Elphis Engineering Limited 01872619 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of general mechanical engineering Digita Accounts Production Advanced 6.30.9574.0 true true 01872619 2023-03-01 2024-02-29 01872619 2024-02-29 01872619 bus:OrdinaryShareClass1 2024-02-29 01872619 core:CurrentFinancialInstruments 2024-02-29 01872619 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 01872619 core:Non-currentFinancialInstruments 2024-02-29 01872619 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 01872619 core:FurnitureFittings 2024-02-29 01872619 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 01872619 core:MotorVehicles 2024-02-29 01872619 core:PlantMachinery 2024-02-29 01872619 bus:SmallEntities 2023-03-01 2024-02-29 01872619 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01872619 bus:FilletedAccounts 2023-03-01 2024-02-29 01872619 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01872619 bus:RegisteredOffice 2023-03-01 2024-02-29 01872619 bus:Director2 2023-03-01 2024-02-29 01872619 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 01872619 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01872619 core:FurnitureFittings 2023-03-01 2024-02-29 01872619 core:LandBuildings 2023-03-01 2024-02-29 01872619 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01872619 core:MotorCars 2023-03-01 2024-02-29 01872619 core:MotorVehicles 2023-03-01 2024-02-29 01872619 core:OfficeEquipment 2023-03-01 2024-02-29 01872619 core:PlantMachinery 2023-03-01 2024-02-29 01872619 core:OtherRelatedParties 2023-03-01 2024-02-29 01872619 countries:EnglandWales 2023-03-01 2024-02-29 01872619 2023-02-28 01872619 core:FurnitureFittings 2023-02-28 01872619 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01872619 core:MotorVehicles 2023-02-28 01872619 core:PlantMachinery 2023-02-28 01872619 2022-03-01 2023-02-28 01872619 2023-02-28 01872619 bus:OrdinaryShareClass1 2023-02-28 01872619 core:CurrentFinancialInstruments 2023-02-28 01872619 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01872619 core:Non-currentFinancialInstruments 2023-02-28 01872619 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 01872619 core:FurnitureFittings 2023-02-28 01872619 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01872619 core:MotorVehicles 2023-02-28 01872619 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01872619

Elphis Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Elphis Engineering Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Elphis Engineering Limited

(Registration number: 01872619)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

232,405

728,293

Current assets

 

Stocks

5

42,537

58,332

Debtors

6

1,138,661

788,784

Cash at bank and in hand

 

99,551

48,931

 

1,280,749

896,047

Creditors: Amounts falling due within one year

7

(254,832)

(194,801)

Net current assets

 

1,025,917

701,246

Total assets less current liabilities

 

1,258,322

1,429,539

Creditors: Amounts falling due after more than one year

7

(14,995)

(24,824)

Provisions for liabilities

(32,022)

(63,120)

Net assets

 

1,211,305

1,341,595

Capital and reserves

 

Called up share capital

8

6,000

6,000

Share premium reserve

2,250

2,250

Capital redemption reserve

15,000

15,000

Retained earnings

1,188,055

1,318,345

Shareholders' funds

 

1,211,305

1,341,595

 

Elphis Engineering Limited

(Registration number: 01872619)
Balance Sheet as at 29 February 2024

For the financial 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.

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

AJ Rendell
Director

   
     
 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
St Andrews Park
Princes Road
Wells
Somerset
BA5 1TE

These financial statements were authorised for issue by the Board on 25 November 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

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

After reviewing the accounts, the directors are confident that the company will be able to pay its debts as they fall due and accordingly has prepared the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet 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

Freehold land and buildings

2% straight line

Office equipment

20% reducing balance

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 7).

4

Tangible assets

Freehold land and buildings
£

Office equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

568,329

40,986

531,515

86,190

1,227,020

Additions

23,953

7,851

33,110

11,999

76,913

Disposals

(547,280)

(7,800)

(9,622)

(1,615)

(566,317)

At 29 February 2024

45,002

41,037

555,003

96,574

737,616

Depreciation

At 1 March 2023

31,566

22,654

424,033

20,474

498,727

Charge for the year

900

4,901

27,735

19,393

52,929

Eliminated on disposal

(31,145)

(6,123)

(7,705)

(1,472)

(46,445)

At 29 February 2024

1,321

21,432

444,063

38,395

505,211

Carrying amount

At 29 February 2024

43,681

19,605

110,940

58,179

232,405

At 28 February 2023

536,763

18,332

107,482

65,716

728,293

5

Stocks

2024
£

2023
£

Work in progress

8,952

26,648

Other inventories

33,585

31,684

42,537

58,332

 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

341,184

161,415

Amounts owed by related parties

11

783,613

514,508

Other debtors

 

-

76,120

Prepayments

 

13,864

36,741

 

1,138,661

788,784

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

10,648

10,648

Trade creditors

 

51,983

28,044

Social security and other taxes

 

147,079

149,237

Other creditors

 

3,870

3,225

Accruals

 

41,252

3,647

 

254,832

194,801

Due after one year

 

Loans and borrowings

9

14,995

24,824

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

6,000

6,000

6,000

6,000

       
 

Elphis Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,995

24,824

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

The bank loan is secured on the freehold land and buildings.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £34,370 (2023 - £34,370).

11

Related party transactions

Summary of transactions with other related parties

Elphis Developments Limited
(A company that is owned and controlled by A J Rendell and B J Grenter)
During the year Elphis Developments Limited received a loan from the company. No interest is charged on this loan and is repayable on demand. At the balance sheet date the amount due from Elphis Developments Limited was £80,997 (2023 - £82,356).

Elphis Engineering (Holdings) Limited
(A company that is owned and controlled by A J Rendell)
During the year Elphis Engineering (Holdings) Limited received a loan from the company. No interest is charged on this loan and is repayable on demand. At the balance sheet date the amount due from Elphis Engineering (Holdings) Limited was £702,616 (2023 - £432,152).