Eley and Wesley Limited 0791200 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is building contractors Digita Accounts Production Advanced 6.30.9574.0 true true 0791200 2023-03-01 2024-02-29 0791200 2024-02-29 0791200 bus:OrdinaryShareClass1 2024-02-29 0791200 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2024-02-29 0791200 core:CurrentFinancialInstruments 2024-02-29 0791200 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 0791200 core:FurnitureFittingsToolsEquipment 2024-02-29 0791200 core:LandBuildings 2024-02-29 0791200 bus:SmallEntities 2023-03-01 2024-02-29 0791200 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 0791200 bus:FilletedAccounts 2023-03-01 2024-02-29 0791200 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 0791200 bus:RegisteredOffice 2023-03-01 2024-02-29 0791200 bus:CompanySecretary1 2023-03-01 2024-02-29 0791200 bus:Director2 2023-03-01 2024-02-29 0791200 bus:Director3 2023-03-01 2024-02-29 0791200 bus:Director4 2023-03-01 2024-02-29 0791200 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 0791200 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 0791200 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 0791200 core:LandBuildings 2023-03-01 2024-02-29 0791200 core:MotorVehicles 2023-03-01 2024-02-29 0791200 core:ToolsEquipment 2023-03-01 2024-02-29 0791200 countries:EnglandWales 2023-03-01 2024-02-29 0791200 2023-02-28 0791200 core:FurnitureFittingsToolsEquipment 2023-02-28 0791200 core:LandBuildings 2023-02-28 0791200 2022-03-01 2023-02-28 0791200 2023-02-28 0791200 bus:OrdinaryShareClass1 2023-02-28 0791200 core:CurrentFinancialInstruments 2023-02-28 0791200 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 0791200 core:FurnitureFittingsToolsEquipment 2023-02-28 0791200 core:LandBuildings 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 0791200

Eley and Wesley Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Eley and Wesley Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

Eley and Wesley Limited

Company Information

Directors

Mrs P M Eley

Mr J D Eley

Miss J M Eley

Company secretary

Mr J D Eley

Registered office

C/o Hodson Lewis
First Floor Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA

Accountants

Hodson Lewis Limited
Chartered Certified Accountants and Business Advisors
First Floor
Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA

 

Eley and Wesley Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs P M Eley

Mr J D Eley

Miss J M Eley

Principal activity

The principal activity of the company is building contractors

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 16 November 2024 and signed on its behalf by:
 

.........................................
Mr J D Eley
Director

 

Eley and Wesley Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

 

106,679

130,177

Cost of sales

 

-

(25)

Gross profit

 

106,679

130,152

Distribution costs

 

-

(562)

Administrative expenses

 

(112,280)

(105,647)

Operating (loss)/profit

 

(5,601)

23,943

Loss on financial assets at fair value through profit and loss

 

(725)

(2,525)

Other interest receivable and similar income

 

92

12

Interest payable and similar expenses

 

(2)

-

   

(635)

(2,513)

(Loss)/profit before tax

(6,236)

21,430

Tax on (loss)/profit

 

18

(4,164)

(Loss)/profit for the financial year

 

(6,218)

17,266

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Eley and Wesley Limited

(Registration number: 0791200)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,775

26,715

Investment property

5

1,843,883

1,843,883

 

1,871,658

1,870,598

Current assets

 

Debtors

7

2,615

1,902

Other financial assets

6

266,603

267,329

Cash at bank and in hand

 

73,398

83,575

 

342,616

352,806

Creditors: Amounts falling due within one year

8

(34,104)

(37,016)

Net current assets

 

308,512

315,790

Total assets less current liabilities

 

2,180,170

2,186,388

Provisions for liabilities

(153,277)

(153,277)

Net assets

 

2,026,893

2,033,111

Capital and reserves

 

Called up share capital

9

4,750

4,750

Other reserves

860,628

860,628

Retained earnings

1,161,515

1,167,733

Shareholders' funds

 

2,026,893

2,033,111

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.

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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 16 November 2024 and signed on its behalf by:
 

 

Eley and Wesley Limited

(Registration number: 0791200)
Balance Sheet as at 29 February 2024

.........................................
Mr J D Eley
Director

 

Eley and Wesley 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:
C/o Hodson Lewis
First Floor Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA
England

The principal place of business is:
Bluebell House
High Street
Ufford
Woodbridge
Suffolk
IP13 6EQ
England

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared 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.

 

Eley and Wesley Limited

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

Tax

The tax expense for the period comprises current 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.

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 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

Property

2% Straight line

Equipment

20% Straight line

Motor vehicles

20% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade 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.

 

Eley and Wesley Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Eley and Wesley Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

30,019

16,169

46,188

Additions

-

2,077

2,077

Disposals

-

(4,078)

(4,078)

At 29 February 2024

30,019

14,168

44,187

Depreciation

At 1 March 2023

3,304

16,169

19,473

Charge for the year

601

416

1,017

Eliminated on disposal

-

(4,078)

(4,078)

At 29 February 2024

3,905

12,507

16,412

Carrying amount

At 29 February 2024

26,114

1,661

27,775

At 28 February 2023

26,715

-

26,715

Included within the net book value of land and buildings above is £2,127 (2023 - £2,206) in respect of freehold land and buildings and £23,987 (2023 - £24,509) in respect of long leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 March

1,843,883

At 29 February

1,843,883

 

Eley and Wesley Limited

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 March 2023

267,329

267,329

Fair value adjustments

(726)

(726)

At 29 February 2024

266,603

266,603

Impairment

Carrying amount

At 29 February 2024

266,603

266,603

7

Debtors

Current

2024
£

2023
£

Prepayments

3,070

2,907

Other debtors

(455)

(1,005)

 

2,615

1,902

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,527

5,786

Accruals and deferred income

2,244

2,109

Other creditors

30,333

29,121

34,104

37,016

 

Eley and Wesley Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

4,750

4,750

4,750

4,750

       

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of Nil per each Ordinary

-

-