Company Registration No. 10309136 (England and Wales)
Elfin Market Ltd
Unaudited accounts
for the year ended 31 December 2022
Elfin Market Ltd
Unaudited accounts
Contents
Elfin Market Ltd
Company Information
for the year ended 31 December 2022
Directors
Mansour Bouaziz
Lakshithe Wagalath
Company Number
10309136 (England and Wales)
Registered Office
Flat B
40 Earlham Street
London
WC2H 9LH
United Kingdom
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Elfin Market Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
37,788
34,286
Cash at bank and in hand
83,134
1,439,180
Creditors: amounts falling due within one year
(291,031)
(219,284)
Net current (liabilities)/assets
(37,125)
1,264,631
Called up share capital
5
5
Share premium
3,931,786
3,828,301
Capital contribution reserve
147,994
-
Profit and loss account
(4,079,122)
(2,529,389)
Shareholders' funds
663
1,298,917
For the year ending 31 December 2022 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.
The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by
Mansour Bouaziz
Director
Company Registration No. 10309136
Elfin Market Ltd
Notes to the Accounts
for the year ended 31 December 2022
Elfin Market Ltd is a private company, limited by shares, registered in England and Wales, registration number 10309136. The registered office is Flat B, 40 Earlham Street, London, WC2H 9LH, United Kingdom.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
During the period, the company identified that some transactions were not accurately presented in the prior period as at 31 December 2021 account, in line with established accounting policies.
The accounts have been restated to correct the impacted line items, resulting in the following adjustments:
Decrease in other revenue of £52,009
Increase in tax repayment of £52,009
Elfin Market Ltd
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
-
42,818
42,818
Additions
1,094
12,290
13,384
At 31 December 2022
1,094
55,108
56,202
At 1 January 2022
-
8,532
8,532
Charge for the year
182
9,700
9,882
At 31 December 2022
182
18,232
18,414
At 31 December 2022
912
36,876
37,788
At 31 December 2021
-
34,286
34,286
Amounts falling due within one year
Accrued income and prepayments
140,612
14,575
Amounts falling due after more than one year
Other debtors
30,160
30,160
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
105,247
83,847
Taxes and social security
178,659
128,781
Other creditors
2,393
3,007
7
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
111,804
84,000
8
Average number of employees
During the year the average number of employees was 12 (2021: 9).