Registered number
10897058
Elusiv Ltd
Filleted Accounts
30 November 2023
Elusiv Ltd
Registered number: 10897058
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 87,920 96,466
Current assets
Stocks 86,260 185,084
Debtors 4 443,816 346,316
Cash at bank and in hand 446,905 388,298
976,981 919,698
Creditors: amounts falling due within one year 5 (555,826) (617,723)
Net current assets 421,155 301,975
Total assets less current liabilities 509,075 398,441
Creditors: amounts falling due after more than one year 6 (21,025) (52,917)
Provisions for liabilities (22,797) (23,007)
Net assets 465,253 322,517
Capital and reserves
Called up share capital 2 2
Profit and loss account 465,251 322,515
Shareholders' funds 465,253 322,517
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.
Garronpreet Singh Hayre
Director
Approved by the board on 27 November 2024
Elusiv Ltd
Notes to the Accounts
for the year ended 30 November 2023
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:
Fixtures, fittings and equipment 15% reducing balance basis
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 December 2022 123,356
Additions 6,970
At 30 November 2023 130,326
Depreciation
At 1 December 2022 26,890
Charge for the year 15,516
At 30 November 2023 42,406
Net book value
At 30 November 2023 87,920
At 30 November 2022 96,466
4 Debtors 2023 2022
£ £
Trade debtors 443,816 346,316
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,315 10,000
Obligations under finance lease and hire purchase contracts 22,333 22,333
Trade creditors 313,767 459,783
Taxation and social security costs 185,135 76,089
Other creditors 24,276 49,518
555,826 617,723
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,472 25,000
Obligations under finance lease and hire purchase contracts 5,553 27,917
21,025 52,917
7 Controlling party
The controlling parties are the directors, Mr Neel Ondhia and Mr Garronpreet Singh Hayre.
8 Other information
Elusiv Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hayre Building
Ulverscroft Road
Leicester
LE4 6BY
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