Elliot Charles Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03929151 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2019

FOR

ELLIOT CHARLES

HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C E Inchbald

M Littlefield

REGISTERED OFFICE:

The Old White Horse

29 High Street

Flitton

Bedford

Bedfordshire

MK45 5DY

REGISTERED NUMBER:

03929151 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

FIXED ASSETS

Tangible assets

4

1,086

1,387

Investments

5

304,000

304,000

305,086

305,387

CURRENT ASSETS

Cash at bank

90,991

2,405

CREDITORS

Amounts falling due within one year

6

428,889

413,257

NET CURRENT LIABILITIES

(337,898

)

(410,852

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(32,812

)

(105,465

)

CREDITORS

Amounts falling due after more than one year

7

918,806

923,806

NET LIABILITIES

(951,618

)

(1,029,271

)

CAPITAL AND RESERVES

Called up share capital

10,300

10,300

Share premium

800

800

Retained earnings

(962,718

)

(1,040,371

)

SHAREHOLDERS' FUNDS

(951,618

)

(1,029,271

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 December 2019 and were signed on its behalf by:

A C E Inchbald - Director

1.	STATUTORY INFORMATION

Elliot Charles Holdings Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have confirmed

that in their opinion the Company will have adequate cash resources available to finance its trading

and meet its obligations for the foreseeable future due to the continued support of the company's

directors, bankers and creditors.

Turnover

Turnover represents:

(i) net invoiced sales, excluding value added tax, adjusted for work in progress.

(ii) profit shares from joint ventures.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Computer equipment

-

33.33% on cost and 25% on reducing balance

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held

separately from those of the company in independently administered funds, other than unsecured

loans made by the scheme to the company. Contributions payable for the year are charged in the

profit and loss account.

Investments

Investments are stated at cost. An annual impairment review is prepared by the directors and the

carrying value of the investment is adjusted accordingly.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 April 2018

3,336

2,081

5,417

Additions

-

588

588

Disposals

(3,336

)

-

(3,336

)

At 31 March 2019

-

2,669

2,669

DEPRECIATION

At 1 April 2018

3,336

694

4,030

Charge for year

-

889

889

Eliminated on disposal

(3,336

)

-

(3,336

)

At 31 March 2019

-

1,583

1,583

NET BOOK VALUE

At 31 March 2019

-

1,086

1,086

At 31 March 2018

-

1,387

1,387

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Cost b/fwd

2,314,705

2,314,705

Impairment provision

(2,010,705

)

(2,010,705

)

304,000

304,000

The impairment provision is explained within Note 10 transactions with directors.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

6,229

119,388

Amounts owed to associates

-

3,217

Taxation and social security

68,640

16,610

Other creditors

354,020

274,042

428,889

413,257

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

918,806

923,806

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors due within one year are loan notes for a face value of £2,000,000 (2018:

£2,000,000) in favour of ACE Inchbald which partially funded the company's purchase of 800 shares in

Grantmaster Limited.

Under the matching concept, during 2009 ACE Inchbald agreed to a potential reduction in the valuation

of the loan note to reflect the impairment provision against the company investment in Grantmaster

Limited.

During the period to 31 March 2012 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated £360,000 of value.

During the year to 31 March 2014 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated a further £430,000 of value.

During the year to 31 March 2017 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated a further £21,000 of value.

During the year to 31 March 2018 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated a further £200,000 of value.

During the year to 31 March 2019 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated a further £100,000 of value.

At 31 March 2019 there remains a balance of £889,000 (2018: £989,000) in respect of these loan

notes which are yet to be redeemed.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C E Inchbald.