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Registration number: 06928045

Upping Your Elvis Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Upping Your Elvis Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Upping Your Elvis Limited

Company Information

Directors

Mr C Barez-Brown

Mrs A Barez-Brown

Company secretary

Mr C Barez-Brown

Registered office

Rhode Hill House
Lyme Regis
Dorset
DT7 3TY

Accountants

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Upping Your Elvis Limited

(Registration number: 06928045)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

94,903

44,734

Current assets

 

Stocks

5

1,650

1,740

Debtors

6

263,037

78,738

Investments

7

449,301

492,651

Cash at bank and in hand

 

189,717

253,197

 

903,705

826,326

Prepayments and accrued income

 

82

515

Creditors: Amounts falling due within one year

(73,180)

(82,830)

Net current assets

 

830,607

744,011

Total assets less current liabilities

 

925,510

788,745

Provisions for liabilities

(23,726)

(8,282)

Accruals and deferred income

 

(185,245)

(6,995)

Net assets

 

716,539

773,468

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

716,439

773,368

Shareholders' funds

 

716,539

773,468

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Upping Your Elvis Limited

(Registration number: 06928045)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 3 June 2024 and signed on its behalf by:
 

.........................................
Mr C Barez-Brown
Company secretary and director

.........................................
Mrs A Barez-Brown
Director

 

Upping Your Elvis Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Rhode Hill House
Lyme Regis
Dorset
DT7 3TY
England

These financial statements were authorised for issue by the Board on 3 June 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 abridged 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 abridged 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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Upping Your Elvis Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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 & Machinery

33.3% Straight Line

Fixtures & Fittings

33.3% Straight Line

Office Equipment

33.3% Straight Line

Motor Vehicles

25% Reducing Balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Upping Your Elvis Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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 directors) during the year, was 4 (2023 - 3).

 

Upping Your Elvis Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

320,148

19,482

60,172

399,802

Additions

31,980

-

90,599

122,579

Disposals

-

-

(57,951)

(57,951)

At 31 March 2024

352,128

19,482

92,820

464,430

Depreciation

At 1 April 2023

300,125

14,869

40,074

355,068

Charge for the year

20,959

1,153

30,942

53,054

Eliminated on disposal

-

-

(38,595)

(38,595)

At 31 March 2024

321,084

16,022

32,421

369,527

Carrying amount

At 31 March 2024

31,044

3,460

60,399

94,903

At 31 March 2023

20,023

4,613

20,098

44,734

5

Stocks

2024
£

2023
£

Other inventories

1,650

1,740

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Current asset investments

2024
£

2023
£

Other investments

449,301

492,651

8

Share capital

Allotted, called up and fully paid shares

 

Upping Your Elvis Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Oridnary shares of £1 each

100

100

100

100

       

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr C Barez-Brown

The director maintains an interest free loan account repayable on demand

1,722

(55,018)

56,486

3,190

Mrs A Barez-Brown

The director maintains an interest free loan account repayable on demand

1,722

(55,018)

56,485

3,189

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr C Barez-Brown

The director maintains an interest free loan account repayable on demand

11,588

(112,100)

102,234

1,722

Mrs A Barez-Brown

The director maintains an interest free loan account repayable on demand

11,589

(112,100)

102,233

1,722

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

155,000

330,000

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr C W Barez-Brown.