ELANIC LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Company registration number SC362472 (Scotland)
PAGES FOR FILING WITH REGISTRAR
ELANIC LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ELANIC LTD.
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,403,992
3,951,473
Current assets
Stocks
124,071
121,571
Debtors
4
1,846,807
1,620,193
Cash at bank and in hand
79,186
139,178
2,050,064
1,880,942
Creditors: amounts falling due within one year
5
(3,418,763)
(3,724,235)
Net current liabilities
(1,368,699)
(1,843,293)
Total assets less current liabilities
3,035,293
2,108,180
Creditors: amounts falling due after more than one year
6
(2,635,368)
(1,678,165)
Provisions for liabilities
(43,774)
(52,468)
Net assets
356,151
377,547
Capital and reserves
Called up share capital
9
50,002
50,002
Profit and loss reserves
306,149
327,545
Total equity
356,151
377,547
ELANIC LTD.
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

For the financial year ended 31 July 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr Vivek Sivarajan
Director
Company registration number SC362472 (Scotland)
ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Elanic Ltd. is a private company limited by shares incorporated in Scotland. The registered office is C/O William Duncan + Co, 38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL. The principal place of business is 132 Bath Street, Glasgow, G2 2EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities.

 

Turnover relates to the provision of plastic surgery and aesthetic services.

1.3
Tangible fixed assets

Tangible fixed assets 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 on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
10% on cost
Computers
33% on cost
Motor vehicles
20% on cost

The gain or loss arising 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined obligation is calculated on an annual basis by independent actuaries.

 

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

 

Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

1.12
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.14

Trust

The Company has created a trust whose beneficiaries will include employees of the Company and their dependants. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

 

Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
23
27
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
4,247,033
635,963
4,882,996
Additions
60,976
480,215
541,191
At 31 July 2024
4,308,009
1,116,178
5,424,187
Depreciation and impairment
At 1 August 2023
490,658
440,865
931,523
Depreciation charged in the year
16,616
72,056
88,672
At 31 July 2024
507,274
512,921
1,020,195
Carrying amount
At 31 July 2024
3,800,735
603,257
4,403,992
At 31 July 2023
3,756,375
195,098
3,951,473
ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
316,166
507,924
Other debtors
1,530,641
1,112,269
1,846,807
1,620,193
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
300,568
396,870
Trade creditors
746,916
1,722,583
Taxation and social security
329,302
319,764
Other creditors
2,041,977
1,285,018
3,418,763
3,724,235
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
697,680
916,998
Other creditors
1,937,688
761,167
2,635,368
1,678,165
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
36,905
7
Loans and overdrafts
2024
2023
£
£
Bank loans
998,248
1,217,566
Bank overdrafts
-
0
96,302
Other loans
2,190,210
829,193
3,188,458
2,143,061
Payable within one year
1,004,598
712,674
Payable after one year
2,183,860
1,430,387
ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Loans and overdrafts
(Continued)
- 8 -

HSBC and IFS Debt hold a floating charges over the whole of the property (including uncalled capital) which is or may be from time to time comprised in the property and undertaking of the Company.

 

The directors have given joint and several personal guarantees for the HSBC Recovery Loan.

 

The directors have also given personal guarantees on loans from Business Loan Scotland, FIBR Capital, LDF, Federal Capital and Funding Circle included in Other Loans and finance agreements from Siemens, Armada, Novuna and Arkle included in Lease Obligations.

 

8
Employer Pension Obligations

The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £11,000 (2023 £11,000) was taken on 31/07/24. During the year the expense incurred was £1,000 (2023 £0).

The principal assumptions used are:

 

 

 

 

2024    

2023

Present value of defined benefit obligations

£11,000

£11,000

Fair value of scheme assets    

£0

£0

Liability recognised in the balance sheet    

£11,000

£11,000

 

Movements in the present value of the defined benefit obligations were as follows:

 

 

2024    

At the beginning of the year

£11,000

Current service cost    

£0

Interest cost

£1,000

Actuarial gains

(£1,000)

At the end of the year

£11,000

 

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,002
50,002
50,002
50,002
10
Operating lease commitments
As lessee
ELANIC LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Operating lease commitments
(Continued)
- 9 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
4,200,000
4,100,000
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
2,800,000
2,279,656
12
Directors' transactions

Dividends totalling £253,316 (2023 - £325,340) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan
-
350,047
120,866
(9,630)
461,283
Directors' Loan
-
350,047
120,866
(9,630)
461,283
700,094
241,732
(19,260)
922,566
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