Company registration number 05560176 (England and Wales)
ELVINS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ELVINS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ELVINS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,227
30,709
Tangible assets
4
9,101
10,334
22,328
41,043
Current assets
Stocks
50,762
41,373
Debtors
5
9,004
6,077
Cash at bank and in hand
963,667
881,322
1,023,433
928,772
Creditors: amounts falling due within one year
6
(128,285)
(124,462)
Net current assets
895,148
804,310
Total assets less current liabilities
917,476
845,353
Provisions for liabilities
(1,614)
(1,480)
Net assets
915,862
843,873
Capital and reserves
Called up share capital
202
202
Profit and loss reserves
915,660
843,671
Total equity
915,862
843,873
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELVINS LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
Mr D Clark
Director
Company registration number 05560176 (England and Wales)
ELVINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Elvins Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Church Plain, Great Yarmouth, Norfolk, England, NR30 1PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
- 15% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 33% straight line
Motor vehicles
- 25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELVINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
349,630
Amortisation and impairment
At 1 March 2023
318,921
Amortisation charged for the year
17,482
At 28 February 2024
336,403
Carrying amount
At 28 February 2024
13,227
At 28 February 2023
30,709
ELVINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
53,735
Additions
906
At 28 February 2024
54,641
Depreciation and impairment
At 1 March 2023
43,400
Depreciation charged in the year
2,140
At 28 February 2024
45,540
Carrying amount
At 28 February 2024
9,101
At 28 February 2023
10,334
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,011
2,189
Other debtors
3,993
3,888
9,004
6,077
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,571
55,830
Corporation tax
49,325
47,149
Other taxation and social security
15,203
13,442
Other creditors
9,186
8,041
128,285
124,462