Registration number:
Elmers Limited
Pages for filing with the Registrar
for the Year Ended 31 January 2024
Elmers Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Elmers Limited
Company Information
Director |
Mr P Elmer |
Company secretary |
Ms A Gresham |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Elmers Limited
for the Year Ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Elmers Limited for the year ended 31 January 2024 as set out on pages 3 to 17 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Elmers Limited, as a body, in accordance with the terms of our engagement letter dated 10 October 2024. Our work has been undertaken solely to prepare for your approval the accounts of Elmers Limited and state those matters that we have agreed to state to the Board of Directors of Elmers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elmers Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Elmers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Elmers Limited. You consider that Elmers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Elmers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
Elmers Limited
(Registration number: 03159381)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
2,800 |
2,800 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities
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( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Elmers Limited
(Registration number: 03159381)
Balance Sheet as at 31 January 2024
For the financial year ending 31 January 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
......................................... |
Elmers Limited
Statement of Changes in Equity for the Year Ended 31 January 2024
Called up share capital |
Profit and loss account |
Total equity |
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At 1 February 2023 |
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|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
Dividends |
- |
( |
( |
At 31 January 2024 |
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|
|
Called up share capital |
Profit and loss account |
Total equity |
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At 1 February 2022 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 January 2023 |
100 |
1,650,320 |
1,650,420 |
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 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:
United Kingdom
The principal place of business is:
59/61 Edmonton Road
Kesgrave
Ipswich
Suffolk
IP5 1EQ
United Kingdom
These financial statements were authorised for issue by the
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 prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and products 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.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Government grants
Grants are accounted for under the accruals model.
Due to the Covid-19 pandemic and the closure of areas of the business under UK Government legislation, the business utilised various Government support schemes.
The grant income in the financial statements includes Covid grants awarded by the local authority.
The amounts received are reported under other operating income in the financial statements and are recorded in the period to which the grant income relates to.
Foreign currency transactions and balances
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 corporation 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.
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.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings (incl in furniture, fittings and equipment) |
15% on a reducing balance basis; assets held at farm cafe + shop write off costs over 5 years |
Motor vehicles |
25% on a reducing balance basis |
Office equipment (incl in furniture, fittings and equipment) |
15% on a reducing balance basis |
Computer equipment (incl in furniture, fittings and equipment) |
write off costs over 3 years |
Forklift truck |
25% on a reducing balance basis |
No depreciation is provided on the freehold property or the tenants improvements to property since it is the company's policy to maintain these assets in a continual state of sound repair and accordingly the director considers that the lives of these assets are so long and their residual value is so high that their depreciation would be immaterial. Any permanent diminution in the value of these assets would be charged to the trading and profit and loss account.
The non depreciation of these assets represents a departure from the requirements of the Companies Act whose requirements are to depreciate all tangible fixed assets. This departure from the requirements of the Companies Act is necessary for the financial statements to show a true and fair view as the director is of the opinion that these assets do not depreciate. If this departure had not been made the net profit for the year would have been reduced by the depreciation on these assets
Business combinations
A business combination is a transaction when an acquirer obtains control of one or more businesses.
Business combinations are accounted for using the purchase method. Under this method the cost of the business combination at acquisition date is allocated to the assets acquired and assumed.
During the 2017 year the company acquired the business known as "farm cafe + shop, marlesford". The transaction consisted of the acquisition of the assets of this business.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
The goodwill relates to the acquisition of a business which the company runs as the "farm cafe + shop, marlesford".
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
write off over a period of 10 years |
Investments
Fixed asset investments are stated at historical cost less provision for any impairment.
The fixed asset investments relate to shares acquired by the company in trading groups of which Elmers Limited is a member. The investments are not listed shares.
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 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.
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.
Stocks relates to goods and products held for resale.
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.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Government grants |
The amount of grants recognised in the financial statements was £Nil (2023 - £
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 February 2023 |
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At 31 January 2024 |
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Amortisation |
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At 1 February 2023 |
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Amortisation charge |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Individually material intangible assets
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Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Freehold property |
Furniture, fittings and equipment |
Motor vehicles |
Tenants improvements |
Forklift truck |
Total |
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Cost |
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At 1 February 2023 |
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Additions |
- |
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- |
- |
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Disposals |
- |
( |
( |
- |
- |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
- |
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- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
( |
( |
- |
- |
( |
At 31 January 2024 |
- |
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- |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Included within the net book value of land and buildings above is £615,215 (2023 - £615,215) in respect of freehold land and buildings.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Other financial assets (current and non-current) |
Other investments at cost |
Total |
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Non-current financial assets |
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Cost |
||
At 1 February 2023 |
2,800 |
2,800 |
At 31 January 2024 |
2,800 |
2,800 |
Impairment |
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Carrying amount |
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At 31 January 2024 |
|
2,800 |
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
The profit and loss reserves of the company are wholly distributable.
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
- |
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Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Transactions with the director |
2024 |
At 1 February 2023 |
Advances to director |
Repayments by director |
At 31 January 2024 |
Mr P Elmer |
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Overdrawn directors current account |
|
- |
( |
- |
Short term loan to director |
- |
|
( |
- |
386 |
48,000 |
(48,386) |
- |
|
2023 |
At 1 February 2022 |
Advances to director |
At 31 January 2023 |
Mr P Elmer |
|||
Overdrawn directors current account |
( |
|
|
(263) |
649 |
386 |
|
Other transactions with the director |
Included in creditors at the year end due to be repaid within one year is an amount of £238 (2023 £nil) owed to the director in respect of undrawn expenses.
At the start of the year end the directors current account was overdrawn to the extent of £386.
The director repaid the company this overdrawn balance in May 2023.
During the course of the 2024 year the director withdrew a short term loan of £48,000 on the 30th March 2023. This amount was repaid to the company by the director on the 6th April 2023.
The company charged the director £21 interest at HMRC official rates in respect of this short term loan.
Debtors at the year end includes £nil (2023 £nil) owed by the director to the company.
Elmers Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank borrowings
The bank loan is secured by a charge held over the company's assets |