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Registered number: 04583389
Elm Construction (1954) Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04583389
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 285,036 283,948
285,036 283,948
CURRENT ASSETS
Stocks 6 40,421 73,609
Debtors 7 31,503 8,891
Cash at bank and in hand 488,549 424,795
560,473 507,295
Creditors: Amounts Falling Due Within One Year 8 (46,208 ) (46,663 )
NET CURRENT ASSETS (LIABILITIES) 514,265 460,632
TOTAL ASSETS LESS CURRENT LIABILITIES 799,301 744,580
Creditors: Amounts Falling Due After More Than One Year 9 (114,971 ) (118,233 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,069 ) (7,869 )
NET ASSETS 673,261 618,478
CAPITAL AND RESERVES
Called up share capital 11 12 12
Profit and Loss Account 673,249 618,466
SHAREHOLDERS' FUNDS 673,261 618,478
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Mawdsley
Director
9 June 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Elm Construction (1954) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04583389 . The registered office is Clough Mill Blundells Lane, Rainhill, Prescot, Merseyside, L35 6ND.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
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.
...CONTINUED
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2.7. Taxation - continued
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 114,000
As at 30 November 2024 114,000
Amortisation
As at 1 December 2023 114,000
As at 30 November 2024 114,000
Net Book Value
As at 30 November 2024 -
As at 1 December 2023 -
5. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 December 2023 270,000 62,207 37,300 773 370,280
Additions - - 7,995 - 7,995
Disposals - - (9,500 ) - (9,500 )
As at 30 November 2024 270,000 62,207 35,795 773 368,775
Depreciation
As at 1 December 2023 - 48,821 36,885 626 86,332
Provided during the period - 1,847 1,944 147 3,938
Disposals - - (6,531 ) - (6,531 )
As at 30 November 2024 - 50,668 32,298 773 83,739
Net Book Value
As at 30 November 2024 270,000 11,539 3,497 - 285,036
As at 1 December 2023 270,000 13,386 415 147 283,948
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Cost or valuation as at 30 November 2024 represented by:
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 240,760 62,207 35,795 773 339,535
At valuation 29,240 - - - 29,240
270,000 62,207 35,795 773 368,775
Investment property was revalued by the directors on 30 November 2024 on an open market basis.
6. Stocks
2024 2023
£ £
Stock 40,421 73,609
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,208 8,042
Prepayments and accrued income - 849
Other debtors 1,434 -
Other taxes and social security 651 -
Directors' loan accounts 5,210 -
31,503 8,891
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,262 18,354
Bank loans and overdrafts 5,199 5,199
Corporation tax 14,708 6,044
VAT 13,457 11,329
Net wages 219 -
Accruals and deferred income 2,363 4,209
Directors' loan accounts - 1,528
46,208 46,663
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 114,971 118,233
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10. Secured Creditors
Of the creditors the following amounts are secured by a fixed charge over the investment property.
2024 2023
£ £
Bank loans and overdrafts 120,170 123,432
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Ian Mawdsley (764 ) 12,058 10,971 - 323
Mr Philip Mawdsley (764 ) 41,917 36,266 - 4,887
The above loans are unsecured, interest free and repayable on demand.
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