Registered number
SC488652
Elements Accounting Limited
Unaudited Filleted Accounts
31 October 2024
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
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