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Registered number: 12007634
Metallic Elephant Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 12007634
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,885 -
Tangible Assets 5 636,067 631,173
Investment Properties 6 171,364 152,364
811,316 783,537
CURRENT ASSETS
Stocks 192,329 188,384
Debtors 160,561 152,160
Cash at bank and in hand 829,619 722,278
1,182,509 1,062,822
Creditors: Amounts Falling Due Within One Year (262,818 ) (240,784 )
NET CURRENT ASSETS (LIABILITIES) 919,691 822,038
TOTAL ASSETS LESS CURRENT LIABILITIES 1,731,007 1,605,575
Creditors: Amounts Falling Due After More Than One Year (433,846 ) (488,518 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (155,418 ) (141,797 )
NET ASSETS 1,141,743 975,260
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 1,141,741 975,258
SHAREHOLDERS' FUNDS 1,141,743 975,260
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 June 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mrs R French
Director
21/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Metallic Elephant Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12007634 . The registered office is Unit 3 Frating Hall Farm Industrial Estate, Frating, Colchester, Essex, CO7 7HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. It is amortised to profit and loss account over its estimated economic life of nil years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 14)
18 14
4. Intangible Assets
Total
£
Cost
As at 1 July 2023 -
Additions 3,885
As at 30 June 2024 3,885
Net Book Value
As at 30 June 2024 3,885
As at 1 July 2023 -
5. Tangible Assets
Total
£
Cost or Valuation
As at 1 July 2023 1,298,896
Additions 203,539
Disposals (80,000 )
As at 30 June 2024 1,422,435
Depreciation
As at 1 July 2023 667,723
Provided during the period 153,645
Disposals (35,000 )
As at 30 June 2024 786,368
...CONTINUED
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Net Book Value
As at 30 June 2024 636,067
As at 1 July 2023 631,173
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 140,809 220,893
6. Investment Property
2024
£
Fair Value
As at 1 July 2023 152,364
Fair value adjustments 19,000
As at 30 June 2024 171,364
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 152,364 152,364
Valuations were carried out by the directors using websites such as Zoopla.
7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 36,972 50,053
Later than one year and not later than five years 17,918 54,889
54,890 104,942
54,890 104,942
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 2.00 each 2 2
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