Registration number: 08795074

Elf Industrial Ltd

trading as Bearings Plus Cirencester

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Elf Industrial Ltd

trading as Bearings Plus Cirencester

Company Information

Director

Mr C J Phillips

Company secretary

Ms E Fouracres

Registered office

Unit 3 2 Elliott Road Love Lane Industrial Estate Cirencester GL7 1YS

Accountants

Regulatory Accounting Ltd T/A Optimum Professional Services Vicarage Court 160 Ermin Street Swindon Wiltshire SN3 4NE

Elf Industrial Ltd

trading as Bearings Plus Cirencester

(Registration number: 08795074)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	-	2,000
Tangible assets	5	55,293	54,087
		55,293	56,087
Current assets
Stocks	6	384,702	354,698
Debtors	7	247,422	192,891
Cash at bank and in hand		16,936	33,426
		649,060	581,015
Creditors: Amounts falling due within one year	8	(474,282)	(429,600)
Net current assets		174,778	151,415
Total assets less current liabilities		230,071	207,502
Creditors: Amounts falling due after more than one year	8	(108,444)	(116,470)
Provisions for liabilities		(10,506)	(10,277)
Net assets		111,121	80,755
Capital and reserves
Called up share capital		1	1
Retained earnings		111,120	80,754
Shareholders' funds		111,121	80,755

Elf Industrial Ltd

trading as Bearings Plus Cirencester

(Registration number: 08795074)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2025
 

......................................... Mr C J Phillips Director

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3
2 Elliott Road
Love Lane Industrial Estate
Cirencester
GL7 1YS
England

These financial statements were authorised for issue by the director on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The presentational currency of these financial statements is pound sterling and rounded to the nearest pound (£)

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.

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

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.

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
Fixtures & Fittings	20% Reducing Balance
Motor Vehicles	20% Reducing Balance
Office Equipment	20% Reducing Balance
Leasehold Improvements	10% Straight Line
Plant & Machinery	20% Reducing Balance

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:

Asset class	Amortisation method and rate
Goodwill	10% Straight Line
Software	10% Straight Line

Elf Industrial Ltd

trading as Bearings Plus Cirencester

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	20,000	20,000
At 31 December 2024	20,000	20,000
Amortisation
At 1 January 2024	18,000	18,000
Amortisation charge	2,000	2,000
At 31 December 2024	20,000	20,000
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	2,000	2,000

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £
Cost or valuation
At 1 January 2024	27,293	26,178	28,857	3,000
Additions	-	560	13,500	-
At 31 December 2024	27,293	26,738	42,357	3,000
Depreciation
At 1 January 2024	9,775	14,230	5,772	1,464
Charge for the year	2,729	2,501	7,317	307
At 31 December 2024	12,504	16,731	13,089	1,771
Carrying amount
At 31 December 2024	14,789	10,007	29,268	1,229
At 31 December 2023	17,518	11,948	23,085	1,536

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

	Total £
Cost or valuation
At 1 January 2024	85,328
Additions	14,060
At 31 December 2024	99,388
Depreciation
At 1 January 2024	31,241
Charge for the year	12,854
At 31 December 2024	44,095
Carrying amount
At 31 December 2024	55,293
At 31 December 2023	54,087

Included within the net book value of land and buildings above is £14,789 (2023 - £17,519) in respect of short leasehold land and buildings.
 

6

Stocks

	2024 £	2023 £
Other inventories	384,702	354,698

7

Debtors

Current	2024 £	2023 £
Trade debtors	168,803	168,988
Prepayments	2,465	308
Other debtors	76,154	23,595
	247,422	192,891

Elf Industrial Ltd

trading as Bearings Plus Cirencester

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

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	170,872	153,495
Trade creditors		203,188	162,004
Taxation and social security		43,410	68,173
Accruals and deferred income		2,145	1,925
Other creditors		54,667	44,003
		474,282	429,600

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	108,444	116,470

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	65,666	55,498
Hire purchase contracts	15,130	19,659
Other borrowings	27,648	41,313
	108,444	116,470

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	14,947	9,746
Bank overdrafts	137,732	127,627
Hire purchase contracts	4,529	4,010
Other borrowings	13,664	12,112
	170,872	153,495