Elfet Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC616005

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		64,814		64,814
Tangible Assets	5		71		825

			64,885		65,639
CURRENT ASSETS
Stocks	6	11,000		11,000
Debtors	7	15,097		10,431
Cash at bank and in hand		80,184		8,295

		106,281		29,726
Creditors: Amounts Falling Due Within One Year	8	(219,348 )		(166,954 )

NET CURRENT ASSETS (LIABILITIES)			(113,067 )		(137,228 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(48,182 )		(71,589 )

NET LIABILITIES			(48,182 )		(71,589 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(48,282 )		(71,689 )

SHAREHOLDERS' FUNDS			(48,182)		(71,589)

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Elfet Ltd

Balance Sheet (continued)

As At 31 December 2024

For the 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.

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

Mrs Lorraine Ungerer

Director

1 October 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Elfet Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC616005 . The registered office is 73 Dunnikier Road, Kirkcaldy, KY1 2RL.

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.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Research and Development

Expenditure on research and development is capitalised in the year it is incurred and no depreciation is charged to the accounts.

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	20% SL
Computer Equipment	20% SL

2.5. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

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Elfet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 January 2024	64,814

As at 31 December 2024	64,814

Net Book Value
As at 31 December 2024	64,814

As at 1 January 2024	64,814

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	17,932	21,593	39,525

As at 31 December 2024	17,932	21,593	39,525

Depreciation
As at 1 January 2024	17,807	20,893	38,700
Provided during the period	125	629	754

As at 31 December 2024	17,932	21,522	39,454

Net Book Value
As at 31 December 2024	-	71	71

As at 1 January 2024	125	700	825

6. Stocks

	2024	2023
	£	£
Finished goods	11,000	11,000

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	9,097	4,431
Other debtors	6,000	6,000

	15,097	10,431

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Elfet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,765	-
Other taxes and social security	52	52
Other creditors	41,416	41,416
Accruals and deferred income	1,800	1,200
Directors' loan accounts	174,315	124,286

	219,348	166,954

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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