Company Registration No. 5177937 (England and Wales)
Element 78 Solutions Limited
Unaudited accounts
for the year ended 31 March 2018
Element 78 Solutions Limited
Statement of financial position
as at
31 March 2018
Tangible assets
1,942
1,664
Cash at bank and in hand
291,484
166,218
Creditors: amounts falling due within one year
(365,135)
(385,374)
Net current assets
311,938
265,610
Net assets
313,880
267,274
Called up share capital
600
600
Capital redemption reserve
400
400
Profit and loss account
312,880
266,274
Shareholders' funds
313,880
267,274
For the year ending 31 March 2018 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 July 2018.
I Rhodes
Director
Company Registration No. 5177937
Element 78 Solutions Limited
Notes to the Accounts
for the year ended 31 March 2018
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 2018
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2017
5,083
20,146
30,442
55,671
Additions
1,300
-
-
1,300
At 31 March 2018
6,383
20,146
30,442
56,971
At 1 April 2017
4,889
20,145
28,973
54,007
Charge for the year
422
1
599
1,022
At 31 March 2018
5,311
20,146
29,572
55,029
At 31 March 2018
1,072
-
870
1,942
At 31 March 2017
194
1
1,469
1,664
Trade debtors
274,304
372,113
Accrued income and prepayments
75,199
29,273
Other debtors
36,086
83,380
6
Creditors: amounts falling due within one year
2018
2017
Trade creditors
56,666
18,883
Taxes and social security
109,536
119,720
Other creditors
8,544
590
Deferred income
186,765
242,248
7
Share capital
2018
2017
Allotted, called up and fully paid:
600 Ordinary shares of £1 each
600
600
Element 78 Solutions Limited
Notes to the Accounts
for the year ended 31 March 2018
8
Operating lease commitments
2018
2017
At 31 March 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
-
5,025
The company is controlled by I Rhodes.
10
Average number of employees
During the year the average number of employees was 20 (2017: 19).
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2016
31 March 2017
Capital and reserves (as previously stated)
157,588
183,894
Correction of tax repayment estimates
106,470
83,380
Capital and reserves (as restated)
264,058
267,274
Reconciliation of profit or loss for the year
31 March 2017
Profit for the year (as previously stated)
26,306
Correction of tax repayment estimates
(23,090)
Profit for the year (as restated)
3,216
Tax repayment estimates for recent years have been restated to reflect actual amounts reclaimed in respect of those years.