ELLEC_LIMITED - Accounts

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 December 2020 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.

The member has 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.

Ellec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fore Royal, Gorley Road, Linbrook, Ringwood, Hampshire, BH24 3LD.

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 euro, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

As at 31 December 2020 there were net current liabilities of €162,459. However, included within creditors falling due within one year is a shareholder loan totalling €170,823 and, whilst this is technically repayable on demand the director is confident that this will not be repaid unless the financial position of the company is such that repayment will not impair upon the ability of the company to meet its ongoing financial obligations as they fall due. true

The income of the company has been seriously impacted by the effects of covid-19 which has hit the tourism, leisure and hospitality industries within which the company operates particularly badly. The main overhead of the company is the running expenses of the boat and these have been met by introductions of funds from the shareholder. The director is confident that the shareholder will continue to introduce further funds into the company to enable the company to meet its financial commitments. Accordingly, the financial statements have been prepared on a going concern basis.

The turnover in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Rental income from hire of boat is recognised in the period to which the rental income actually relates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.
It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences,
to the extent that the director believes such an amount to be material, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the
financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit (or loss).

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgement that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the annual
rate of depreciation applied to the boat within tangible fixed assets together with the impairment review thereof at the balance sheet date. Deprecation is calculated in line with typical rates within this
industry and the director's impairment review of the asset at the balance sheet date is based upon his own assessment of the market resale value of the boat at that date together with a valuation report prepared by a suitably qualified professional. However, if the boat was sold the amount realised could be higher or lower than these assessments potentially generating a material profit or loss on disposal depending upon the circumstances of any future sale.

The average monthly number of persons (including directors) employed by the company during the year was:

Other creditors are unsecured, interest free and repayable on demand.

Angloconsult SA, a company incorporated in Switzerland was regarded as the company’s immediate and ultimate parent undertaking throughout the previous year and up until 01 December 2020 when the entire issued share capital was transferred to Schreber SA, a company also incorporated in Switzerland.

Both Angloconsult SA and Schreber SA held the shares in Ellec Limited in a fiduciary capacity on behalf of ultimate beneficial owners. The director believes that at the balance sheet date the ultimate controlling party was Mr Federico Bellezza.

Group financial statements are not drawn up by either Angloconsult SA or by Schreber SA.