Elcoin Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10755607 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

ELCOIN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Svircenkovs

Mr A Svircenkovs

REGISTERED OFFICE:

The Lansdowne Building

No.2 Lansdowne Road

Croydon

CR9 2ER

REGISTERED NUMBER:

10755607 (England and Wales)

ACCOUNTANTS:

Stephen Hill Partnership Limited

139-141 Watling Street

Gillingham

Kent

ME7 2YY

FIXED ASSETS

Intangible assets

5

110,272

24,066

Tangible assets

6

3,950

6,191

114,222

30,257

CURRENT ASSETS

Debtors

7

187,585

319,561

Cash at bank

31,537

6,689

219,122

326,250

CREDITORS

Amounts falling due within one year

8

878,705

467,513

NET CURRENT LIABILITIES

(659,583

)

(141,263

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(545,361

)

(111,006

)

CAPITAL AND RESERVES

Called up share capital

9

490,000

300,000

Retained earnings

(1,035,361

)

(411,006

)

SHAREHOLDERS' FUNDS

(545,361

)

(111,006

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 and authorised for issue on 16th August 2022 and were signed on its behalf by:

Mr S Svircenkovs - Director

1.	STATUTORY INFORMATION

Elcoin Ltd 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 financial statements are prepared in Pounds Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 are 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 the 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost.

Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful life. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

The useful economic lives of intangible assets are as follows:

Trademark - 10 years.

Development - 10 years.

If there are indicators that the residual value or useful life of an intangible asset has changed since the most recent annual reporting period, previous estimates shall be reviewed and, if current expectations differ, the residual value, amortisation method or useful life shall be amended. Changes in the expected useful life or the expected pattern of consumption of benefit shall be accounted for as a change in accounting estimate.

Tangible fixed assets

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

Computer equipment

-

33% on reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debtors

Short term debtors are measured at transaction price, less any impairments for bad and doubtful debts.

Creditors

Short term creditors are measured at the transaction price.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

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.

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.

Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense.

The cost of any significant unused holiday entitlement is recognised in the period in which the employee's services are received.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2021

27,090

Additions

123,893

At 31st December 2021

150,983

AMORTISATION

At 1st January 2021

3,024

Charge for year

37,687

At 31st December 2021

40,711

NET BOOK VALUE

At 31st December 2021

110,272

At 31st December 2020

24,066

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st January 2021

and 31st December 2021

11,401

DEPRECIATION

At 1st January 2021

5,210

Charge for year

2,241

At 31st December 2021

7,451

NET BOOK VALUE

At 31st December 2021

3,950

At 31st December 2020

6,191

7.

DEBTORS

31.12.21

31.12.20

£

£

Amounts falling due within one year:

Trade debtors

10,038

5,100

Other debtors

15,320

218,234

25,358

223,334

Amounts falling due after more than one year:

Other debtors

162,227

96,227

Aggregate amounts

187,585

319,561

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

25,000

10,000

Trade creditors

530,763

206,522

Taxation and social security

8,682

(55,780

)

Other creditors

314,260

306,771

878,705

467,513

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

200,000

Ordinary

1

300,000

300,000

70,000

Preference shares

1

70,000

-

120,000

Preference A shares

1

120,000

-

490,000

300,000