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Company No: 01293689 (England and Wales)

ELM INVESTMENTS (WESTERN) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

ELM INVESTMENTS (WESTERN) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ELM INVESTMENTS (WESTERN) LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
ELM INVESTMENTS (WESTERN) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS S D Stowell
L J Thompson
SECRETARY S D Stowell
REGISTERED OFFICE Portwall Place 4th Floor
Portwall Lane
Bristol
BS1 6NA
United Kingdom
COMPANY NUMBER 01293689 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
ELM INVESTMENTS (WESTERN) LIMITED

BALANCE SHEET

As at 30 April 2024
ELM INVESTMENTS (WESTERN) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 208,835 209,459
208,835 209,459
Current assets
Stocks 4 503,133 528,159
Debtors 5 12,432 24,157
Cash at bank and in hand 1,359,849 1,296,445
1,875,414 1,848,761
Creditors: amounts falling due within one year 6 ( 51,686) ( 43,356)
Net current assets 1,823,728 1,805,405
Total assets less current liabilities 2,032,563 2,014,864
Provision for liabilities ( 1,525) ( 1,442)
Net assets 2,031,038 2,013,422
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 2,021,038 2,003,422
Total shareholders' funds 2,031,038 2,013,422

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Elm Investments (Western) Limited (registered number: 01293689) were approved and authorised for issue by the Board of Directors on 16 January 2025. They were signed on its behalf by:

S D Stowell
Director
ELM INVESTMENTS (WESTERN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ELM INVESTMENTS (WESTERN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elm Investments (Western) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Portwall Place, Portwall Lane, Bristol, BS1 6NA.

The financial statements have been prepared in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold property improvements, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Land and buildings are not depreciated as it is principally in respect of land.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 214,124 25,830 4,730 244,684
At 30 April 2024 214,124 25,830 4,730 244,684
Accumulated depreciation
At 01 May 2023 7,756 23,266 4,203 35,225
Charge for the financial year 0 433 191 624
At 30 April 2024 7,756 23,699 4,394 35,849
Net book value
At 30 April 2024 206,368 2,131 336 208,835
At 30 April 2023 206,368 2,564 527 209,459

4. Stocks

2024 2023
£ £
Stocks 503,133 528,159

5. Debtors

2024 2023
£ £
Trade debtors 558 13,032
Prepayments 11,874 10,890
Other debtors 0 235
12,432 24,157

6. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 35,622 28,726
Other taxation and social security 5,932 4,852
Other creditors 10,132 9,778
51,686 43,356

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Dividends paid to directors of the company 60,000 60,000