Elliotts (Cheltenham) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06013962 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st January 2017

for

ELLIOTTS (CHELTENHAM) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N M Elliott

Mrs A C Elliott

SECRETARY:

Mrs A C Elliott

REGISTERED OFFICE:

Pillar House

113/115 Bath Road

Cheltenham

Gloucestershire

GL53 7LS

REGISTERED NUMBER:

06013962 (England and Wales)

ACCOUNTANTS:

Davies Mayers Barnett LLP

Pillar House

113/115 Bath Road

Cheltenham

Gloucestershire

GL53 7LS

FIXED ASSETS

Tangible assets

5

2,163,868

1,795,702

CURRENT ASSETS

Stocks

6,748

6,482

Debtors

6

999,456

924,826

Cash at bank

379,836

288,126

1,386,040

1,219,434

CREDITORS

Amounts falling due within one year

7

(1,351,956

)

(1,209,313

)

NET CURRENT ASSETS

34,084

10,121

TOTAL ASSETS LESS CURRENT LIABILITIES

2,197,952

1,805,823

CREDITORS

Amounts falling due after more than one year

8

(901,635

)

(871,358

)

PROVISIONS FOR LIABILITIES

10

(187,500

)

(147,697

)

NET ASSETS

1,108,817

786,768

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,108,717

786,668

SHAREHOLDERS' FUNDS

1,108,817

786,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 15th August 2017 and were signed on its behalf by:

N M Elliott - Director

1.	STATUTORY INFORMATION

Elliotts (Cheltenham) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006.

Details of adjustments made on transition to FRS 102 are disclosed in the First Year Adoption note.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, under the historical cost basis except for

the modification to a fair value basis where specified.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost, 15% on cost and 10% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes purchase cost and other costs directly attributable to making the asset capable of operating as

intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all

costs of purchase, costs of conversion and other costs incurred, where relevant, in bringing stock to its present

location and condition.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the

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

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the

balance sheet date.

Current and deferred tax are determined using tax rates and laws that have been enacted or substantively enacted

by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditor

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising

from impairment are recognised in profit or loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reliably estimated.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2016 - 41 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st February 2016

2,797,039

Additions

926,528

Disposals

(318,159

)

At 31st January 2017

3,405,408

DEPRECIATION

At 1st February 2016

1,001,337

Charge for year

425,488

Eliminated on disposal

(185,285

)

At 31st January 2017

1,241,540

NET BOOK VALUE

At 31st January 2017

2,163,868

At 31st January 2016

1,795,702

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

809,869

841,631

Other debtors

189,587

83,195

999,456

924,826

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

465,975

410,110

Trade creditors

779,762

686,084

Taxation and social security

73,201

36,359

Other creditors

33,018

76,760

1,351,956

1,209,313

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

901,635

871,358

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

1,367,610

1,281,468

The hire purchase creditors are secured on the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

187,500

147,697

Deferred

tax

£

Balance at 1st February 2016

147,697

Charge to Income Statement during year

39,803

Balance at 31st January 2017

187,500

11.	OTHER FINANCIAL COMMITMENTS

As at 31st January 2017 the company had total guarantees, contingencies and commitments of £Nil (2016: £Nil).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2017 and

31st January 2016:

2017

2016

£

£

N M Elliott

Balance outstanding at start of year

(30,800

)

(75,636

)

Amounts advanced

128,976

84,836

Amounts repaid

(40,000

)

(40,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,176

(30,800

)

These amounts are unsecured, repayable on demand and interest has been charged on the balance outstanding..

13.	FIRST YEAR ADOPTION

This year is the first year the company has presented its results under FRS 102. The last financial statements

prepared under the previous UK GAAP were for the period ended 31st January 2016. The date of transition to

FRS 102 was 1st February 2015.

No material adjustments have been noted on transition to FRS 102.