Elelock Systems Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07599953 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Elelock Systems Ltd

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

C P Chrysostomou

P Robinson

REGISTERED OFFICE:

Unit 26

Stort Mill

River Way

Harlow

Essex

CM20 2SN

REGISTERED NUMBER:

07599953 (England and Wales)

ACCOUNTANTS:

GAATS LTD

20-22 Wenlock Road

London

N1 7GU

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

REVIEW OF BUSINESS

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

Over recent years, the markets serviced by Elelock have evolved to include the retail sector, final mile delivery and OEM products.

This financial year has seen Elelock expand more into the design and manufacture of lockers as well as locking solutions, both for existing customers and new.

In early 2023, the company consolidated its two facilities into one new premises to facilitate further anticipated expansion.

By continuing to invest in our manufacturing capability and infrastructure, the company has won several new projects and customers which are set to continue beyond the next financial year.

The industry adoption of our proprietary GEMiSYS2 system continues to grow with major global clients adopting the system in 2022/2023. The evolution of this product range has also continued and is opening new markets for Elelock.

In 2022, Elelock also became the UK distributor and sales partner for German company Burg F.W. Luling GmbH. This has enabled Elelock to extend its product range offering and capture new customer projects.

The company maintains a healthy 2023/2024 forecast with further large business opportunities on the Horizon.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2022 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

23 June 2023

FIXED ASSETS

Intangible assets

4

520

-

Tangible assets

5

12,490

11,106

13,010

11,106

CURRENT ASSETS

Debtors

6

85,598

255,047

Cash at bank

423,635

644,049

509,233

899,096

CREDITORS

Amounts falling due within one year

7

80,948

200,489

NET CURRENT ASSETS

428,285

698,607

TOTAL ASSETS LESS CURRENT LIABILITIES

441,295

709,713

CREDITORS

Amounts falling due after more than one year

8

-

(332,800

)

PROVISIONS FOR LIABILITIES

10

(2,373

)

(2,110

)

NET ASSETS

438,922

374,803

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

438,822

374,703

SHAREHOLDERS' FUNDS

438,922

374,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 23 June 2023 and were signed on its behalf by:

C P Chrysostomou - Director

1.	STATUTORY INFORMATION

Elelock Systems 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.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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.

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 7 (2022 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

Additions

650

At 31 March 2023

650

AMORTISATION

Amortisation for year

130

At 31 March 2023

130

NET BOOK VALUE

At 31 March 2023

520

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

11,251

1,610

15,457

28,318

Additions

5,018

529

-

5,547

At 31 March 2023

16,269

2,139

15,457

33,865

DEPRECIATION

At 1 April 2022

6,653

1,421

9,138

17,212

Charge for year

2,404

179

1,580

4,163

At 31 March 2023

9,057

1,600

10,718

21,375

NET BOOK VALUE

At 31 March 2023

7,212

539

4,739

12,490

At 31 March 2022

4,598

189

6,319

11,106

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

85,598

255,047

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

-

83,200

Trade creditors

13,663

66,108

Taxation and social security

60,841

44,754

Other creditors

6,444

6,427

80,948

200,489

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

-

332,800

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

-

416,000

The bank loan is secured by a debenture.

10.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

2,373

2,110

Deferred

tax

£

Balance at 1 April 2022

2,110

Provided during year

263

Balance at 31 March 2023

2,373

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£1

100

100