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Registration number: 13511633

Elkiner IP Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Elkiner IP Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Elkiner IP Ltd

Company Information

Director

K H Elkiner

Registered office

Third Floor
1 New Fetter Lane
London
EC4A 1AN

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Elkiner IP Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,631

764

Current assets

 

Debtors

5

45,480

34,120

Cash at bank and in hand

 

60,605

66,391

 

106,085

100,511

Creditors: Amounts falling due within one year

6

(19,634)

(30,224)

Net current assets

 

86,451

70,287

Net assets

 

89,082

71,051

Capital and reserves

 

Called up share capital

1

1

Retained earnings

89,081

71,050

Shareholders' funds

 

89,082

71,051

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 25 November 2024
 

.........................................

K H Elkiner

Director

Company registration number: 13511633

 

Elkiner IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Third Floor
1 New Fetter Lane
London
EC4A 1AN

The principal activity of the company is that of a patent attorney practice.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the period ended 31 December 2023 and had net assets at that date amounting to £89,082 including cash at bank of £60,605.

Having made enquiries, the director has a reasonable expectation that the company has sufficient resources to remain in operational existence for the foreseeable future and accordingly has prepared the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of patent attorney services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue as services are provided, when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

 

Elkiner IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Elkiner IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,019

1,019

Additions

2,513

2,513

At 31 December 2023

3,532

3,532

Depreciation

At 1 January 2023

255

255

Charge for the year

646

646

At 31 December 2023

901

901

Carrying amount

At 31 December 2023

2,631

2,631

At 31 December 2022

764

764

5

Debtors

2023
£

2022
£

Trade debtors

38,719

31,044

Other debtors

6,761

3,076

45,480

34,120

 

Elkiner IP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

17,634

28,224

Accruals and deferred income

2,000

2,000

19,634

30,224

7

Dividends

 

2023

2022

 

£

£

Interim dividend of £40,000 (2022 - £25,000) per ordinary share

40,000

25,000