Company registration number 09699802 (England and Wales)
ELIZABETH XI BAUER PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
ELIZABETH XI BAUER PLC
COMPANY INFORMATION
Directors
Mr C Welch
Mr M Grochowski
Mr RE Farr
(Appointed 1 February 2024)
Secretary
Mr CA Welch
Company number
09699802
Registered office
3rd Floor
114a Cromwell Road
London
SW7 4AG
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
ELIZABETH XI BAUER PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
11
Statement of changes in equity
10
Statement of cash flows
12
Notes to the financial statements
13 - 24
ELIZABETH XI BAUER PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for Elizabeth Xi Bauer plc ("EXB") for the year ended 31 July 2024.

Principal activities

The principal activity of the company is supporting and promoting our consigned and guest artists with effective artistic activity. The sale of artworks, including secondary market, and framing is a by-product of being effective at EXB’s principal activity.

Business review

Elizabeth Xi Bauer Limited ("EXB"') has completed its 9th year of trading operations and has managed to support its artists more effectively than ever before.

 

EXB's artistic support programme has matured further, with the opening of a second gallery space in Central London in January 2025. This has enhanced the awareness, interest, and demand for artists' works. EXB’s cultural network continues to grow through working with highly respected artists, institutions, curators, writers and publications.

 

EXB has recorded higher revenue than in previous years, allowing management to reinvest to strengthen its market position and increase its scale of operation. Throughout the year, EXB had the support of market-leading professionals, leveraging their advice with the benefit of improved regulatory compliance and increased sales activity. The accounts services continue to utilise technology to improve time and cost efficiencies within operations to maximise profitability.

 

Relationships have been built and strengthened with art industry experts. EXB continues to invest into operational processes to become more efficient, which is a focus for the Directors to foster future growth.

 

Growing sales demand has been influenced by greater awareness through exhibitions in London, further successful auction results, and features in art world publications.

 

The Directors note that the time, money and resources invested into EXB since inception are now clearly continuing to deliver notable and positive results for EXB.

Principal risks and uncertainties

The principal risks facing the company below.

 

Credit risk

Liquidity risk

Economic and fiscal risk

Development and performance

EXB continues to invest in its artists and facilities, as well as participating in numerous art events and galleries across the world. Having opened a new gallery site in Islington, EXB has significantly increased its footprint in the art sector, attracting greater attention from investors and international galleries alike.

Key performance indicators

Profit before tax was £268,246 (2023: £111,776), reporting an EBITDA of £281,749 (2023: £114,978).

 

Revenue increased 35% from £5m to £6.8m.

ELIZABETH XI BAUER PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Other performance indicators

EXB constantly strives to provide the best facilities for its artists. It has invested significantly in gallery space, gallery events and other facilities so that its artists enjoy maximum exposure for their work. EXB will continue to dedicate significant resources for artist facilities.

On behalf of the board

Mr C Welch
Director
29 April 2025
ELIZABETH XI BAUER PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £270,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Welch
Mr M Grochowski
Mr RE Farr
(Appointed 1 February 2024)
Auditor

Bright Grahame Murray were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

ELIZABETH XI BAUER PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
On behalf of the board
Mr C Welch
Director
29 April 2025
ELIZABETH XI BAUER PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELIZABETH XI BAUER PLC
- 5 -
Opinion

We have audited the financial statements of Elizabeth Xi Bauer Plc (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ELIZABETH XI BAUER PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELIZABETH XI BAUER PLC (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

ELIZABETH XI BAUER PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELIZABETH XI BAUER PLC (CONTINUED)
- 7 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Moore (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
29 April 2025
ELIZABETH XI BAUER PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,810,108
5,022,962
Cost of sales
(4,034,124)
(2,841,214)
Gross profit
2,775,984
2,181,748
Administrative expenses
(2,510,506)
(2,069,878)
Other operating income
3,500
-
0
Operating profit
268,978
111,870
Interest receivable and similar income
7
87
96
Interest payable and similar expenses
8
(819)
(190)
Profit before taxation
268,246
111,776
Tax on profit
9
(76,610)
(28,344)
Profit for the financial year
191,636
83,432

