General Information
Board and Elbow Ltd is a private company, limited by shares, registered in England and Wales, registration number 05871024, registration address 3 Portland Place, Penrith, Cumbria, CA11 7QN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is well financed by their respective loan accounts which currently stands at £106,659. On this basis the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
5% Straight Line |
| Plant and Machinery |
15% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 11 (2020 : 11).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 January 2021 |
43,925 |
|
78,386 |
|
122,311 |
| Additions |
- |
|
3,931 |
|
3,931 |
| Disposals |
- |
|
- |
|
- |
| At 31 December 2021 |
43,925 |
|
82,317 |
|
126,242 |
| Depreciation |
| At 01 January 2021 |
24,167 |
|
52,475 |
|
76,642 |
| Charge for year |
2,197 |
|
7,461 |
|
9,658 |
| On disposals |
- |
|
- |
|
- |
| At 31 December 2021 |
26,364 |
|
59,936 |
|
86,300 |
| Net book values |
| Closing balance as at 31 December 2021 |
17,561 |
|
22,381 |
|
39,942 |
| Opening balance as at 01 January 2021 |
19,758 |
|
25,911 |
|
45,669 |
|
| 4. |
Stocks
|
2021
£ |
|
2020
£ |
| Stocks |
14,840 |
|
13,460 |
|
14,840 |
|
13,460 |
|
| 5. |
Debtors: amounts falling due within one year
|
2021
£ |
|
2020
£ |
| Other Debtors |
9,860 |
|
11,887 |
|
9,860 |
|
11,887 |
|
| 6. |
Creditors: amount falling due within one year
|
2021
£ |
|
2020
£ |
| Trade Creditors |
4,059 |
|
3,288 |
| PAYE & Social Security |
4,226 |
|
1,843 |
| Accrued Expenses |
2,070 |
|
3,700 |
| Other Creditors |
67 |
|
2,869 |
| Directors' Current Accounts |
114,097 |
|
110,659 |
| VAT |
9,438 |
|
4,763 |
|
133,957 |
|
127,122 |
|
| 7. |
Share Capital
Authorised
3 Ordinary shares of £1.00 each
Allotted, called up and fully paid
|
2021
£ |
|
2020
£ |
|
3
Ordinary shares of £1.00 each |
3 |
|
3 |
|
3 |
|
3 |
|
| 8. |
Related Party Disclosures
The Directors have funded the Company through their Directors Loan Accounts and will continue to provide support to the Company. The balance on the respective Loan Accounts at the 31st December 2021 was £114,097 ( 2020 - £110,659).
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3
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