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Company No: 12646943 (England and Wales)

THE FAMILY ELEPHANT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

THE FAMILY ELEPHANT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

THE FAMILY ELEPHANT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
THE FAMILY ELEPHANT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 291 1,187
Tangible assets 4 1,000 2,000
1,291 3,187
Current assets
Debtors 5 1,454 5,287
Cash at bank and in hand 19,626 5,221
21,080 10,508
Creditors: amounts falling due within one year 6 ( 121,581) ( 128,903)
Net current liabilities (100,501) (118,395)
Total assets less current liabilities (99,210) (115,208)
Net liabilities ( 99,210) ( 115,208)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 99,310 ) ( 115,308 )
Total shareholder's deficit ( 99,210) ( 115,208)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Family Elephant Limited (registered number: 12646943) were approved and authorised for issue by the Director on 11 February 2025. They were signed on its behalf by:

J C J Dent
Director
THE FAMILY ELEPHANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
THE FAMILY ELEPHANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

The Family Elephant 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 3rd Floor Eagle Tower, Montpellier Drive, Cheltenham, GL50 1TA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £99,210. The Company is supported through loans a connected Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the connected Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
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 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2024 6,838 6,838
At 31 December 2024 6,838 6,838
Accumulated amortisation
At 01 January 2024 5,651 5,651
Charge for the financial year 896 896
At 31 December 2024 6,547 6,547
Net book value
At 31 December 2024 291 291
At 31 December 2023 1,187 1,187

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2024 3,000 3,000
At 31 December 2024 3,000 3,000
Accumulated depreciation
At 01 January 2024 1,000 1,000
Charge for the financial year 1,000 1,000
At 31 December 2024 2,000 2,000
Net book value
At 31 December 2024 1,000 1,000
At 31 December 2023 2,000 2,000

5. Debtors

2024 2023
£ £
Prepayments 0 2,207
Other debtors 1,454 3,080
1,454 5,287

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 900 3,783
Amounts owed to connected companies 105,256 122,010
Accruals 15,425 3,110
121,581 128,903

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100