Elelock Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07599953 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 March 2020

for

Elelock Systems Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

C P Chrysostomou

P Robinson

REGISTERED OFFICE:

6 Cannons Lane

Hatfield Broad Oak

Bishops Stortford

Hertfordshire

CM22 7HX

REGISTERED NUMBER:

07599953 (England and Wales)

ACCOUNTANTS:

Giess Wallis Crisp LLP

10-12 Mulberry Green

Old Harlow

Essex

CM17 0ET

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

REVIEW OF BUSINESS

Elelock Systems Ltd specialises in the design, development, manufacture and sales of specialist electronic locking

solutions, primarily for the small enclosure market.

With excellent product and market knowledge, a loyal high profile customer base and a growing specialist market

segment, the company continues to grow. This year, the company has further expanded its reach in the Final Mile

Delivery market and has further invested in new product design as well as expanding manufacturing capability.

Our proprietary GEMiSYS2 system, introduced in 2018, continues to see encouraging adoption throughout the retail

industry. The systems flexibility has enabled the product to also branch into other sectors.

As we build upon our approach of designing new products as an OEM with a view to long term manufacture, new

opportunities have arisen that have the potential to develop into an exciting step change in business growth over the

next 12 months

By continuing to invest in our manufacturing capability and infrastructure, the company has secured further long term

manufacturing projects with high profile clients which are set to continue beyond the next financial year. An increase in

production capacity ensures further expansion can be supported.

With a strong 2020 / 2021 forecast and some large new business opportunities, Elelock remains on track to achieve or

exceed it's 5 year growth plan to £5m turnover by 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report.

C P Chrysostomou

P Robinson

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

C P Chrysostomou - Director

20 October 2020

FIXED ASSETS

Tangible assets

4

11,017

4,366

CURRENT ASSETS

Debtors

5

133,935

34,720

Cash at bank

340,623

242,458

474,558

277,178

CREDITORS

Amounts falling due within one year

6

259,483

207,350

NET CURRENT ASSETS

215,075

69,828

TOTAL ASSETS LESS CURRENT LIABILITIES

226,092

74,194

PROVISIONS FOR LIABILITIES

7

2,093

829

NET ASSETS

223,999

73,365

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

223,899

73,265

SHAREHOLDERS' FUNDS

223,999

73,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2020 and were signed on its behalf by:

C P Chrysostomou - Director

1.	STATUTORY INFORMATION

Elelock Systems 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.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to

the carrying amount of assets and liabilities

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and

liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Debtors

Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without

penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known amounts of cash

with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2019

1,850

1,610

7,989

11,449

Additions

9,258

-

1,064

10,322

At 31 March 2020

11,108

1,610

9,053

21,771

DEPRECIATION

At 1 April 2019

463

1,161

5,459

7,083

Charge for year

2,661

112

898

3,671

At 31 March 2020

3,124

1,273

6,357

10,754

NET BOOK VALUE

At 31 March 2020

7,984

337

2,696

11,017

At 31 March 2019

1,387

449

2,530

4,366

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

133,935

34,137

Other debtors

-

583

133,935

34,720

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

141,619

138,182

Taxation and social security

111,643

62,722

Other creditors

6,221

6,446

259,483

207,350

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

-

829

Deferred tax

2,093

-

2,093

829

Deferred

tax

£

Balance at 1 April 2019

829

Provided during year

1,264

Balance at 31 March 2020

2,093

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100