Elite Business Systems UK Limited - Accounts to registrar (filleted) - small 18.2
Elite Business Systems UK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Elite Business Systems UK Limited |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2019 |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Elite Business Systems UK Limited |
| Company Information |
| for the Year Ended 30 June 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Pavilion Court |
| 600 Pavilion Drive |
| Northampton Business Park |
| Northampton |
| Northamptonshire |
| NN4 7SL |
| BANKERS: |
| 41 The Drapery |
| Northampton |
| NN1 2EY |
| SOLICITORS: |
| Seebeck House |
| One Seebeck Place |
| Knowlhill |
| Milton Keynes |
| MK5 8FR |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves | 9 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Balance Sheet - continued |
| 30 June 2019 |
| The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Elite Business Systems UK Limited is a |
| The company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| Going concern |
| The financial statements have been prepared on the going concern basis, notwithstanding that the company has |
| not provided for a potential bad debt due from its subsidiary of £1,083,543. |
| The company had a VAT underpayment of £141,998, back in 2016, which was repaid during the year. |
| The directors conclude that whilst managing the company's cash flow remains a challenge the company can |
| continue to trade profitably and given the support of its banker, believe the financial statements can be prepared |
| on a going concern basis. |
| Turnover |
| Turnover includes the value of sale of handsets and accessories on an invoice basis. Commissions are |
| recognised on connection of the handset. |
| Tangible fixed assets |
| All fixed assets are initially recorded at cost. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| 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. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
| as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
| evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant & |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2018 |
| and 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| Included in cost or valuation of land and buildings is freehold land of £ 168,000 (2018 - £ 168,000 ) which is not |
| depreciated. |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 30 June 2019 is represented by: |
| Land and |
| buildings |
| £ |
| Valuation in 2019 | 518,980 |
| If freehold land and buildings had not been revalued they would have been included at the following historical |
| cost: |
| 2019 | 2018 |
| £ | £ |
| Cost | 299,639 | 299,639 |
| Aggregate depreciation | 109,744 | 109,744 |
| Value of land in freehold land and buildings | 69,000 | 69,000 |
| Freehold land and buildings were valued on an open market basis on 30 June 2017 by the directors . |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2018 |
| and 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by participating interests | 81,342 | - |
| Other debtors |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Payments on account |
| Trade creditors |
| Amounts owed to participating interests | - | 842 |
| Taxation and social security |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| National Westminster Bank Plc hold a legal charge over the freehold properties of the company. They also hold |
| a debenture with a fixed and floating charge over all current and future assets of the company and charges over |
| the life policies for the following directors M J Jennings and A C Dawson. |
| The loan of £2,906,900 is repayable at £23,000 per month, although with agreement of the bank currently only |
| interest payments are being made. The first repayment was paid on 30 July 2011. Interest is charged on the loan |
| at 4.01% per annum. The loan is secured by a fixed charge on the freehold properties, a debenture, charges over |
| the life policies of all directors and personal guarantees from R Morris, S E Tubman and R Kingston. At the |
| balance sheet date the outstanding balance was £519,923 (2018 - £519,923) |
| 9. | RESERVES |
| Other |
| reserves |
| £ |
| At 1 July 2018 |
| and 30 June 2019 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 June 2019 and |
| 30 June 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Elite Business Systems UK Limited (Registered number: 02975300) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | RELATED PARTY DISCLOSURES |
| All transactions with related parties has been undertaken at arms-length and in the normal course of business and |
| as such do not require disclosing under FRS 102 Section 1A. |