Registered number
09898073
Elitejem Limited
Filleted Accounts
31 March 2024
Elitejem Limited
Registered number: 09898073
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,785 5,925
Current assets
Debtors 4 11,000 20,176
Cash at bank and in hand 21,552 21,312
32,552 41,488
Creditors: amounts falling due within one year 5 (20,087) (17,764)
Net current assets 12,465 23,724
Total assets less current liabilities 18,250 29,649
Creditors: amounts falling due after more than one year 6 (17,155) (26,184)
Net assets 1,095 3,465
Capital and reserves
Called up share capital 100 100
Profit and loss account 995 3,365
Shareholders' funds 1,095 3,465
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Michelle Joseph
Director
Approved by the board on 29 October 2024
Elitejem Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 9
Directors remuneration 2024 2023
£ £
Directors Salary 13,487 12,013
Dividends paid to Director 42,000 37,400
55,487 49,413
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 8,564
At 31 March 2024 8,564
Depreciation
At 1 April 2023 2,639
Charge for the year 140
At 31 March 2024 2,779
Net book value
At 31 March 2024 5,785
At 31 March 2023 5,925
4 Debtors 2024 2023
£ £
Trade debtors 11,000 16,500
Director's loan account - 2,152
Other debtors - 1,524
11,000 20,176
5 Creditors: amounts falling due within one year 2024 2023
£ £
Director's loan account 74 -
Taxation and social security costs 10,358 8,962
Other creditors 9,655 8,802
20,087 17,764
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,155 26,184
7 Other information
Elitejem Limited is a private company limited by shares and incorporated in England. Its registered office is:
74 Holmstall Avenue
Edgware
Middlesex
HA8 5JJ
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