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Elfin Kitchens Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Elfin Kitchens Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Elfin Kitchens Limited

Company Information

Directors

Mrs EK Andrew

Mr Thomas Barry McCain

Mr Neill James Andrew

Company secretary

Mrs EK Andrew

Registered office

Elfin House
3 Pedders Close
Colchester
Essex
CO3 4QX

Accountants

Anthony Russel Limited
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

Elfin Kitchens Limited

(Registration number: 05709783)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

597,538

560,828

Current assets

 

Stocks

6

204,167

115,343

Debtors

7

390,969

429,102

Cash at bank and in hand

 

492,369

735,787

 

1,087,505

1,280,232

Creditors: Amounts falling due within one year

8

(481,854)

(403,367)

Net current assets

 

605,651

876,865

Total assets less current liabilities

 

1,203,189

1,437,693

Creditors: Amounts falling due after more than one year

8

(723,858)

(741,880)

Provisions for liabilities

(19,206)

(4,708)

Net assets

 

460,125

691,105

Capital and reserves

 

Called up share capital

9

32

51

Capital redemption reserve

19

-

Retained earnings

460,074

691,054

Shareholders' funds

 

460,125

691,105

For the financial year ending 29 February 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.

 

Elfin Kitchens Limited

(Registration number: 05709783)
Balance Sheet as at 29 February 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr Thomas Barry McCain
Director

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Elfin House
3 Pedders Close
Colchester
Essex
CO3 4QX
England

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 and machinery

25% on reducing balance

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Improvement of property

10 years

Intangible assets

Development costs are being amortised over their estimated useful life on a 25% reducing balance basis.

Amortisation

Asset class

Amortisation method and rate

Website Development

10 Years

stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to the profit and loss account in the period to which
they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

36,398

28,078

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Improvements to property
 £

Other tangible assets
£

Cost or valuation

At 1 March 2023

464,225

28,044

-

212,785

56,758

Additions

-

1,800

71,310

-

-

At 29 February 2024

464,225

29,844

71,310

212,785

56,758

Depreciation

At 1 March 2023

-

24,633

-

135,015

41,336

Charge for the year

-

1,191

10,074

21,279

3,856

At 29 February 2024

-

25,824

10,074

156,294

45,192

Carrying amount

At 29 February 2024

464,225

4,020

61,236

56,491

11,566

At 28 February 2023

464,225

3,411

-

77,770

15,422

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Total
£

Cost or valuation

At 1 March 2023

761,812

Additions

73,110

At 29 February 2024

834,922

Depreciation

At 1 March 2023

200,984

Charge for the year

36,400

At 29 February 2024

237,384

Carrying amount

At 29 February 2024

597,538

At 28 February 2023

560,828

Included within the net book value of land and buildings above is £464,225 (2023 - £464,225) in respect of freehold land and buildings.
 

6

stocks

2024
£

2023
£

Other inventories

204,167

115,343

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

debtors

Note

2024
£

2023
£

Trade debtors

 

87,918

45,411

Amounts owed by related parties

11

44,755

8,224

Other debtors

 

252,173

371,613

Prepayments

 

6,123

3,854

 

390,969

429,102

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

68,653

49,310

Trade creditors

 

143,783

55,236

Social security and other taxes

 

85,421

77,723

Other payables

 

80,769

96,537

Accruals

 

2,992

2,992

Income tax liability

100,236

121,569

 

481,854

403,367

Due after one year

 

Loans and borrowings

10

723,858

741,880

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

26

26

26

26

Ordinary B of £1 each

6

6

25

25

 

32

32

51

51

Company has bought back 19 - B Ordinary Shares on 06/09/2023.

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

690,356

741,880

Hire purchase contracts

33,502

-

723,858

741,880

2024
£

2023
£

Current loans and borrowings

Bank borrowings

51,505

49,310

Hire purchase contracts

17,148

-

68,653

49,310

 

Elfin Kitchens Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

Interest is charged on the loan at 2% till March, 2023 & 2.25% from April, 2023.

Transactions with directors

2024

Advances to directors
£

Repayments by director
£

At 29 February 2024
£

156,531

(120,000)

44,755

       
     

 

2023

Advances to directors
£

Repayments by director
£

At 28 February 2023
£

128,224

(130,000)

8,224