REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ELS Futures Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ELS Futures Limited |
ELS Futures Limited (Registered number: 09603842) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ELS Futures Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
ELS Futures Limited (Registered number: 09603842) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ELS Futures Limited (Registered number: 09603842) |
Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
ELS Futures Limited (Registered number: 09603842) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
ELS Futures Limited ('The Company') is an investment company. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and the registered office is Sunnycroft, Tarvin Road, Manley, Cheshire, WA6 9EW. The registered number can be found on the Company Information page. |
The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Summary of significant accounting polices |
The principle accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the director. |
Therefore the director considers it appropriate to prepare the financial statements on the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at fair value, the fair value is reviewed annually by the director. Any aggregate surplus or deficit arising from changes in the fair value in the year is recognised in the profit or loss within the Statement of Comprehensive Income. The cumulative fair value surplus on the investment property is highlighted in the notes to the financial statements as non-distributable reserves. Rentals are recognised on a straight line basis over the period of the lease or to the date of the next rent review. Rental income is included in turnover. |
ELS Futures Limited (Registered number: 09603842) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the end of the financial year. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Fixed asset investments |
Listed investments are shown at fair value, the fair value is reviewed annually by the director. Any aggregate surplus or deficit arising from changes in the fair value in the year is recognised in the profit or loss within the Statement of Comprehensive Income. |
Unlisted investments are shown at cost less any impairment loss. |
Investment income from both listed investments and unlisted investments is included in other income. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired. If such indications exist, the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ELS Futures Limited (Registered number: 09603842) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 81,708 |
Additions | 4,510 |
Disposals | ( |
) | (20,000 | ) |
Profit/(loss) on investments | (314 | ) | - | (314 | ) |
At 31 March 2024 | 65,904 |
NET BOOK VALUE |
At 31 March 2024 | 65,904 |
At 31 March 2023 | 81,708 |
Cost or valuation at 31 March 2024 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Cost | 64,903 | 1,001 | 65,904 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ELS Futures Limited (Registered number: 09603842) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | INVESTMENT PROPERTY - continued |
In the opinion of the director, the fair value of the investment property at 31 March 2024 is £500,000. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 500,000 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | RELATED PARTY DISCLOSURES |
During the year an amount of £nil (2023: £14,716) due from a related party has been written off. |
At 31 March 2024 there were amounts of £73,605 (2023: £68,030) and £1,000 (2023: £4,000) outstanding to persons connected to the director and these are included within other creditors: amounts falling due within one year. |
During the year interest payable of £5,006 (2023: £4,380) has been incurred by the company in respect of the above amounts. At 31 March 2024 this remains unpaid and is included with accruals: amounts falling due within one year. Rents charged to the director and a person connected to the director during the year amounted to £nil (2023: £3,432). |