smallAccCompHo_0921.xslt
Company Registration No. 08632591 (England and Wales)
ELIZABETH SCARLETT LIMITED
Financial Statements
for the Period from 01 August 2023 to 31 July 2024

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

1. Statutory Information
ELIZABETH SCARLETT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08632591.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Revenue is recognised at the fair value of the consideration received or receivable services provided in the normal course of business.

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

Current Tax
Current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the income statement 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 liability to current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Tangible Fixed Asset Policy
Plant and equipment 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 using the straight line method. The useful lives of each category of assets is as follows: Short Leasehold ten years Plant & Equipment five years Motor Vehicles five years The gain or loss 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. The company's policy is to review the remaining useful economic lives and residual values of its tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic and residual value.

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

Intangible Asset Policy
Intangible assets acquired separately are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: Software & development costs 20%
Stock
Inventories comprise consumable items and goods held for resale and are stated at the lower of cost and net realisable value. Cost is calculated on a first in, first out basis and includes a relevant proportion of overheads. Net realisable value comprises the actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution.At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Deferred Tax
Deferred tax liabilities are generally recognised for all material timing differences and deferred tax assets are recognised to the extent it is probable that all or part of the asset will be recovered.

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2024 23
2023 14
4. Principal Activity
Manufacturer and retailer of luxury gifts and accessories

ELIZABETH SCARLETT LIMITED

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

5. Intangible Assets
Other Total
Cost £ £
At 01/08/2023 8,257 8,257
Additions 25,000 25,000
Disposals - -
Revaluations - -
At 31/07/2024 33,257 33,257
Amortisation
At 01/08/2023 8,257 8,257
Charge for the Year 4,500 4,500
On Disposals - -
Other increases/(decreases) - -
At end of period 12,757 12,757
Net book value
At 31/07/2024 20,500 20,500
At 31/07/2023 - -
6. Fixed Assets
Land and buildings Plant and Machinery Motor Vehicles Total
Cost or valuation £ £ £ £
At 01/08/2023 3,545 39,550 40,000 83,095
Additions - 45,048 - 45,048
Disposals - - (40,000) (40,000)
At 31/07/2024 3,545 84,598 - 88,143
Depreciation
At 01/08/2023 1,548 20,046 22,077 43,671
Charge for the year 1,997 9,619 3,924 15,540
Disposals - - (26,001) (26,001)
At 31/07/2024 3,545 29,665 - 33,210
Net Book Value
At 31/07/2024 - 54,933 - 54,933
At 31/07/2023 1,997 19,504 17,923 39,424