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REGISTERED NUMBER: 11468169 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Elbow Holdings Limited

Elbow Holdings Limited (Registered number: 11468169)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Elbow Holdings Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: W Hollingsworth-Brown
R H Brown





SECRETARY: W Hollingsworth-Brown





REGISTERED OFFICE: Unit 29 Lincoln Enterprise Park
Newark Road
Lincoln
LN5 9FP





REGISTERED NUMBER: 11468169 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Elbow Holdings Limited (Registered number: 11468169)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 953,126 959,917

CURRENT ASSETS
Debtors 5 97,500 99,660
Cash at bank and in hand 886 2,434
98,386 102,094
CREDITORS
Amounts falling due within one year 6 341,019 342,675
NET CURRENT LIABILITIES (242,633 ) (240,581 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

710,493

719,336

CREDITORS
Amounts falling due after more than one
year

7

506,579

542,626
NET ASSETS 203,914 176,710

CAPITAL AND RESERVES
Called up share capital 9 20 20
Retained earnings 203,894 176,690
SHAREHOLDERS' FUNDS 203,914 176,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:




W Hollingsworth-Brown - Director



R H Brown - Director


Elbow Holdings Limited (Registered number: 11468169)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Elbow Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 10% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Elbow Holdings Limited (Registered number: 11468169)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Operating leases: the company as lessor
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 897,983 89,098 987,081
DEPRECIATION
At 1 June 2023 - 27,164 27,164
Charge for year - 6,791 6,791
At 31 May 2024 - 33,955 33,955
NET BOOK VALUE
At 31 May 2024 897,983 55,143 953,126
At 31 May 2023 897,983 61,934 959,917

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 97,500 99,660

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,950 36,951
Trade creditors 1,440 1,381
Amounts owed to group undertakings 292,706 292,706
Taxation and social security 3,006 4,970
Other creditors 6,917 6,667
341,019 342,675

Elbow Holdings Limited (Registered number: 11468169)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 506,579 542,626

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 370,054 402,280

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 543,529 579,577

The Bounce Back Loan scheme is secured against a guarantee by the bank in which the bank guarantees the repayment of the loan if the client was to default on this loan.

The bank loan is secured on the company's freehold property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20 Ordinary £1 20 20