8 8 W E Elliott & Son Limited NI047730 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is plumbing, heat and air-conditioning installation Digita Accounts Production Advanced 6.30.9574.0 true NI047730 2023-09-01 2024-08-31 NI047730 2024-08-31 NI047730 bus:Director1 1 2024-08-31 NI047730 bus:Director1 2 2024-08-31 NI047730 bus:Director2 1 2024-08-31 NI047730 bus:Director2 2 2024-08-31 NI047730 bus:OrdinaryShareClass1 2024-08-31 NI047730 bus:OrdinaryShareClass2 2024-08-31 NI047730 core:CurrentFinancialInstruments 2024-08-31 NI047730 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 NI047730 core:Goodwill 2024-08-31 NI047730 core:LandBuildings core:LongLeaseholdAssets 2024-08-31 NI047730 core:MotorVehicles 2024-08-31 NI047730 core:OfficeEquipment 2024-08-31 NI047730 core:PlantMachinery 2024-08-31 NI047730 bus:SmallEntities 2023-09-01 2024-08-31 NI047730 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI047730 bus:FilletedAccounts 2023-09-01 2024-08-31 NI047730 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI047730 bus:RegisteredOffice 2023-09-01 2024-08-31 NI047730 bus:Director1 2023-09-01 2024-08-31 NI047730 bus:Director1 1 2023-09-01 2024-08-31 NI047730 bus:Director1 2 2023-09-01 2024-08-31 NI047730 bus:Director2 2023-09-01 2024-08-31 NI047730 bus:Director2 1 2023-09-01 2024-08-31 NI047730 bus:Director2 2 2023-09-01 2024-08-31 NI047730 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 NI047730 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 NI047730 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI047730 core:Goodwill 2023-09-01 2024-08-31 NI047730 core:ComputerEquipment 2023-09-01 2024-08-31 NI047730 core:LandBuildings core:LongLeaseholdAssets 2023-09-01 2024-08-31 NI047730 core:MotorVehicles 2023-09-01 2024-08-31 NI047730 core:OfficeEquipment 2023-09-01 2024-08-31 NI047730 core:PlantMachinery 2023-09-01 2024-08-31 NI047730 countries:NorthernIreland 2023-09-01 2024-08-31 NI047730 2023-08-31 NI047730 bus:Director1 1 2023-08-31 NI047730 bus:Director1 2 2023-08-31 NI047730 bus:Director2 1 2023-08-31 NI047730 bus:Director2 2 2023-08-31 NI047730 core:Goodwill 2023-08-31 NI047730 core:LandBuildings core:LongLeaseholdAssets 2023-08-31 NI047730 core:MotorVehicles 2023-08-31 NI047730 core:OfficeEquipment 2023-08-31 NI047730 core:PlantMachinery 2023-08-31 NI047730 2022-09-01 2023-08-31 NI047730 2023-08-31 NI047730 bus:OrdinaryShareClass1 2023-08-31 NI047730 bus:OrdinaryShareClass2 2023-08-31 NI047730 core:CurrentFinancialInstruments 2023-08-31 NI047730 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 NI047730 core:LandBuildings core:LongLeaseholdAssets 2023-08-31 NI047730 core:MotorVehicles 2023-08-31 NI047730 core:OfficeEquipment 2023-08-31 NI047730 core:PlantMachinery 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI047730

W E Elliott & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

W E Elliott & Son Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

W E Elliott & Son Limited

(Registration number: NI047730)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

75,850

87,503

Current assets

 

Stocks

6

534,674

352,614

Debtors

7

911,801

1,062,446

Investments

8

1,029,393

-

Cash at bank and in hand

 

1,258,624

2,084,224

 

3,734,492

3,499,284

Creditors: Amounts falling due within one year

9

(407,879)

(488,081)

Net current assets

 

3,326,613

3,011,203

Total assets less current liabilities

 

3,402,463

3,098,706

Provisions for liabilities

(11,983)

(14,900)

Net assets

 

3,390,480

3,083,806

Capital and reserves

 

Called up share capital

10

500

500

Retained earnings

3,389,980

3,083,306

Shareholders' funds

 

3,390,480

3,083,806

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Kenneth John Elliott
Director

.........................................
Roy Elliott
Director

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
50 Manse Road
Kilkeel
County Down
BT34 4BN
Northern Ireland

The presentation currency is £ Sterling. The level of rounding is to the nearest £.

These financial statements were authorised for issue by the Board on 15 May 2025.

2

Accounting policies

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.

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.

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.

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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% on reducing balnace method

Plant & Machinery

15% on reducing balnace method

Computer Equipment

33.33% on reducing balnace method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

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.

3

Staff numbers

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

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

82,500

82,500

At 31 August 2024

82,500

82,500

Amortisation

At 1 September 2023

82,500

82,500

At 31 August 2024

82,500

82,500

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2023

27,917

52,674

9,944

117,952

Additions

-

956

334

-

At 31 August 2024

27,917

53,630

10,278

117,952

Depreciation

At 1 September 2023

-

30,334

9,306

81,344

Charge for the year

-

3,495

296

9,152

At 31 August 2024

-

33,829

9,602

90,496

Carrying amount

At 31 August 2024

27,917

19,801

676

27,456

At 31 August 2023

27,917

22,340

638

36,608

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Total
£

Cost or valuation

At 1 September 2023

208,487

Additions

1,290

At 31 August 2024

209,777

Depreciation

At 1 September 2023

120,984

Charge for the year

12,943

At 31 August 2024

133,927

Carrying amount

At 31 August 2024

75,850

At 31 August 2023

87,503

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £27,917 (2023 - £27,917) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

534,674

352,614

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

2024
£

2023
£

Trade debtors

347,686

335,888

Prepayments

5,315

5,389

Other debtors

558,800

721,169

911,801

1,062,446

8

Current asset investments

2024
£

2023
£

Other investments

1,029,393

-

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

256,536

359,336

Taxation and social security

126,629

99,392

Accruals and deferred income

19,714

23,097

Other creditors

5,000

6,256

407,879

488,081

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

300

300

300

300

B Ordinary Share of £1 each

200

200

200

200

500

500

500

500

 

W E Elliott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

An amount of £446,375 (2023 - £264,315) was owing at 31 August 2024 by J K R Properties Limited,
a related party by virtue of common control. The amount outstanding is included within other debtors
in Note 7 to these accounts.

An amount of £28,928 (2023 - £28,928) was owing at 31 August 2024 by Glebe Homes Limited, a
related party by virtue of common control. The amount outstanding is included within other debtor in
Note 7 to these accounts.
An amount of £1,470 (2023 - £358,376 ) was owing at 31 August 2024 by Seamount Developments
Limited, a related party by virtue of common control. The amount outstanding is included within other
debtor in Note 7 to these accounts.

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Kenneth John Elliott

(100)

(28,000)

28,000

(100)

-

-

-

-

(100)

(28,000)

28,000

(100)

Roy Elliott

(100)

(28,000)

28,000

(100)

-

-

-

-

(100)

(28,000)

28,000

(100)