Company registration number SC654667 (Scotland)
ELYTRAA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ELYTRAA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ELYTRAA GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,853
2,471
Current assets
Debtors
4
8,562
11,618
Cash at bank and in hand
1,572
79,670
10,134
91,288
Creditors: amounts falling due within one year
5
(27,136)
(44,002)
Net current (liabilities)/assets
(17,002)
47,286
Total assets less current liabilities
(15,149)
49,757
Creditors: amounts falling due after more than one year
6
(66,081)
(62,584)
Net liabilities
(81,230)
(12,827)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(81,330)
(12,927)
Total equity
(81,230)
(12,827)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELYTRAA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2022 and are signed on its behalf by:
Mr R W J Young
Director
Company Registration No. SC654667
ELYTRAA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Elytraa Group Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
3 Wellington Square, Ayr, Ayrshire, United Kingdom, KA7 1EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the company had negative reserves of £81,230. The director has confirmed that they will continue to provide financial support to the company until such time that the financial position improves. The director therefore considers it appropriate to prepare the financial statements on a going concern basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ELYTRAA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
1,711
1,056
2,767
Depreciation and impairment
At 1 April 2021
191
105
296
Depreciation charged in the year
380
238
618
At 31 March 2022
571
343
914
Carrying amount
At 31 March 2022
1,140
713
1,853
At 31 March 2021
1,520
951
2,471
ELYTRAA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,779
7,585
Other debtors
2,783
2,777
Prepayments and accrued income
1,256
8,562
11,618
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,258
729
Other borrowings
5,000
37,500
Trade creditors
4,213
3,481
Taxation and social security
10,132
Other creditors
275
292
Accruals and deferred income
2,258
2,000
27,136
44,002
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
44,742
49,271
Other creditors
21,339
13,313
66,081
62,584