Eltikki Ltd - Period Ending 2016-03-31

Registration number: 08113638

Eltikki Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2016
 

Eltikki Ltd
Contents

Company Information 1

Director's Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Eltikki Ltd
Company Information

Director

Mrs Nicola Coombs

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

Lees Lane Gosport Hants Lees Lane Gosport PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd Unit A66 The Sanderson Centre Lees Lane Gosport Hampshire PO12 3UL

Page 1

Eltikki Ltd
Director's Report for the Year Ended 31 March 2016

The director presents her report and the unaudited financial statements for the year ended 31 March 2016.

Director of the company

The director who held office during the year was as follows:

Mrs Nicola Coombs

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 21 September 2016 and signed on its behalf by:

.........................................
Mrs Nicola Coombs
Director

Page 2

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Eltikki Ltd
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eltikki Ltd for the year ended 31 March 2016 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Eltikki Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Eltikki Ltd and state those matters that we have agreed to state to them, as a body, in this report. . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eltikki Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Eltikki Ltd.

It is your duty to ensure that Eltikki Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Eltikki Ltd. You consider that Eltikki Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Eltikki Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
Unit A66
The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

21 September 2016

Page 3

Eltikki Ltd
Profit and Loss Account for the Year Ended 31 March 2016

		Note			2016 £			2015 £
Turnover					188,110			170,793
Cost of sales					(106,039)			(87,653)
Gross profit					82,071			83,140
Administrative expenses					(66,408)			(63,292)
Operating profit		2			15,663			19,848
Interest payable and similar charges					(6,939)			(9,667)
Profit on ordinary activities before taxation					8,724			10,181
Tax on profit on ordinary activities		4			(407)			-
Profit for the financial year		11			8,317			10,181

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

Eltikki Ltd
(Registration number: 08113638)
Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		5			28,350			33,075
Tangible fixed assets		6			16,917			14,747
					45,267			47,822
Current assets
Stocks					110,000			100,000
Debtors		7			-			(299)
Cash at bank and in hand					3,260			3,517
					113,260			103,218
Creditors: Amounts falling due within one year		8			(157,802)			(150,632)
Net current liabilities					(44,542)			(47,414)
Net assets					725			408
Capital and reserves
Called up share capital		9			100			100
Profit and loss account		11			625			308
Shareholders' funds					725			408

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 21 September 2016

.........................................
Mrs Nicola Coombs
Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

Eltikki Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is amortised over its useful economic life at the rates outlined below.

Asset class	Amortisation method and rate
Goodwill	10% on cost.

Depreciation

Assets are depreciated over their useful economic life at the rates outlined below.

Asset class	Depreciation method and rate
Fixtures and fittings	18% on net book value.
Tools and equipment	18% on net book value.
Office equipment	18% on net book value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 6

Eltikki Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Depreciation of tangible fixed assets		6,206			3,235
Amortisation		4,725			4,725

3	Director's remuneration

The director's remuneration for the year was as follows:

		2016 £			2015 £
Remuneration		8,040			7,920

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		407			-

Page 7

Eltikki Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

5	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 April 2015		47,250			47,250
At 31 March 2016		47,250			47,250
Amortisation
At 1 April 2015		14,175			14,175
Charge for the year		4,725			4,725
At 31 March 2016		18,900			18,900
Net book value
At 31 March 2016		28,350			28,350
At 31 March 2015		33,075			33,075

6	Tangible fixed assets

		Plant and machinery £			Fixtures and fittings £			Office equipment £			Total £
Cost or valuation
At 1 April 2015		3,573			16,397			6,138			26,108
Additions		4,597			381			3,398			8,376
At 31 March 2016		8,170			16,778			9,536			34,484
Depreciation
At 1 April 2015		1,602			7,246			2,513			11,361
Charge for the year		1,470			3,020			1,716			6,206
At 31 March 2016		3,072			10,266			4,229			17,567
Net book value
At 31 March 2016		5,098			6,512			5,307			16,917
At 31 March 2015		1,971			9,151			3,625			14,747

7

Debtors

		2016 £			2015 £
Trade debtors		-			(299)

Page 8

Eltikki Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

8	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		33,573			21,519
Corporation tax		407			-
Other taxes and social security		30,254			31,264
Other creditors		93,568			97,849
		157,802			150,632

9	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

10

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		8,000			15,000

11

Reserves

		Profit and loss account £			Total £
At 1 April 2015		308			308
Profit for the year		8,317			8,317
Dividends		(8,000)			(8,000)
At 31 March 2016		625			625

12

Control

The company is controlled by the director who owns 100% of the called up share capital.

Page 9