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Registration number: 08340061

Elm of Burford Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Elm of Burford Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Elm of Burford Limited

Company Information

Directors

Mrs Elizabeth Marshall

Mrs Leslie Marshall

Mr Paul Pennington Marshall

Company secretary

Mrs Elizabeth Marshall

Registered office

48 High Street
Burford
Oxfordshire
OX18 4QF

Accountants

ReesRussell LLP
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Elm of Burford Limited

(Registration number: 08340061)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

28,750

Tangible assets

5

23,700

9,009

 

23,700

37,759

Current assets

 

Stocks

6

249,797

214,910

Debtors

7

20,238

20,239

Cash at bank and in hand

 

187,713

250,098

 

457,748

485,247

Creditors: Amounts falling due within one year

8

(290,127)

(391,379)

Net current assets

 

167,621

93,868

Total assets less current liabilities

 

191,321

131,627

Creditors: Amounts falling due after more than one year

8

(10,618)

(20,250)

Provisions for liabilities

(1,301)

(1,301)

Net assets

 

179,402

110,076

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

178,402

109,076

Shareholders' funds

 

179,402

110,076

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 28 November 2024 and signed on its behalf by:
 

 

Elm of Burford Limited

(Registration number: 08340061)
Balance Sheet as at 29 February 2024

.........................................
Mr Paul Pennington Marshall
Director

 

Elm of Burford 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:
48 High Street
Burford
Oxfordshire
OX18 4QF

These financial statements were authorised for issue by the Board on 28 November 2024.

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.

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.

 

Elm of Burford 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

Leasehold Property

10% straight line

Equipment & Fittings

25% reducing balance

Motor Vehicles

30% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

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.

 

Elm of Burford Limited

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

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 inventories 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.

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.

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.

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.

 

Elm of Burford 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 8 (2023 - 7).

 

Elm of Burford Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

300,000

300,000

At 29 February 2024

300,000

300,000

Amortisation

At 1 March 2023

271,250

271,250

Amortisation charge

28,750

28,750

At 29 February 2024

300,000

300,000

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

28,750

28,750

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

10,582

24,876

60,191

95,649

Additions

-

10,333

13,295

23,628

At 29 February 2024

10,582

35,209

73,486

119,277

Depreciation

At 1 March 2023

10,581

18,106

57,953

86,640

Charge for the year

1

4,276

4,660

8,937

At 29 February 2024

10,582

22,382

62,613

95,577

Carrying amount

At 29 February 2024

-

12,827

10,873

23,700

At 28 February 2023

1

6,770

2,238

9,009

Included within the net book value of land and buildings above is £Nil (2023 - £1) in respect of freehold land and buildings.
 

 

Elm of Burford Limited

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

6

Stocks

2024
£

2023
£

Other inventories

249,797

214,910

7

Debtors

Current

2024
£

2023
£

Prepayments

20,238

20,239

 

20,238

20,239

 

Elm of Burford Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,000

9,000

Trade creditors

 

66,429

71,018

Taxation and social security

 

50,003

44,639

Accruals and deferred income

 

5,240

5,240

Other creditors

 

159,455

261,482

 

290,127

391,379

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

10,618

20,250

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

200

200

200

200

Ordinary B of £1 each

800

800

800

800

1,000

1,000

1,000

1,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,618

20,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,000

9,000