Elite Digital Systems Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07925331 (England and Wales)

ELITE DIGITAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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

70,938

85,841

Tangible assets

5

14,915

29,376

85,853

115,217

CURRENT ASSETS

Stocks

94,573

90,662

Debtors

6

178,736

96,669

Cash at bank

246,883

278,442

520,192

465,773

CREDITORS

Amounts falling due within one year

7

291,761

261,854

NET CURRENT ASSETS

228,431

203,919

TOTAL ASSETS LESS CURRENT LIABILITIES

314,284

319,136

CREDITORS

Amounts falling due after more than one year

8

119,740

166,092

NET ASSETS

194,544

153,044

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

194,542

153,042

SHAREHOLDERS' FUNDS

194,544

153,044

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 29 April 2024 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.

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 (2022 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2022

and 31 July 2023

119,227

AMORTISATION

At 1 August 2022

33,386

Charge for year

14,903

At 31 July 2023

48,289

NET BOOK VALUE

At 31 July 2023

70,938

At 31 July 2022

85,841

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2022

2,900

27,579

23,810

1,640

55,929

Additions

-

-

-

915

915

Disposals

-

-

(1,900

)

-

(1,900

)

At 31 July 2023

2,900

27,579

21,910

2,555

54,944

DEPRECIATION

At 1 August 2022

1,450

15,443

8,721

939

26,553

Charge for year

725

6,895

5,636

537

13,793

Eliminated on disposal

-

-

(317

)

-

(317

)

At 31 July 2023

2,175

22,338

14,040

1,476

40,029

NET BOOK VALUE

At 31 July 2023

725

5,241

7,870

1,079

14,915

At 31 July 2022

1,450

12,136

15,089

701

29,376

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

169,697

82,551

Invoice finance debtor

-

12,542

Directors' current accounts

7,566

-

Prepayments

1,473

1,576

178,736

96,669

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,173

5,046

Other loans

41,052

41,996

Trade creditors

81,633

124,676

Corporation tax

46,930

33,192

Social security and other taxes

41,283

46,264

Invoice finance creditor

70,857

-

Other creditors

1,437

1,321

Directors' current accounts

-

6,197

Accrued expenses

3,396

3,162

291,761

261,854

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

5,173

5,046

Bank loans - 2-5 years

15,518

10,091

Bank loans more than 5 years

12,959

23,813

Other loans - 1-2 years

45,119

41,052

Other loans - 2-5 years

40,971

86,090

119,740

166,092

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

12,959

23,813

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

1

2

2