REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
ELM Building Service Engineers Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
ELM Building Service Engineers Ltd |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
ELM Building Service Engineers Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents value of work undertaken in respect of building engineering services during the financial year. |
In respect of sales directly invoiced to customers on completion of the works, the company recognises turnover when the invoice is issued to the customer. In respect of contractual works for which the company submits applications for payment in respect of the agreed stage of completion of the works, or where stage payments are agreed, the company recognises turnover based upon the agreed stage of completion of the works. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments: |
Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash at bank |
Cash at bank and in hand and deposits held with banks are measured at transaction price. |
Trade and other creditors |
Short term debtors are measured at transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company makes employer contributions into the personal pension schemes of directors and employees at its discretion. Contributions paid are charged in the profit and loss account. |
Short term employee benefits |
Short term employee benefit costs are recognised in the period in which they accrue. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | DEBTORS |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Loan from director | 436,624 | - |
The cash loan provided by the director is secured by way of the NAM Composite Debenture as entered into by ELM Building Service Engineers Limited and EBSE Holdings Limited. |
8. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 13,733 | 12,274 |
Provision for onerous contract | - | 402,064 |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 May 2023 |
Provided during year |
Utilised during year | ( |
) |
Balance at 30 April 2024 |
Deferred tax |
The whole of the deferred taxation balances arises as a result of short term timing differences between the writing off of fixed asset balances in the company's financial statements and the tax allowances being claimed thereon. |
Onerous contracts |
In 2023 the company made provision for a foreseen loss on an onerous customer contract due to the liquidation of the customer in 2024. The provision has been released in full in 2024 to match against the financial activity on this contract in 2024. As a result of the onerous contract provision, the financial effect of the foreseen loss was recognised in full in 2023. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
In the financial years ended 30 April 2008 and 2009 the company used and employee benefit scheme with DOTAS number 84197992. Schemes such as this have been under enquiry by HM Revenue & Customs with many users of such schemes making payment to HM Revenue & Customs under accelerated payment notices (APNs). The company has made such payments to HM Revenue & Customs totalling £137,895.80 and is presented within 'other debtors' in these financial statements. |
The company has not entered into a settlement arrangement with HM Revenue & Customs and has not recognised the potential amount due as a liability in its financial statements. Whilst HM Revenue & Customs continue to press for settlement, the transfer of economic benefits remains contingent upon uncertain future events. |
The quantum of the potential liability which could be debited to equity is £180,641 comprising the tax and national insurance due along with interest for late payment. The tax and national insurance element has been paid (tax debtor £137,896) and therefore the company would only be required to actually settle any calculated interest deemed to be due, which on 21 March 2023 HM Revenue & Customs estimated to be £42,745. |
ELM Building Service Engineers Ltd (Registered number: 04461839) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
12. | RELATED PARTY DISCLOSURES |
As permitted under FRS 102 transactions between group companies which are wholly owned have not been disclosed. |
At the start of the financial year a loan existed to N Munday (director) in the sum of £2,000 which has been repaid in this financial year (see Directors advances, credits and guarantees). |
On 21 September 2023 as part of the management buyout, the company entered into a secured loan agreement with N Munday (director) in respect of a cash loan provided to the company (up to a maximum balance of £750,000). Under the terms of the loan agreement interest accrues at 6%. The amount owed to the director at 30 April 2024 amounts to £436,624. |
13. | ULTIMATE PARENT UNDERTAKING |
The immediate and ultimate parent undertaking is EBSE Holdings Limited. |