Elbonmill Limited 31/08/2021 iXBRL

Elbonmill Limited 31/08/2021 iXBRL

ELBONMILL LIMITED - Company Information

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Company registration number: 01084480
Elbonmill Limited
Unaudited filleted financial statements
31 August 2021
Elbonmill Limited
Contents
Statement of financial position
Notes to the financial statements
Elbonmill Limited
Statement of financial position
31 August 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 300,000 304,034
_______ _______
300,000 304,034
Current assets
Debtors 6 156,953 159,204
Cash at bank and in hand 150,814 155,535
_______ _______
307,767 314,739
Creditors: amounts falling due
within one year 7 ( 106,239) ( 109,336)
_______ _______
Net current assets 201,528 205,403
_______ _______
Total assets less current liabilities 501,528 509,437
Creditors: amounts falling due
after more than one year 8 ( 68,312) ( 114,259)
Provisions for liabilities ( 62,500) ( 43,212)
_______ _______
Net assets 370,716 351,966
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 245,597 245,597
Profit and loss account 125,019 106,269
_______ _______
Shareholders funds 370,716 351,966
_______ _______
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2022 , and are signed on behalf of the board by:
Mr L G Copeland
Director
Company registration number: 01084480
Elbonmill Limited
Notes to the financial statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Apt 9 The White House, Suffolk Road, Altrincham, Cheshire, WAI4 4QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and rent received, stated net of discounts and of Value Added Tax. Turnover relating to services is recognised at the point the service is completed or provided to the customer.Turnover in relation to rental income is recognised over the period to which it relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its market value at each reporting date and any changes in market value are recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2020: 10 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2020 300,000 37,393 337,393
Disposals - ( 37,393) ( 37,393)
_______ _______ _______
At 31 August 2021 300,000 - 300,000
_______ _______ _______
Depreciation
At 1 September 2020 - 33,359 33,359
Charge for the year - 605 605
Disposals - ( 33,964) ( 33,964)
_______ _______ _______
At 31 August 2021 - - -
_______ _______ _______
Carrying amount
At 31 August 2021 300,000 - 300,000
_______ _______ _______
At 31 August 2020 300,000 4,034 304,034
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 2,864 661
Other debtors 154,089 158,543
_______ _______
156,953 159,204
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 40,562 25,516
Trade creditors 5,172 13,487
Corporation tax 9,652 10,115
Social security and other taxes 13,794 25,158
Other creditors 37,059 35,060
_______ _______
106,239 109,336
_______ _______
The loans of the company are secured by way of a charge over the investment property.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 68,312 114,259
_______ _______
The loans of the company are secured by way of a charge over the investment property.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 23,100 20,700
_______ _______