Elite Digital Systems Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07925331 (England and Wales)

ELITE DIGITAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P R Duncanson

SECRETARY:

Miss D J M Pearson

REGISTERED OFFICE:

The View

Tan Yr Allt Road

Llanddulas

Abergele

Conway

LL22 8LT

REGISTERED NUMBER:

07925331 (England and Wales)

ACCOUNTANTS:

Murray Smith LLP

Chartered Accountants

Darland House

44 Winnington Hill

Northwich

Cheshire

CW8 1AU

FIXED ASSETS

Intangible assets

4

85,841

100,745

Tangible assets

5

29,376

31,699

115,217

132,444

CURRENT ASSETS

Stocks

90,662

80,468

Debtors

6

96,669

67,676

Cash at bank

278,442

287,813

465,773

435,957

CREDITORS

Amounts falling due within one year

7

261,854

297,394

NET CURRENT ASSETS

203,919

138,563

TOTAL ASSETS LESS CURRENT LIABILITIES

319,136

271,007

CREDITORS

Amounts falling due after more than one year

8

166,092

215,907

NET ASSETS

153,044

55,100

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

153,042

55,098

SHAREHOLDERS' FUNDS

153,044

55,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 25 January 2023 and were signed by:

P R Duncanson - Director

1.	STATUTORY INFORMATION

Elite Digital 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of eight years.

Tangible fixed assets

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

Improvements to property

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of the business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on the present value basis.

Government grants

Grants are included in the profit and loss account on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and are discounted to present value where the effect is material.

Employee benefits

(a) Wages and salaries and annual leave

Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year.

(b) Pensions

The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and the post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2021

and 31 July 2022

119,227

AMORTISATION

At 1 August 2021

18,482

Charge for year

14,904

At 31 July 2022

33,386

NET BOOK VALUE

At 31 July 2022

85,841

At 31 July 2021

100,745

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2021

2,900

19,579

21,910

1,232

45,621

Additions

-

8,000

1,900

408

10,308

At 31 July 2022

2,900

27,579

23,810

1,640

55,929

DEPRECIATION

At 1 August 2021

725

9,549

3,085

563

13,922

Charge for year

725

5,894

5,636

376

12,631

At 31 July 2022

1,450

15,443

8,721

939

26,553

NET BOOK VALUE

At 31 July 2022

1,450

12,136

15,089

701

29,376

At 31 July 2021

2,175

10,030

18,825

669

31,699

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade debtors

82,551

51,865

Invoice finance debtor

12,542

13,950

Prepayments

1,576

1,861

96,669

67,676

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Bank loans and overdrafts

5,046

5,000

Other loans

41,996

40,800

Trade creditors

124,676

104,245

Corporation tax

33,192

14,178

Social security and other taxes

46,264

74,001

Other creditors

1,321

1,381

Directors' current accounts

6,197

55,609

Accrued expenses

3,162

2,180

261,854

297,394

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

as restated

£

£

Bank loans - 1-2 years

5,046

5,000

Bank loans - 2-5 years

10,091

15,000

Bank loans more than 5 years

23,813

24,041

Other loans - 1-2 years

41,052

40,800

Other loans - 2-5 years

86,090

115,600

Social security and other taxes

-

15,466

166,092

215,907

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

23,813

24,041

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

as restated

£

£

2

Ordinary

1

2

2