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ELIZABETH XI BAUER PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
191,636
83,432
Other comprehensive income
-
-
Total comprehensive income for the year
191,636
83,432
ELIZABETH XI BAUER PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
100
41,308
41,408
Year ended 31 July 2023:
Profit and total comprehensive income
-
83,432
83,432
Dividends
10
-
(70,000)
(70,000)
Balance at 31 July 2023
100
54,740
54,840
Year ended 31 July 2024:
Profit and total comprehensive income
-
191,636
191,636
Bonus issue of shares
21
49,900
(49,900)
-
0
Dividends
10
-
(270,000)
(270,000)
Balance at 31 July 2024
50,000
(73,524)
(23,524)

The notes on pages 13 to 24 form part of these financial statements.

ELIZABETH XI BAUER PLC
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
160,244
14,300
Current assets
Stocks
12
116,817
90,740
Debtors
13
338,332
346,797
Cash at bank and in hand
399,721
386,037
854,870
823,574
Creditors: amounts falling due within one year
14
(918,844)
(775,347)
Net current (liabilities)/assets
(63,974)
48,227
Total assets less current liabilities
96,270
62,527
Creditors: amounts falling due after more than one year
15
(85,236)
(4,116)
Provisions for liabilities
(34,558)
(3,571)
Net (liabilities)/assets
(23,524)
54,840
Capital and reserves
Called up share capital
21
50,000
100
Profit and loss reserves
(73,524)
54,740
Total equity
(23,524)
54,840
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Mr C Welch
Director
Company Registration No. 09699802
ELIZABETH XI BAUER PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
281,239
165,342
Interest paid
(819)
(190)
Income taxes paid
(26,052)
(4,366)
Net cash inflow from operating activities
254,368
160,786
Investing activities
Purchase of tangible fixed assets
(48,715)
(10,624)
Loans repaid by/(paid to) participators
(16,969)
(65,214)
Interest received
87
96
Net cash used in investing activities
(65,597)
(75,742)
Financing activities
Repayment of bank loans
(2,245)
(2,246)
Payment of finance leases obligations
(1,973)
-
0
Dividends paid
(200,000)
(70,000)
Net cash used in financing activities
(204,218)
(72,246)
Net (decrease)/increase in cash and cash equivalents
(15,447)
12,798
Cash and cash equivalents at beginning of year
364,781
351,983
Cash and cash equivalents at end of year
349,334
364,781
Relating to:
Cash at bank and in hand
399,721
386,037
Bank overdrafts included in creditors payable within one year
(50,387)
(21,256)
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
1
Accounting policies
Company information

Elizabeth Xi Bauer Plc is an unlisted plc, limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, SW7 4AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the year end the company recorded net liabilities of £23,524 (2023: net assets £54,840), as a result of deferred liabilities and borrowings incurred in the year. Following the year end, the company continues to incur losses however management has provided financial forecasts demonstrating that the company will be able to meet its liabilities as well as bring the company into a net asset position.true

 

Therefore, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and have prepared the accounts on a going concern basis.

1.3
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% per annum on a straight line basis
Fixtures and fittings
25% per annum on a straight line basis
Computers
25% per annum on a straight line basis
Motor vehicles
20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company only has financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales commission
-
459,053
Artwork sales
4,168,029
3,163,108
Framing sales
158,612
209,367
Sale of repurchased artwork
2,483,467
1,191,434
6,810,108
5,022,962
2024
2023
£
£
Turnover analysed by geographical market
UK
6,810,108
5,022,962
2024
2023
£
£
Other revenue
Interest income
87
96
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,500
8,000
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
18
14

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
865,640
721,416
Social security costs
91,671
81,343
Pension costs
7,614
6,460
964,925
809,219
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
248,800
208,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
140,500
112,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
87
96
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
134
190
Other finance costs:
Interest on finance leases and hire purchase contracts
685
-
819
190
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
45,623
26,052
Deferred tax
Origination and reversal of timing differences
30,987
2,292
Total tax charge
76,610
28,344

In the Spring Budget 2021, the UK Government announced that the headline UK corporation tax rate would increase from 19% to 25% from 1 April 2023 on profits in excess of £250,000. This new law now been substantively enacted at the balance sheet date and so the current tax is calculated at 25%.

