ELO TOUCH SOLUTIONS (UK) LIMITED
ELO TOUCH SOLUTIONS (UK) LIMITED
Registered number: 08047386
Financial Statements
For The Year Ended
30 September 2022
Corporate Rationalisation Specialists Ltd
The Old Courtyard
11 Lower Cookham Road
Maidenhead, Berkshire
SL6 8JN
ELO TOUCH SOLUTIONS (UK) LIMITED
Financial Statements
For The Year Ended
30 September 2022
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—4 |
ELO TOUCH SOLUTIONS (UK) LIMITED
Balance Sheet
As At
30 September 2022
Balance Sheet
Registered number:
08047386
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Provisions For Charges |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 887,146 | 602,874 | |||
The financial statements were approved by the board of directors on 05/09/2023 and were signed on its behalf by:
Mr E D G Baeb
Director
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The notes on pages 2 to 4 form part of these financial statements.
ELO TOUCH SOLUTIONS (UK) LIMITED
Notes to the Financial Statements
For The Year Ended
30 September 2022
Notes to the Financial Statements
1.
General Information
ELO TOUCH SOLUTIONS (UK) LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
08047386
. The registered office is 11 Lower Cookham Road, Maidenhead, SL6 8JN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Group Revenue is measured using arm's length remunerations consistent with the groups transfer pricing policy.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.3.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.4.
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.5.
Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ELO TOUCH SOLUTIONS (UK) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
2.6.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9.
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 14 (2021: 10)
ELO TOUCH SOLUTIONS (UK) LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2022
4.
Debtors
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Due within one year | |||
Other debtors |
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Amounts owed by group undertakings |
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Due after more than one year | |||
Deferred tax current asset |
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5.
Creditors: Amounts Falling Due Within One Year
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£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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Amounts owed to group undertakings |
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7.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our accountants to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
8.
Parent company
The immediate parent company of ELO Touch Solutions (UK) Ltd is ELO Touch Solutions International, Inc. incorporated in the state of Delaware, USA.
ELO Holdings, Inc., incorporated in the state of Delaware, USA is the ultimate parent company.
The address of ELO Touch Solutions International, Inc. and ELO Holdings, Inc. is 670N. McCarthy Blvd. Suite 100, Milpitas California 95035.
9.
Audit Information
The auditors report on the account of ELO TOUCH SOLUTIONS (UK) LIMITED for the year ended 30 September 2022 was unqualified
The auditor's report was signed by
Jack Tatschner ACA
(Senior Statutory Auditor)
for and on behalf of
Azets Audit Services
, Statutory Auditor