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COMPANY REGISTRATION NUMBER: 06128596
Robert Elliot Limited
Filleted Unaudited Financial Statements
29 February 2024
Robert Elliot Limited
Financial Statements
Year ended 29 February 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Robert Elliot Limited
Balance Sheet
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
298,424
203,451
Current assets
Debtors
6
239,079
285,878
Cash at bank and in hand
30,284
25,783
---------
---------
269,363
311,661
Creditors: amounts falling due within one year
7
269,210
273,873
---------
---------
Net current assets
153
37,788
---------
---------
Total assets less current liabilities
298,577
241,239
Creditors: amounts falling due after more than one year
8
25,812
Provisions
Taxation including deferred tax
56,701
38,656
---------
---------
Net assets
216,064
202,583
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
216,060
202,579
---------
---------
Shareholders funds
216,064
202,583
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Robert Elliot Limited
Balance Sheet (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr R M Elliot
Director
Company registration number: 06128596
Robert Elliot Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dunkirk Farm, Eardley End Road, Audley, Stoke on Trent, ST7 8NA. The company registration number is 06128596 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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. Monetary amounts in these financial statements are rounded to the nearest £.
Rents received
The company acts as a lessor, it sub-leases a proportion of the assets on an operating lease basis. The rental income is recognised on a monthly basis, in accordance with the lease.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 material 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Tractors
-
20% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Tractors
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023
315,692
265,428
1,280
582,400
Additions
26,450
149,250
175,700
Disposals
( 35,000)
( 35,000)
---------
---------
-------
---------
At 29 February 2024
342,142
379,678
1,280
723,100
---------
---------
-------
---------
Depreciation
At 1 March 2023
209,667
168,065
1,217
378,949
Charge for the year
19,873
46,455
63
66,391
Disposals
( 20,664)
( 20,664)
---------
---------
-------
---------
At 29 February 2024
229,540
193,856
1,280
424,676
---------
---------
-------
---------
Carrying amount
At 29 February 2024
112,602
185,822
298,424
---------
---------
-------
---------
At 28 February 2023
106,025
97,363
63
203,451
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
206,315
223,229
Other debtors
32,764
62,649
---------
---------
239,079
285,878
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,360
28,418
Corporation tax
1,674
Social security and other taxes
37,618
46,953
Other creditors
192,232
196,828
---------
---------
269,210
273,873
---------
---------
Included in creditors due within one year are hire purchase liabilities of £12,906 (2023 - £2,599) which are secured against the assets being financed.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,812
--------
----
Included in creditors due after more than one year are hire purchase liabilities of £25,812 (2023 - £Nil) which are secured against the assets being financed.