 

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
268,246
111,776
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
67,062
23,473
Tax effect of expenses that are not deductible in determining taxable profit
10,504
5,103
Permanent capital allowances in excess of depreciation
-
0
(325)
Tax at marginal rate
(956)
(614)
Differences in corporation and deferred tax rates
-
0
707
Taxation charge for the year
76,610
28,344
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
10
Dividends
2024
2023
£
£
Final paid
270,000
70,000
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
-
0
5,298
12,820
-
0
18,118
Additions
1,450
19,751
5,015
132,499
158,715
At 31 July 2024
1,450
25,049
17,835
132,499
176,833
Depreciation and impairment
At 1 August 2023
-
0
337
3,481
-
0
3,818
Depreciation charged in the year
76
5,755
4,512
2,428
12,771
At 31 July 2024
76
6,092
7,993
2,428
16,589
Carrying amount
At 31 July 2024
1,374
18,957
9,842
130,071
160,244
At 31 July 2023
-
0
4,961
9,339
-
0
14,300

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
108,075
-
0
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
116,817
90,740
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,896
35,962
Other debtors
130,747
170,729
Prepayments and accrued income
162,689
140,106
338,332
346,797
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
52,632
23,501
Obligations under finance leases
17
24,662
-
0
Trade creditors
329,421
354,181
Corporation tax
45,623
26,052
Other taxation and social security
100,476
116,529
Deferred income
19
-
0
81,521
Other creditors
320,054
165,563
Accruals and deferred income
45,976
8,000
918,844
775,347
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
1,871
4,116
Obligations under finance leases
17
83,365
-
0
85,236
4,116

 

 

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
16
Loans and overdrafts
2024
2023
£
£
Bank loans
4,116
6,361
Bank overdrafts
50,387
21,256
54,503
27,617
Payable within one year
52,632
23,501
Payable after one year
1,871
4,116

The borrowings relate to overdrafts and the bounce back loan.

Included in non-current and current creditors is a Bounce Back Loan obtained in the year ended 31 July 2020. The interest rate is 2.5%, unsecured and repayable in 2026.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
24,662
-
0
In two to five years
83,365
-
0
108,027
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. There is an interest rate of 7.46% implicit in the lease.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
34,558
3,571
ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
18
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 August 2023
3,571
Charge to profit or loss
30,987
Liability at 31 July 2024
34,558

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.

19
Deferred income
2024
2023
£
£
Other deferred income
-
81,521
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,614
6,460

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000,000 Ordinary of 1p each
50,000
100
Reconciliation of movements during the year:
Number
At 1 August 2023
100
Bonus issue
49,900
At 31 July 2024
50,000

There was an allotment of shares through a bonus issue during the year. There was a total of 4,990,000 shares with £0.01 nominal value issued. The shares rank equally for voting purposes, dividend rights and distribution rights on winding up with existing shares.

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
185,107
263,013
Between two and five years
274,734
86,279
459,841
349,292
23
Directors' transactions

Dividends totalling £226,125 (2023 - £58,625) were paid in the year in respect of shares held by the company's directors.

Interest on the director loans is charged at the HMRC official rate of interest.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Salary Advances and Loans
2.25
65,214
14,000
87
(67,118)
12,183
65,214
14,000
87
(67,118)
12,183
24
Ultimate controlling party

The directors consider the ultimate controlling party to be Scott Wilson.

ELIZABETH XI BAUER PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
25
Cash generated from operations
2024
2023
£
£
Profit after taxation
191,636
83,432
Adjustments for:
Taxation charged
76,610
28,344
Finance costs
819
190
Investment income
(87)
(96)
Depreciation and impairment of tangible fixed assets
12,771
3,078
Movements in working capital:
Increase in stocks
(26,077)
(18,847)
Increase in debtors
(44,566)
(55,355)
Increase in creditors
151,654
43,075
(Decrease)/increase in deferred income
(81,521)
81,521
Cash generated from operations
281,239
165,342
26
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
386,037
13,684
399,721
Bank overdrafts
(21,256)
(29,131)
(50,387)
364,781
(15,447)
349,334
Borrowings excluding overdrafts
(6,361)
2,245
(4,116)
Obligations under finance leases
-
(108,027)
(108,027)
358,420
(121,229)
237,191
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