Elite Systems (International) Limited Filleted accounts for Companies House (small and micro)

ELITE SYSTEMS (INTERNATIONAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC202089

Elite Systems (International) Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 May 2019

Elite Systems (International) Limited

Abridged Financial Statements

Year ended 31 May 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Elite Systems (International) Limited

Abridged Statement of Financial Position

31 May 2019

	2019	2018
Note	£	£

Current assets

Debtors	17,330	36,527
Cash at bank and in hand	458	34,910
	--------	--------
	17,788	71,437

Creditors: amounts falling due within one year	21,903	66,917
	--------	--------
Net current (liabilities)/assets	( 4,115)	4,520
	-------	-------
Total assets less current liabilities	( 4,115)	4,520
	-------	-------

Capital and reserves

Called up share capital	510	510
Profit and loss account	( 4,625)	4,010
	-------	-------
Shareholders (deficit)/funds	( 4,115)	4,520
	-------	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Elite Systems (International) Limited

Abridged Statement of Financial Position (continued)

31 May 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 25 February 2020 , and are signed on behalf of the board by:

Mr S B MacKay

Director

Company registration number: SC202089

Elite Systems (International) Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Elite House, Starlaw Business Park, Livingston, West Lothian, EH54 8SF.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company requires the support of the parent company, Elite Control Systems Limited to continue to meet its ongoing financial requirements. The parent company has intimated that such support will continue to be made available and accordingly the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the state of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment	-	50% reducing balance
Fixtures and fittings	-	50% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	£
Cost
At 1 June 2018 and 31 May 2019	3,848
	-------
Depreciation
At 1 June 2018 and 31 May 2019	3,848
	-------
Carrying amount
At 31 May 2019	–
	-------
At 31 May 2018	–
	-------

5. Related party transactions

During the year dividends of £11,370 (2018 - £25,000) were paid to Elite Control Systems Ltd.

6. Controlling party

The ultimate parent company is Elite Control Systems Limited which is registered in Scotland with the number SC138404.