| Elements Accounting Limited |
| Registered number: |
SC488652 |
| Balance Sheet |
| as at 31 October 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,209 |
|
|
1,424 |
|
| Current assets |
| Stocks |
|
|
5,000 |
|
|
6,500 |
| Debtors |
4 |
|
4,436 |
|
|
3,454 |
| Cash at bank and in hand |
|
|
41,338 |
|
|
50,296 |
|
|
|
50,774 |
|
|
60,250 |
|
| Creditors: amounts falling due within one year |
5 |
|
(8,122) |
|
|
(5,911) |
|
| Net current assets |
|
|
|
42,652 |
|
|
54,339 |
|
| Total assets less current liabilities |
|
|
|
43,861 |
|
|
55,763 |
|
|
| Provisions for liabilities |
|
|
|
(200) |
|
|
(271) |
|
|
| Net assets |
|
|
|
43,661 |
|
|
55,492 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
43,561 |
|
|
55,392 |
|
| Shareholders' funds |
|
|
|
43,661 |
|
|
55,492 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| M Andrews |
| Director |
| Approved by the board on 29 July 2025 |
|
| Elements Accounting Limited |
| Notes to the Accounts |
| for the year ended 31 October 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). They are presented in £ sterling which is the company's functional currency. |
|
|
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 rendering of services and is recognised once those services are complete. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
25% per annum reducing balance basis |
|
|
Work in progress |
|
Work in progress is valued at the recoverable amount of the services provided at the year end date. |
|
|
Financial instruments |
|
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and loan's to the company. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Loan's to the company, which are repayable on demand, are measured at the undiscounted amount of the cash expected to be paid. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
The company operates a defined benefit contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 November 2023 |
4,995 |
|
Additions |
188 |
|
At 31 October 2024 |
5,183 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2023 |
3,571 |
|
Charge for the year |
403 |
|
At 31 October 2024 |
3,974 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2024 |
1,209 |
|
At 31 October 2023 |
1,424 |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
1,934 |
|
2,335 |
|
Other debtors |
2,502 |
|
1,119 |
|
|
|
|
|
|
4,436 |
|
3,454 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
1,895 |
|
35 |
|
Taxation and social security costs |
5,857 |
|
5,554 |
|
Other creditors |
370 |
|
322 |
|
|
|
|
|
|
8,122 |
|
5,911 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Other information |
|
|
Elements Accounting Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
Little Farness |
|
Poyntzfield |
|
Dingwall |
|
Ross-shire |
|
IV7 8LY |