Registered number
04001679
Elan Lifts Limited
Filleted Accounts
31 May 2024
Elan Lifts Limited
Registered number: 04001679
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 85,839 69,211
Current assets
Stocks 911,255 195,508
Debtors 4 747,081 606,424
Cash at bank and in hand 877,553 371,742
2,535,889 1,173,674
Creditors: amounts falling due within one year 5 (1,609,386) (536,799)
Net current assets 926,503 636,875
Total assets less current liabilities 1,012,342 706,086
Creditors: amounts falling due after more than one year 6 (20,297) (20,841)
Net assets 992,045 685,245
Capital and reserves
Called up share capital 4 4
Profit and loss account 992,041 685,241
Shareholders' funds 992,045 685,245
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Fillery
Director
Approved by the board on 13 February 2025
Elan Lifts Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 26
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 285,242 158,507 443,749
Additions - 47,119 47,119
Disposals - (25,000) (25,000)
At 31 May 2024 285,242 180,626 465,868
Depreciation
At 1 June 2023 248,964 125,574 374,538
Charge for the year 9,070 19,544 28,614
On disposals - (23,123) (23,123)
At 31 May 2024 258,034 121,995 380,029
Net book value
At 31 May 2024 27,208 58,631 85,839
At 31 May 2023 36,278 32,933 69,211
4 Debtors 2024 2023
£ £
Trade debtors 508,547 197,433
Other debtors 238,534 408,991
747,081 606,424
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 356 10,155
Trade creditors 271,928 305,075
Taxation and social security costs 130,739 117,555
Other creditors 1,206,363 104,014
1,609,386 536,799
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,297 20,841
7 Other information
Elan Lifts Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8, Mulberry Court
Bourne Industrial Park
Bourne Road
Crayford
DA1 4BZ
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