Company registration number NI687684 (Northern Ireland)
ELEMENTS TAKEAWAY BELFAST LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ELEMENTS TAKEAWAY BELFAST LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ELEMENTS TAKEAWAY BELFAST LTD
COMPANY INFORMATION
- 1 -
Director
Sarah Wang
Company number
NI687684
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
239 Antrim Road
Belfast
Co Antrim
BT15 2GZ
Bankers
Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT1 5UB
ELEMENTS TAKEAWAY BELFAST LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,953
7,804
Tangible assets
4
3,536
4,384
10,489
12,188
Current assets
Stocks
5
1,301
1,069
Debtors
6
12,498
6,094
Cash at bank and in hand
15,422
14,350
29,221
21,513
Creditors: amounts falling due within one year
7
(26,495)
(29,880)
Net current assets/(liabilities)
2,726
(8,367)
Total assets less current liabilities
13,215
3,821
Provisions for liabilities
8
(700)
(800)
Net assets
12,515
3,021
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
12,415
2,921
Total equity
12,515
3,021
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
ELEMENTS TAKEAWAY BELFAST LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 21 January 2025
Sarah Wang
Director
Company Registration No. NI687684
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Elements Takeaway Belfast Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention,
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.
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, which is 10 years.
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:
Fixtures and fittings
20% Straight Line
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 net realisable value.
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.10
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.
1.11
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.12
Capital instruments
Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders' funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than the equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
8,513
Amortisation and impairment
At 1 May 2023
709
Amortisation charged for the year
851
At 30 April 2024
1,560
Carrying amount
At 30 April 2024
6,953
At 30 April 2023
7,804
4
Tangible fixed assets
Fixtures and equipment
£
Cost
At 1 May 2023
5,261
Additions
250
At 30 April 2024
5,511
Depreciation and impairment
At 1 May 2023
877
Depreciation charged in the year
1,098
At 30 April 2024
1,975
Carrying amount
At 30 April 2024
3,536
At 30 April 2023
4,384
5
Stocks
2024
2023
£
£
Stocks
1,301
1,069
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
12,498
6,094
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,014
2,071
Corporation tax
3,100
Other taxation and social security
7,761
8,103
Director's current account
185
13,774
Accruals and deferred income
9,435
5,932
26,495
29,880
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
700
800
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2024
Balances:
£
Accelerated capital allowances
700
2024
Movements in the year:
£
Liability at 1 May 2023
800
Credit to profit or loss
(100)
Liability at 30 April 2024
700
ELEMENTS TAKEAWAY BELFAST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary share of £1 each
100
100
100
100
11
Capital Commitments
The company has no capital commitments as at 30 April 2024 or as at 30 April 2023.
12
Control
The company is controlled by the directors.
13
Director's transactions
The director's current account at the year end amounted to £185 (2023: £13,774) and is included within creditors due within one year. No interest is charged on this balance.
14
Financial commitments
The company had no financial commitments as at 30 April 2024 or as at 30 April 2023.
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