Company Registration No. 5177937 (England and Wales)
Element 78 Solutions Limited
Unaudited accounts
for the year ended 31 March 2017
Element 78 Solutions Limited
Statement of financial position
as at
31 March 2017
Tangible assets
1,664
4,577
Cash at bank and in hand
166,218
142,213
Creditors: amounts falling due within one year
(385,374)
(221,878)
Net current assets
182,230
153,011
Net assets
183,894
157,588
Called up share capital
600
600
Capital redemption reserve
400
400
Profit and loss account
182,894
156,588
Shareholders' funds
183,894
157,588
For the year ending 31 March 2017 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 23 November 2017.
I Rhodes
Director
Company Registration No. 5177937
Element 78 Solutions Limited
Notes to the Accounts
for the year ended 31 March 2017
Element 78 Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 5177937. The registered office is UNIT 5.9 PAINTWORKS, BATH ROAD, BRISTOL, BS4 3EH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
11 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
(including bicycles) 25% per annum straight line basis
Fixtures & fittings
(costs of fitting out offices) - 10% per annum straight line basis
Computer equipment
25% per annum straight line basis
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Element 78 Solutions Limited
Notes to the Accounts
for the year ended 31 March 2017
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2016
5,083
20,146
30,442
55,671
At 31 March 2017
5,083
20,146
30,442
55,671
At 1 April 2016
4,583
18,137
28,374
51,094
Charge for the year
306
2,008
599
2,913
At 31 March 2017
4,889
20,145
28,973
54,007
At 31 March 2017
194
1
1,469
1,664
At 31 March 2016
500
2,009
2,068
4,577
Trade debtors
372,113
206,260
Accrued income and prepayments
29,273
26,416
6
Creditors: amounts falling due within one year
2017
2016
Trade creditors
18,883
18,520
Taxes and social security
119,720
93,111
Deferred income
242,248
104,240
7
Share capital
2017
2016
Allotted, called up and fully paid:
600 Ordinary shares of £1 each
600
600
8
Operating lease commitments
2017
2016
At 31 March 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
5,025
8,199
The company is controlled by I Rhodes.
Element 78 Solutions Limited
Notes to the Accounts
for the year ended 31 March 2017
10
Average number of employees
During the year the average number of employees was 19 (2016: 20).
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2015
31 March 2016
Capital and reserves (as previously stated)
161,961
163,595
Holiday Pay accrual introduced
(5,907)
(6,007)
Capital and reserves (as restated)
156,054
157,588
Reconciliation of profit or loss for the year
31 March 2016
Profit for the year (as previously stated)
1,634
Movement on Holiday Pay accrual
(100)
Profit for the year (as restated)
1,534