Company registration number 05878310 (England and Wales)
ELEMENT MAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
ELEMENT MAN LIMITED
CONTENTS
Page
Balance sheet
2
Statement of changes in equity
Notes to the financial statements
3 - 6
ELEMENT MAN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company continued to be that of the sale of heating elements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C H Symonds
Mrs P J Symonds
Mr R C Symonds
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr R C Symonds
Director
22 January 2025
ELEMENT MAN LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,612
4,587
Current assets
Stocks
47,728
56,249
Debtors
6
2,576
3,076
Cash at bank and in hand
198
3,637
50,502
62,962
Creditors: amounts falling due within one year
7
(28,166)
(33,874)
Net current assets
22,336
29,088
Net assets
24,948
33,675
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
24,848
33,575
Total equity
24,948
33,675

For the financial year ended 31 July 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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Mr R C Symonds
Director
Company registration number 05878310 (England and Wales)
ELEMENT MAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Element Man Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, England, B75 5BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% on cost
Fixtures and fittings
33.33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

ELEMENT MAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
598
3,124
ELEMENT MAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Taxation
2024
2023
£
£
(Continued)
- 5 -
Deferred tax
Adjustment in respect of prior periods
-
0
(4)
Total tax charge
598
3,120
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
30,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
30,000
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
5
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
4,059
17,606
21,665
Additions
-
0
358
358
At 31 July 2024
4,059
17,964
22,023
Depreciation and impairment
At 1 August 2023
2,436
14,642
17,078
Depreciation charged in the year
203
2,130
2,333
At 31 July 2024
2,639
16,772
19,411
Carrying amount
At 31 July 2024
1,420
1,192
2,612
At 31 July 2023
1,623
2,964
4,587
ELEMENT MAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,576
3,076
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
681
1,437
Trade creditors
19,934
10,240
Taxation and social security
4,388
12,871
Other creditors
3,163
9,326
28,166
33,874
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