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Registration number: 03869717

Elvy International Marine & Heavy Haulage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Elvy International Marine & Heavy Haulage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Elvy International Marine & Heavy Haulage Limited

Company Information

Director

Mr M J Brown

Company secretary

Mrs J A Brown

Registered office

Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered AccountantsUnit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Elvy International Marine & Heavy Haulage Limited

(Registration number: 03869717)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

446,604

392,107

Current assets

 

Debtors

6

807,424

692,190

Cash at bank and in hand

 

137,776

165,381

 

945,200

857,571

Creditors: Amounts falling due within one year

7

(348,853)

(202,474)

Net current assets

 

596,347

655,097

Total assets less current liabilities

 

1,042,951

1,047,204

Creditors: Amounts falling due after more than one year

7

(138,795)

(154,454)

Provisions for liabilities

(111,651)

(74,501)

Net assets

 

792,505

818,249

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

792,405

818,149

Shareholders' funds

 

792,505

818,249

 

Elvy International Marine & Heavy Haulage Limited

(Registration number: 03869717)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 25 April 2025
 

.........................................
Mr M J Brown
Director

 

Elvy International Marine & Heavy Haulage Limited

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Retained earnings
£

Total
£

At 1 December 2023

100

818,149

818,249

Profit for the year

-

50,256

50,256

Dividends

-

(76,000)

(76,000)

At 30 November 2024

100

792,405

792,505

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

705,720

705,820

Profit for the year

-

146,829

146,829

Dividends

-

(34,400)

(34,400)

At 30 November 2023

100

818,149

818,249

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

The principal place of business is:
Moortown Farms
Hampshire Hatches Lane
Ringwood
Hampshire
BH24 3AT

These financial statements were authorised for issue by the director on 25 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when
the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant & machinery

15% reducing balance

Fixtures & fittings

15% reducing balance

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

129,318

102,555

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

57,445

836,847

894,292

Additions

4,100

179,716

183,816

At 30 November 2024

61,545

1,016,563

1,078,108

Depreciation

At 1 December 2023

51,978

450,207

502,185

Charge for the year

1,099

128,220

129,319

At 30 November 2024

53,077

578,427

631,504

Carrying amount

At 30 November 2024

8,468

438,136

446,604

At 30 November 2023

5,467

386,640

392,107

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

140,447

162,987

Amounts owed by related parties

502,575

517,575

Prepayments

 

164,402

11,628

   

807,424

692,190

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

74,394

76,728

Trade creditors

 

207,843

56,237

Taxation and social security

 

62,821

63,389

Other creditors

 

3,795

6,120

 

348,853

202,474

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

138,795

154,454

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

90

90

90

90

Ordinary B of £1 each

10

10

10

10

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

91,771

109,919

Hire purchase contracts

47,024

20,535

Other borrowings

-

24,000

138,795

154,454

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,500

41,500

Hire purchase contracts

32,894

11,228

Other borrowings

-

24,000

74,394

76,728

Bank borrowings

Bounce Back Loan is denominated in pounds with a nominal interest rate of 4.7%, and the final instalment is due on 31 October 2026. The carrying amount at year end is £20,737 (2023 - £31,385).

Lorry Loan is denominated in pounds with a nominal interest rate of 3.0%, and the final instalment is due on 14 July 2028. The carrying amount at year end is £112,534 (2023 - £144,034).

The loan is secured against a specific vehicle

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

32,894

11,228

Later than one year and not later than five years

47,024

20,535

79,918

31,763

 

Elvy International Marine & Heavy Haulage Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

11

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £844.44 (2023 - £382.22) per each Ordinary A share

76,000

34,400