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Company registration number: NI055163
Elliott's Tradition Limited
Unaudited filleted financial statements
30 January 2024
Elliott's Tradition Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Elliott's Tradition Limited
Directors and other information
Directors Mr Jeffrey T Elliott
Mr T Frederick Elliott
Mrs Hazel M Elliott
Secretary Mrs Hazel M Elliott
Company number NI055163
Registered office 2 Carn Drive
Portadown
Craigavon
Co Armagh
BT63 5WJ
Accountants Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
Bankers Ulster Bank Ltd
22 Bridge Street
Banbridge
Co Down
BT32 3JT
Elliott's Tradition Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Elliott's Tradition Limited
Year ended 30 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elliott's Tradition Limited for the year ended 30 January 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Elliott's Tradition Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elliott's Tradition Limited and state those matters that we have agreed to state to the board of directors of Elliott's Tradition Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elliott's Tradition Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elliott's Tradition Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Elliott's Tradition Limited. You consider that Elliott's Tradition Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Elliott's Tradition Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co Down
BT32 4AA
21 January 2025
Elliott's Tradition Limited
Balance sheet
30 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 721,345 619,900
_______ _______
721,345 619,900
Current assets
Stocks 425,343 381,571
Debtors 7 1,490,707 1,482,784
Cash at bank and in hand 1,465,727 1,294,045
_______ _______
3,381,777 3,158,400
Creditors: amounts falling due
within one year 8 ( 1,118,279) ( 960,655)
_______ _______
Net current assets 2,263,498 2,197,745
_______ _______
Total assets less current liabilities 2,984,843 2,817,645
Creditors: amounts falling due
after more than one year 9 ( 18,793) ( 41,378)
Provisions for liabilities 10 ( 99,998) ( 72,407)
_______ _______
Net assets 2,866,052 2,703,860
_______ _______
Capital and reserves
Called up share capital 11 4 4
Profit and loss account 2,866,048 2,703,856
_______ _______
Shareholders funds 2,866,052 2,703,860
_______ _______
For the year ending 30 January 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account and Retained Earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr Jeffrey T Elliott
Director
Company registration number: NI055163
Elliott's Tradition Limited
Notes to the financial statements
Year ended 30 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Carn Drive, Portadown, Craigavon, Co Armagh, BT63 5WJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 1 % reducing balance
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 20 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 36,430 27,619
Adjustments in respect of previous periods ( 916) ( 395)
_______ _______
Deferred tax:
Origination and reversal of timing differences 27,591 39,380
_______ _______
Tax on profit 63,105 66,604
_______ _______
Reconciliation of tax expense
2024 2023
£ £
Profit before taxation 259,297 320,548
_______ _______
Profit multiplied by rate of tax 60,364 60,904
Adjustments in respect of prior periods ( 916) ( 395)
Effect of expenses not deductible for tax purposes ( 358) ( 418)
Effect of capital allowances and depreciation ( 23,576) ( 32,867)
Deferred tax (release)/charge in the year 27,591 39,380
_______ _______
Tax on profit 63,105 66,604
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 31 January 2023 376,636 639,927 72,072 265,096 1,353,731
Additions - - 7,938 162,435 170,373
Disposals - - - ( 14,995) ( 14,995)
_______ _______ _______ _______ _______
At 30 January 2024 376,636 639,927 80,010 412,536 1,509,109
_______ _______ _______ _______ _______
Depreciation
At 31 January 2023 58,439 489,729 57,972 127,691 733,831
Charge for the year 3,183 37,549 3,880 15,609 60,221
Disposals - - - ( 6,288) ( 6,288)
_______ _______ _______ _______ _______
At 30 January 2024 61,622 527,278 61,852 137,012 787,764
_______ _______ _______ _______ _______
Carrying amount
At 30 January 2024 315,014 112,649 18,158 275,524 721,345
_______ _______ _______ _______ _______
At 30 January 2023 318,197 150,198 14,100 137,405 619,900
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,237,338 1,372,092
Amounts owed by connected companies 145,455 47,172
Other debtors 107,914 63,520
_______ _______
1,490,707 1,482,784
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 50,275 234,806
Trade creditors 925,925 561,731
Corporation tax 35,734 27,383
Social security and other taxes 4,281 5,867
Other creditors 102,064 130,868
_______ _______
1,118,279 960,655
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,353 23,227
Other creditors 5,440 18,151
_______ _______
18,793 41,378
_______ _______
10. Provisions
Deferred tax (note ) Total
£ £
At 31 January 2023 72,407 72,407
Additions 27,591 27,591
_______ _______
At 30 January 2024 99,998 99,998
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
12. Related party transactions
Due to common control the company is deemed to be associated with Fred Elliott Butchers Ltd which the company is owed £145,455 as an intercompany debt.