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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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ELIFINTY LTD |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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ELIFINTY LTD |
ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Contents of the Financial Statements |
for the year ended 31 May 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ELIFINTY LTD |
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Company Information |
for the year ended 31 May 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Balance Sheet |
31 May 2022 |
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2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 | ( |
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Shareholders' funds | ( |
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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. |
ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Balance Sheet - continued |
31 May 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Notes to the Financial Statements |
for the year ended 31 May 2022 |
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1. | Statutory information |
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Elifinty Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The directors have considered the impact of and response to the Covid19 pandemic, including the company's available resources and ability to adjust the company's operations as required. The company will be able to continue to operate for the foreseeable future. |
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The directors are of the opinion that the above is sufficient to conclude that the company is a going concern. The financial statements do not include any adjustments to the value of the balance sheet which would result should the going concern basis not be valid. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2021 - NIL). |
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4. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 June 2021 |
and 31 May 2022 |
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Amortisation |
At 1 June 2021 |
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Amortisation for year |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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5. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 June 2021 |
and 31 May 2022 |
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Depreciation |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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Net book value |
At 31 May 2022 |
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At 31 May 2021 |
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6. | Debtors: amounts falling due within one year |
2022 | 2021 |
as restated |
£ | £ |
Other debtors |
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7. | Creditors: amounts falling due within one year |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
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Ordinary | £0.000001 | 1 | 1 |
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B Investment | £0.000001 | - | - |
1 | 1 |
ELIFINTY LTD (REGISTERED NUMBER: 11345938) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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10. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 June 2021 | ( |
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(79,799 | ) |
Deficit for the year | ( |
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At 31 May 2022 | ( |
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(210,084 | ) |
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11. | Related party disclosures |
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At the period end date the director was owed £nil (2021: £1,000) by the company. This loan was interest free and repayable on demand. |
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12. | Prior period adjustment |
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Prior period adjustment relates to consideration received in kind from one of the investors in financial year 2020 which was then converted into ordinary shares. However, the premium against these ordinary shares was not recorded in the respective financial year which has now been corrected through prior year adjustment. |
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The effect on brought forward retained earnings is a decrease of £28,516 and an increase in share premium brought forward of £28,516. |