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Registered number: 10714716
Ellis Clark Trains Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 10714716
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 459,600 349,045
459,600 349,045
CURRENT ASSETS
Stocks 1,051,563 903,555
Debtors 5 1,139 -
1,052,702 903,555
Creditors: Amounts Falling Due Within One Year 6 (276,621 ) (291,760 )
NET CURRENT ASSETS (LIABILITIES) 776,081 611,795
TOTAL ASSETS LESS CURRENT LIABILITIES 1,235,681 960,840
Creditors: Amounts Falling Due After More Than One Year 7 (7,573 ) (69,563 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (113,976 ) (86,135 )
NET ASSETS 1,114,132 805,142
CAPITAL AND RESERVES
Called up share capital 100 100
Income Statement 1,114,032 805,042
SHAREHOLDERS' FUNDS 1,114,132 805,142
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr E J Clark
Director
06/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ellis Clark Trains Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10714716 . The registered office is Toller Court , Toller Road, Skipton, North Yorkshire, BD23 2HG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of Value Added Tax.
Turnover is recognised on a daily point of sale basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets acquired under hire purchase contracts are depreciated over their useful lives. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other
deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing
difference.
2.7. Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
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2.8. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
2.9. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
When a provision is measured at the present value of the amount expected to be required to settle the obligation, the
unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 8)
11 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 350,420 34,950 38,176 423,546
Additions 135,751 - 35,208 170,959
As at 30 April 2024 486,171 34,950 73,384 594,505
Depreciation
As at 1 May 2023 35,042 15,291 24,168 74,501
Provided during the period 48,617 4,914 6,873 60,404
As at 30 April 2024 83,659 20,205 31,041 134,905
Net Book Value
As at 30 April 2024 402,512 14,745 42,343 459,600
As at 1 May 2023 315,378 19,659 14,008 349,045
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,139 -
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,990 6,990
Trade creditors - 58,171
Bank loans and overdrafts 117,573 131,925
Other loans 42,390 -
Corporation tax 48,311 15,504
Other taxes and social security 3,880 2,475
VAT 11,205 11,167
Other creditors 3,002 -
Accruals and deferred income 1,500 1,500
Director's loan account 41,770 64,028
276,621 291,760
Included in creditors: amounts falling due within one year, are net obligations under hire purchase contracts of £6,990 (2023 - £6,990) which are secured against the assets to which they relate.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,573 14,563
Bank loans - 55,000
7,573 69,563
Included in creditors: amounts falling due after more than one year, are net obligations under hire purchase contracts of
£7,573 (2023 - £14,563) which are secured against the assets to which they relate.
8. Pension Commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,238 (2023 - £5,069).
Contributions totalling £3,002 (2023 - £nil) were payable to the fund at the year end, and are included in creditors: amounts falling due within one year.
9. Related Party Transactions
During the year, dividends of £37,500 (2023 - £37,500) were paid to Mr E J Clark.
Included in creditors: amounts falling due within one year, is a directors loan account balance of £41,770 (2023 - £64,028) owing to Mr E J Clark.
The balance is interest free and repayable on demand.
10. Ultimate Controlling Party
The company is under the control of Mr E J Clark who is interested in 100% of the company's issued share capital.
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