Elf Productivity Limited - Period Ending 2014-12-31

Registration number: 01677934

Elf Productivity Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Harrison Salmon Associates Limited
Chartered Certified Accountants

Elf Productivity Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Elf Productivity Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Elf Productivity Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Elf Productivity Limited, as a body, in accordance with the terms of our engagement letterdated 13 November 2008. Our work has been undertaken solely to prepare for your approval the accounts of Elf Productivity Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elf Productivity Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Elf Productivity Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Elf Productivity Limited. You consider that Elf Productivity Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Elf Productivity Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Harrison Salmon Associates Limited
Chartered Certified Accountants

20 February 2015

Page 1

Elf Productivity Limited
(Registration number: 01677934)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					660,000			770,000
Tangible fixed assets					66,604			69,916
					726,604			839,916
Current assets
Debtors					282,943			245,156
Cash at bank and in hand					352,246			386,710
					635,189			631,866
Creditors: Amounts falling due within one year					(842,250)			(571,952)
Net current (liabilities)/assets					(207,061)			59,914
Total assets less current liabilities					519,543			899,830
Provisions for liabilities					(12,143)			(9,507)
Net assets					507,400			890,323
Capital and reserves
Called up share capital		3			102			102
Revaluation reserve					112,185			409,825
Profit and loss account					395,113			480,396
Shareholders' funds					507,400			890,323

For the year ending 31 December 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 February 2015 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Elf Productivity Limited
(Registration number: 01677934)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr Paul O'Brien
Director

.........................................
Mr Paul O'Brien
Company secretary

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Elf Productivity Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Property & Leasehold improvements	2% Straight line basis
Plant & Machinery	20%/50% Straight line basis
Motor Vehicles	25% Reducing balance basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Elf Productivity Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		1,100,000			143,136			1,243,136
At 31 December 2014		1,100,000			143,136			1,243,136
Depreciation
At 1 January 2014		330,000			73,220			403,220
Charge for the year		110,000			3,312			113,312
At 31 December 2014		440,000			76,532			516,532
Net book value
At 31 December 2014		660,000			66,604			726,604
At 31 December 2013		770,000			69,916			839,916

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary A Class Shares of £1 each		2			2			2			2
Ordinary B Class Shares of £0.01 each		100			1			100			1
		102			3			102			3

Page 5