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COMPANY REGISTRATION NUMBER: 01838243
Elsak Limited
Filleted Unaudited Financial Statements
30 September 2024
Elsak Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
637
750
Current assets
Debtors
6
58
166
Cash at bank and in hand
730,709
723,030
----------
----------
730,767
723,196
Creditors: amounts falling due within one year
7
( 1,773)
( 1,800)
----------
----------
Net current assets
728,994
721,396
----------
----------
Total assets less current liabilities
729,631
722,146
----------
----------
Net assets
729,631
722,146
----------
----------
Capital and reserves
Called up share capital
50,100
50,100
Profit and loss account
679,531
672,046
----------
----------
Shareholders funds
729,631
722,146
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Elsak Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Dr L.N.I Kaba
Director
Company registration number: 01838243
Elsak Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a public limited company limited by shares, registered in England and Wales. The address of the registered office is The Lake House, 6 Kier Park, Ascot, Berkshire, SL5 7DS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The Directors have reviewed the company's forecasts and projections, the directors have a reasonable expectation that the company has sufficient resources to support both its current business activities and the growth of the business into the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Trade and other debtors
Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified.
Cash and cash equivalents
Cash and cash equivalents are included in the balance sheet at cost. Cash and cash equivalents comprise cash at bank and in hand and short term deposits.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances. In the opinion of the directors there are no currently no key areas involving judgement by the directors or key areas of estimation uncertainty.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
224
4,486
4,710
----
-------
-------
Depreciation
At 1 October 2023
224
3,736
3,960
Charge for the year
113
113
----
-------
-------
At 30 September 2024
224
3,849
4,073
----
-------
-------
Carrying amount
At 30 September 2024
637
637
----
-------
-------
At 30 September 2023
750
750
----
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
58
166
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,773
1,800
-------
-------
8. Directors' advances, credits and guarantees
During the year the company advanced the director, L Kaba, £662 (2023: £1,536). During the year the director repaid £994 (2023: £715). During the year the company paid dividends of £nil (2023: £nil). At the year the company owed the director £173 (2023: company was owed £159).
9. Controlling party
The company is under the control of the directors Dr L.N.I Kaba and Mrs L A Kaba who together own 100% of the share capital of the company.