ELIFINTY LTD

Company Registration Number:
11345938 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2024

Period of accounts

Start date: 01 June 2023

End date: 31 May 2024

ELIFINTY LTD

Contents of the Financial Statements

for the Period Ended 31 May 2024

Balance sheet
Notes

ELIFINTY LTD

Balance sheet

As at 31 May 2024


Notes

2024

2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 11,933 12,165
Investments:   0 0
Total fixed assets: 11,933 12,165
Current assets
Stocks: 0 0
Debtors: 4 97,679 47,482
Cash at bank and in hand: 2,307 194,868
Investments:   0 0
Total current assets: 99,986 242,350
Creditors: amounts falling due within one year: 5 (258,136) (197,532)
Net current assets (liabilities): (158,150) 44,818
Total assets less current liabilities: (146,217) 56,983
Creditors: amounts falling due after more than one year: 6 (4,727) (32,090)
Provision for liabilities: 0 0
Total net assets (liabilities): (150,944) 24,893
Capital and reserves
Called up share capital: 2 2
Share premium account: 1,285,391 1,285,391
Other reserves: 334,633 0
Profit and loss account: (1,770,970) (1,260,500)
Shareholders funds: (150,944) 24,893

The notes form part of these financial statements

ELIFINTY LTD

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 February 2025
and signed on behalf of the board by:

Name: Maysam Rizvi
Status: Director

The notes form part of these financial statements

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax, and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Furniture & Fixtures - 33.33% Computer Equipments - 33.33%

Intangible fixed assets and amortisation policy

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents and licences are being amortised evenly over their estimated useful life of five years.

Other accounting policies

Government grants Grant income is recognised under the accrual model of Financial Reporting Standard 102. Grant income is recognised in the profit and loss account on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate. Financial instruments Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year-end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Hire purchase and leasing commitments Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

2. Employees

2024 2023
Average number of employees during the period 6 5

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Tangible Assets

Total
Cost £
At 01 June 2023 15,764
Additions 6,947
Disposals 0
Revaluations 0
Transfers 0
At 31 May 2024 22,711
Depreciation
At 01 June 2023 3,599
Charge for year 7,179
On disposals 0
Other adjustments 0
At 31 May 2024 10,778
Net book value
At 31 May 2024 11,933
At 31 May 2023 12,165

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Creditors: amounts falling due within one year note

Bank loans & overdrafts £31,535, Trade creditors £129,599, Payables to partners £83,750, Accruals & other payables £13,252

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Creditors: amounts falling due after more than one year note

Other longterm payables £4,727

ELIFINTY LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Related party transactions

Name of the related party:
Relationship:
Associated Company
Description of the Transaction: Short term loan given to an associated Company.
£
Balance at 01 June 2023 19,888
Balance at 31 May 2024 39,769
Name of the related party:
Relationship:
Associated Company
Description of the Transaction: Purchase of services during the normal course of business.
£
Balance at 01 June 2023 0
Balance at 31 May 2024 15,423