ELEPHANT GRAPHICS LTD Small abridged accounts
ELEPHANT GRAPHICS LTD Small abridged accounts
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Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
04398167
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Abridged Financial Statements |
Year ended 31 May 2017
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Contents |
Page |
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Report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
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Abridged statement of financial position |
2 |
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Notes to the abridged financial statements |
4 |
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Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
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Year ended 31 May 2017
Adur Business Centre, Ropetackle
Little High Street
Shoreham-by-Sea
West Sussex
BN43 5EG
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Abridged Statement of Financial Position |
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2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
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Tangible assets |
5 |
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Current assets
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Net assets |
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Capital and reserves
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Called up share capital |
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Profit and loss account |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 October 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
04398167
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Notes to the Abridged Financial Statements |
Year ended 31 May 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 20 Adur Business Centre, Little High Street, Shoreham by Sea, West Sussex, BN43 5EG, United Kingdom.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Income tax
Tangible assets
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:
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Plant & Machinery |
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Computer Equipment |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
4
).
5.
Tangible assets
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£ |
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Cost |
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At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
41,608 |
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At 31 May 2016 |
69,771 |
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6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
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2017 |
2016 |
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£ |
£ |
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Not later than 1 year |
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7.
Related party transactions
The company was under the control of
Mr J Gadd
and Mr R Whittle who are both directors and shareholders. Mr J Gadd
is the majority shareholder. At the financial statement date, the company owed Mr Gadd £64, (2016: £433). In the period, dividends were paid to the director in his capacity as shareholder.
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.