Elelock Systems Limited - Accounts to registrar (filleted) - small 18.2
Elelock Systems Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements |
| For The Year Ended 31 March 2021 |
| for |
| Elelock Systems Ltd |
| Elelock Systems Ltd (Registered number: 07599953) |
| Contents of the Financial Statements |
| For The Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 |
| Elelock Systems Ltd |
| Company Information |
| For The Year Ended 31 March 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 20-22 Wenlock Road |
| London |
| N1 7GU |
| Elelock Systems Ltd (Registered number: 07599953) |
| Report of the Directors |
| For The Year Ended 31 March 2021 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2021. |
| 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. Last year, the company further expanded its reach in the Final Mile Delivery market and 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 also enabled the product to 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. |
| The COVID-19 pandemic did affect new opportunities and sales, but we still produced strong profits and we are now perfectly positioned to take advantage of the market recovery. |
| 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 2020 to the date of this report. |
| 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: |
| Elelock Systems Ltd (Registered number: 07599953) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| 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. |
| 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 |
| Elelock Systems Ltd (Registered number: 07599953) |
| Notes to the Financial Statements |
| For The Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Elelock Systems Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of 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 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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. |
| Elelock Systems Ltd (Registered number: 07599953) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Elelock Systems Ltd (Registered number: 07599953) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2021 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 1,570 | 2,093 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Provided during year | ( |
) |
| Balance at 31 March 2021 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |