The Elements (SPV) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11208074 (England and Wales)

Unaudited Financial Statements for the Year Ended 15 August 2019

for

The Elements (SPV) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C J O'Connell

R Annello

J Saunders

REGISTERED OFFICE:

Elmstone Court

Upper Minety

Malmesbury

Wiltshire

SN16 9PR

REGISTERED NUMBER:

11208074 (England and Wales)

ACCOUNTANTS:

Morley & Co (UK) Ltd

Chartered Certified Accountants,

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

CURRENT ASSETS

Stocks

1,654,134

52,859

Debtors

4

278,884

11,230

Cash at bank and in hand

6,946

5,129

1,939,964

69,218

CREDITORS

Amounts falling due within one year

5

2,049,463

13,367

NET CURRENT (LIABILITIES)/ASSETS

(109,499

)

55,851

TOTAL ASSETS LESS CURRENT LIABILITIES

(109,499

)

55,851

CREDITORS

Amounts falling due after more than one year

6

-

67,378

NET LIABILITIES

(109,499

)

(11,527

)

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

(109,799

)

(11,827

)

(109,499

)

(11,527

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2020 and were signed on its behalf by:

C J O'Connell - Director

R Annello - Director

J Saunders - Director

1.	STATUTORY INFORMATION

The Elements (SPV) Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank

loans and loans to or from other group companies are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Other debtors

272,103

8,517

2019

2018

£

£

Amounts falling due after more than one year:

Other debtors

6,781

2,713

Aggregate amounts

278,884

11,230

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

7,310

11,617

Taxation and social security

79,928

-

Other creditors

1,962,225

1,750

2,049,463

13,367

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

-

67,378

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the R Annello owed the company £174,167.37 (2018: the company owed R Annello

£38,000) and J Saunders owed the company £71,763.52 (2018: the company owed J Saunders £20,000), both

amounts being repayable on demand. Interest has been charged at HMRC statutory rates.

8.	GOING CONCERN

At the balance sheet date the company had net current liabilities of £109,499 (2018: Net Current Assets £55,851),

a negative balance sheet of £109,499 (2018: £11,527) and made a operating loss for the year of £22,112 (2018:

£14,540).

On 11 March 2020 the World Health Organisation announced COVID-19 as a global pandemic. The directors have

prepared forecast information which takes in to account the current COVID-19 outbreak and their best estimates

of its potential impact on the business. Like many businesses in the current environment, COVID-19 is expected to

result in a period of increased uncertainty and potentially reduced economic activity. The forecasts indicate that

the company has adequate financial resources and facilities to enable it to meet the challenges currently being

presented by COVID-19. As with all businesses, it is difficult to fully predict the effect that COVID-19 will have on

the company in the next 12 months, but based on the information available, the directors believe that the

company is well placed to manage its financing and other business risks satisfactorily and have a reasonable

expectation that the company will have adequate resources to continue in operation for at least 12 months from

the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern

basis of accounting in preparing the financial statements.

If adoption of the going concern basis were inappropriate, adjustments would be required to write down assets to

their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may

arise.