - - -
Surplus on revaluation - - - -
On disposals - - - -
At 29 February 2024 - 22,043 - 22,043
Net book value
At 29 February 2024 - 1 - 1
At 28 February 2023 - 1 - 1
6 Debtors 2024 2023
£ £
Trade debtors 16,681 12,191
Other debtors 2,081 691
18,762 12,882
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 796 2,612
Taxation and social security costs 17,589 11,661
Other creditors 2,890 1,562
21,275 15,835
8 Creditors: amounts falling due after one year 2024 2023
£ £
Directors' current account 5,644 4,153
Other creditors - -
5,644 4,153
The directors' current account is interest free and there is no fixed repayment date. The effects of dscounting are immaterial to the accounts.
9 Provision for liabilities 2024 2023
£ £
Deferred tax:
Accelerated capital allowances
Deferred tax brought forward - 61
Charge/(credit) to profit and loss account - (61)
Deferred tax carried forward - -
10 Share capital Nominal 2024 2024 2023
value Number £ £
Authorised
Ordinary shares £1 each 100 100 100
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
11 Profit and loss account 2024 2023
£ £
At 1 March 2023 683 5,084
Profit for the financial year 39,892 28,599
Dividend (36,000) (33,000)
At 29 February 2024 4,575 683
12 Other financial commitments 2024 2023
£ £
Less than one year 3,000 3,000
One to five years - -
More than five years - -
Total future minimum payments under non-cancellable operating leases 3,000 3,000
13 Presentation currency
The accounts are presented in British Pounds Sterling.
14 Controlling party
The company is jointly controlled by its directors. No one party has control.
15 Other information
ELB Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7 Mount Industrial Estate
Meekings Road
Sudbury
Suffolk
CO10 2XE
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