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Registered number: 01571323














ELY & SIDNEY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
ELY & SIDNEY LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
ELY & SIDNEY LIMITED
REGISTERED NUMBER:01571323

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
421
1,037

Investments
 5 
4,378,000
4,378,000

  
4,378,421
4,379,037

Current assets
  

Stocks
  
125,349
139,615

Debtors: amounts falling due within one year
 6 
2,356,709
2,152,388

Cash at bank and in hand
  
138,199
105,045

  
2,620,257
2,397,048

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(6,356,991)
(5,846,256)

Net current liabilities
  
 
 
(3,736,734)
 
 
(3,449,208)

  

Net assets
  
641,687
929,829


Capital and reserves
  

Called up share capital 
 8 
500,000
500,000

Profit and loss account
  
141,687
429,829

  
641,687
929,829


Page 1

 
ELY & SIDNEY LIMITED
REGISTERED NUMBER:01571323
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.




J Zeloof
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ely & Sidney Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 91 Brick Lane, London, E1 6QL. 
The principal activity of the company continued to be that of wholesalers.
The financial statements are presented in Sterling (£), which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the company had net current liabilities. The financial statements of the company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the company's subsidiaries and other entities which are under common control. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised at the point of sale.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Plant & machinery
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.8

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.

 
2.9

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Plant & Machinery

£



Cost


At 1 May 2023
3,614


Disposals
(622)



At 30 April 2024

2,992



Depreciation


At 1 May 2023
2,577


Charge for the year on owned assets
396


Disposals
(402)



At 30 April 2024

2,571



Net book value



At 30 April 2024
421



At 30 April 2023
1,037

Page 6

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
4,908,000



At 30 April 2024

4,908,000



Impairment


At 1 May 2023
530,000



At 30 April 2024

530,000



Net book value



At 30 April 2024
4,378,000



At 30 April 2023
4,378,000


6.


Debtors

2024
2023
£
£


Trade debtors
21,449
23,234

Amounts owed by group undertakings
2,333,871
1,992,766

Other debtors
-
12,950

Prepayments and accrued income
1,389
123,438

2,356,709
2,152,388


Page 7

 
ELY & SIDNEY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
94,228
139,671

Amounts owed to group undertakings
4,450,000
3,900,000

Taxation and social security
3,900
2,837

Other creditors
1,800,355
1,800,174

Accruals and deferred income
8,508
3,574

6,356,991
5,846,256



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



375,000 Ordinary shares of £1 each
375,000
375,000
125,000 Ordinary A shares of £1 each
125,000
125,000

500,000

500,000

The Ordinary shares and Ordinary A shares both have full voting rights except that only a majority of the Ordinary A shareholders can appoint an A director and Ordinary shareholders shall confer no right to vote upon a resolution for the removal of office of an A director.



9.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,131 (2023 - £1,030). Contributions of £355 (2023 - £174) were payable to the fund at the reporting date.

 
Page 8