Elinas Impo-Expo Limited - Limited company accounts 16.3

REGISTERED NUMBER: 07127166 (England and Wales)

Report of the Director and

Unaudited Financial Statements For The Year Ended 31 March 2017

for

ELINAS IMPO-EXPO LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

Reconciliation of Equity

11

Reconciliation of Profit

13

DIRECTOR:

A Gkogkas

REGISTERED OFFICE:

13 Tancred Road

Wallasey

Merseyside

CH45 4RT

REGISTERED NUMBER:

07127166 (England and Wales)

ACCOUNTANTS:

Charles & Company

Chartered Accountants

66 Cross Street

Sale

Manchester

M33 7AN

The director presents his report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of importing and wholesale of bakery and

savoury products.

DIRECTOR

A Gkogkas held office during the whole of the period from 1 April 2016 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with

applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director

has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not

approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the director is

required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

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:

A Gkogkas - Director

23 May 2017

TURNOVER

418,277

573,296

Cost of sales

362,778

398,782

GROSS PROFIT

55,499

174,514

Distribution costs

20,069

32,295

Administrative expenses

78,356

79,791

98,425

112,086

OPERATING (LOSS)/PROFIT

4

(42,926

)

62,428

Interest payable and similar expenses

5,937

8,206

(LOSS)/PROFIT BEFORE TAXATION

(48,863

)

54,222

Tax on (loss)/profit

5

(10,267

)

10,877

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(38,596

)

43,345

FIXED ASSETS

Intangible assets

6

2,273

-

Tangible assets

7

1,400

1,657

3,673

1,657

CURRENT ASSETS

Stocks

8

94,878

22,564

Debtors

9

165,008

76,542

Cash in hand

601

601

260,487

99,707

CREDITORS

Amounts falling due within one year

10

259,595

90,832

NET CURRENT ASSETS

892

8,875

TOTAL ASSETS LESS CURRENT LIABILITIES

4,565

10,532

CREDITORS

Amounts falling due after more than one year

11

32,629

-

NET (LIABILITIES)/ASSETS

(28,064

)

10,532

CAPITAL AND RESERVES

Called up share capital

12

200

200

Retained earnings

13

(28,264

)

10,332

SHAREHOLDERS' FUNDS

(28,064

)

10,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 May 2017 and were signed by:

A Gkogkas - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2015

200

6,987

7,187

Changes in equity

Dividends

-

(40,000

)

(40,000

)

Total comprehensive income

-

43,345

43,345

Balance at 31 March 2016

200

10,332

10,532

Changes in equity

Total comprehensive income

-

(38,596

)

(38,596

)

Balance at 31 March 2017

200

(28,264

)

(28,064

)

1.	STATUTORY INFORMATION

Elinas Impo-Expo 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Going concern

The director has considered the financial position of the company, the current trading and future prospects and

has adopted the going concern basis for preparing these accounts as he believes that the company will be able to

meet its liabilities as they fall due for a period of at least 12 months from the signing of these financial

statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2016 - operating profit) is stated after charging:

2017

2016

£

£

Depreciation - owned assets

567

526

Computer software amortisation

527

-

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

(10,267

)

10,877

Tax on (loss)/profit

(10,267

)

10,877

6.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

2,800

At 31 March 2017

2,800

AMORTISATION

Charge for year

527

At 31 March 2017

527

NET BOOK VALUE

At 31 March 2017

2,273

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

314

5,000

861

6,175

Additions

-

-

310

310

At 31 March 2017

314

5,000

1,171

6,485

DEPRECIATION

At 1 April 2016

72

3,719

727

4,518

Charge for year

36

320

211

567

At 31 March 2017

108

4,039

938

5,085

NET BOOK VALUE

At 31 March 2017

206

961

233

1,400

At 31 March 2016

242

1,281

134

1,657

8.

STOCKS

2017

2016

£

£

Stocks

94,878

22,564

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

146,375

74,176

Other debtors

3,909

-

Directors' current accounts

7,895

1,649

VAT

4,439

717

Prepayments

2,390

-

165,008

76,542

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

19,065

7,325

Trade creditors

103,125

12,929

Tax

-

10,877

Social security and other taxes

452

46

No description

6,162

-

Bibby Factors

128,491

56,155

Accrued expenses

2,300

3,500

259,595

90,832

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

14,800

-

Bank loans - 2-5 years

17,829

-

32,629

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10

Ordinary

20

200

200

13.

RESERVES

Retained

earnings

£

At 1 April 2016

10,332

Deficit for the year

(38,596

)

At 31 March 2017

(28,264

)

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

A Gkogkas

Balance outstanding at start of year

1,649

1,295

Amounts advanced

7,895

1,649

Amounts repaid

(1,649

)

(1,295

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,895

1,649

Advances to director were interest free and repayable on demand.

15.	CONTROLLING PARTY

During the period the company was under the control of the director by virtue of his interest in the issued share

capital.

FIXED ASSETS

Tangible assets

1,768

-

1,768

CURRENT ASSETS

Stocks

45,020

-

45,020

Debtors

158,963

-

158,963

Cash in hand

1,051

-

1,051

205,034

-

205,034

CREDITORS

Amounts falling due within one year

(190,589

)

-

(190,589

)

NET CURRENT ASSETS

14,445

-

14,445

TOTAL ASSETS LESS CURRENT LIABILITIES

16,213

-

16,213

CREDITORS

Amounts falling due after more than one year

(5,176

)

-

(5,176

)

ACCRUALS AND DEFERRED INCOME

(3,850

)

-

(3,850

)

NET ASSETS

7,187

-

7,187

CAPITAL AND RESERVES

Called up share capital

200

-

200

Retained earnings

6,987

-

6,987

SHAREHOLDERS' FUNDS

7,187

-

7,187

FIXED ASSETS

Tangible assets

1,657

-

1,657

CURRENT ASSETS

Stocks

22,564

-

22,564

Debtors

76,542

-

76,542

Cash in hand

601

-

601

99,707

-

99,707

CREDITORS

Amounts falling due within one year

(90,832

)

-

(90,832

)

NET CURRENT ASSETS

8,875

-

8,875

TOTAL ASSETS LESS CURRENT LIABILITIES

10,532

-

10,532

NET ASSETS

10,532

-

10,532

CAPITAL AND RESERVES

Called up share capital

200

-

200

Retained earnings

10,332

-

10,332

SHAREHOLDERS' FUNDS

10,532

-

10,532

TURNOVER

573,296

-

573,296

Cost of sales

(398,782

)

-

(398,782

)

GROSS PROFIT

174,514

-

174,514

Distribution costs

(32,295

)

-

(32,295

)

Administrative expenses

(79,791

)

-

(79,791

)

OPERATING PROFIT

62,428

-

62,428

Interest payable and similar expenses

(8,206

)

-

(8,206

)

PROFIT BEFORE TAXATION

54,222

-

54,222

Tax on profit

(10,877

)

-

(10,877

)

PROFIT FOR THE FINANCIAL YEAR

43,345

-

43,345