Registered number
08000741
Elcar Limited
Filleted Accounts
30 June 2024
Elcar Limited
Registered number: 08000741
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 92,881 104,429
Current assets
Stocks 121,505 102,906
Debtors 4 111,271 86,056
Cash at bank and in hand 139,399 114,070
372,175 303,032
Creditors: amounts falling due within one year 5 (138,957) (72,925)
Net current assets 233,218 230,107
Total assets less current liabilities 326,099 334,536
Provisions for liabilities (23,220) (26,107)
Net assets 302,879 308,429
Capital and reserves
Called up share capital 113 113
Revaluation reserve 6 50 50
Profit and loss account 302,716 308,266
Shareholders' funds 302,879 308,429
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.
C Harding
Director
Approved by the board on 19 November 2024
Elcar Limited
Notes to the Accounts
for the year ended 30 June 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Fixtures, fittings, tools and equipment 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 8 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 221,895 71,405 293,300
Additions 12,434 - 12,434
At 30 June 2024 234,329 71,405 305,734
Depreciation
At 1 July 2023 160,093 28,778 188,871
Charge for the year 13,325 10,657 23,982
At 30 June 2024 173,418 39,435 212,853
Net book value
At 30 June 2024 60,911 31,970 92,881
At 30 June 2023 61,802 42,627 104,429
4 Debtors 2024 2023
£ £
Trade debtors 64,104 38,909
Amounts owed by group undertakings and undertakings in which the company has a participating interest 32,442 32,442
Other debtors 14,725 14,705
111,271 86,056
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 59,541 23,583
Taxation and social security costs 53,952 28,951
Directors loan account 114 114
Other creditors 25,350 20,277
138,957 72,925
6 Revaluation reserve 2024 2023
£ £
At 1 July 2023 50 50
At 30 June 2024 50 50
7 Controlling party
The company is controlled by its director and other shareholders.
8 Other information
Elcar Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit B Derwenthaugh Industrial Estate
Derwenthaugh Road
Swalwell
Newcastle upon Tyne
NE16 3BQ
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