Eido Limited - Period Ending 2016-12-31

Registration number: 03849865

Eido Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Eido Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Eido Limited

Company Information

Directors

Mr I J Tod Mr M Rollins

Registered office

Suite 4 Regent House 15 Hawthorn Road Leeds LS7 4PH

Bankers

Bank of Scotland PLC London 33 Old Broad Street London EC2N 1HW

Accountants

Murray Harcourt Partners LLP Elizabeth House 13-19 Queen Street Leeds West Yorkshire LS1 2TW

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Eido Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eido Limited for the year ended 31 December 2016 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Eido Limited, as a body, in accordance with the terms of our engagement letter dated 29 August 2012. Our work has been undertaken solely to prepare for your approval the accounts of Eido Limited and state those matters that we have agreed to state to the Board of Directors of Eido Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eido Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Eido Limited 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 Eido Limited. You consider that Eido Limited 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 Eido Limited. 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.

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

Murray Harcourt Partners LLP
Elizabeth House
13-19 Queen Street
Leeds
West Yorkshire
LS1 2TW

11 September 2017

Page 2

Eido Limited

(Registration number: 03849865)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	79,688	79,828
Investment property	5	7,250,000	7,250,000
		7,329,688	7,329,828
Current assets
Debtors	6	25,000	25,000
Cash at bank and in hand		94,163	242,309
		119,163	267,309
Creditors: Amounts falling due within one year	7	(732,169)	(785,104)
Net current liabilities		(613,006)	(517,795)
Total assets less current liabilities		6,716,682	6,812,033
Creditors: Amounts falling due after more than one year	7	(2,834,619)	(3,118,988)
Net assets		3,882,063	3,693,045
Capital and reserves
Called up and fully paid share capital		44,300	44,300
Profit and loss account		3,837,763	3,648,745
Total equity		3,882,063	3,693,045

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Comprehensive Income has been taken.

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

Page 3

Eido Limited

(Registration number: 03849865)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 16 August 2017 and signed on its behalf by:
 

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

Mr I J Tod

Director

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

Page 4

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1. Details of the registered office are shown on page 1.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared on a going concern basis, using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	not depreciated
Furniture, fittings and equipment	20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Page 5

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) in the year, was 3 (2015 - 3).

Page 6

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	79,130	1,007	80,137
At 31 December 2016	79,130	1,007	80,137
Depreciation
At 1 January 2016	-	309	309
Charge for the year	-	140	140
At 31 December 2016	-	449	449
Carrying amount
At 31 December 2016	79,130	558	79,688
At 31 December 2015	79,130	698	79,828

5	Investment properties

	2016 £
At 1 January	7,250,000

The Investment property was revalued on the 31st December 2016 by the directors who are internal to the company. The basis of this valuation was at open market. The investment property's valuation is annually reviewed by the directors of Eido Limited, who make their assessment based on the current rental yields and the current market values of comparative properties. The investment property has a current value of £7,250,000 (2015 - £7,250,000) and a carrying amount at historical cost of £5,467,178 (2015 - £5,467,178). The depreciation on this historical asset is £nil (2015 - £nil).

6

Debtors

	2016 £	2015 £
Other debtors	25,000	25,000
	25,000	25,000

Page 7

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	8	250,000	250,000
Taxation and social security		78,367	101,372
Other creditors		173,645	177,049
Accrued expenses		230,157	256,683
		732,169	785,104
Due after one year
Loans and borrowings	8	2,834,619	3,118,988

8	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	2,834,619	3,118,988

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	250,000	250,000

Bank borrowings

Bank of Scotland Plc loans is denominated in Sterling with a nominal interest rate of 1.75%, and the final instalment is due on 15 October 2024. The carrying amount at year end is £3,084,619 (2015 - £3,368,988). The debt is secured by way of a first legal charge over the property at Douglas Mill, Bradford and a debenture given by the company.

Page 8

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

9	Related party transactions

Eido Development Partners Ltd
(Common control)
At the balance sheet date the amount due to Eido Development Partners Ltd was £88,339 (2015 - £89,200). The loan is Interest free and repayable on demand.

Studio Tod Ltd
(Common director)
During the year the company paid management fees of £62,000 (2015 - £94,000).
At the balance sheet date the amount due to Studio Tod Ltd was £nil (2015 - £nil).

Leda Research and Development Ltd
(Common director)
During the year the company paid management fees of £62,000 (2015 - £94,000).
At the balance sheet date the amount due to Leda Research and Development Ltd was £nil (2015 - £nil).

Hippodrome CIC Limited
(Common director)
At the balance sheet date the amount due from Hippodrome CIC Limited was £25,000 (2015 - £25,000). The loan is Interest free and repayable on demand.

Mr IJ Tod and Mrs PA Tod
(Director and shareholder)
During the year the company rented a property they part own totalling £12,000 (2015 - £8,000).
At the balance sheet date the amount due to Mr IJ Tod and Mrs PA Tod was £nil (2015 - £nil).

M Rollins
(Director)
At the balance sheet date the amount due from M Rollins was £257 (2015 - (£2,184). The loan is Interest free and repayable on demand.

Mr I J Tod
(Director)
At the balance sheet date the amount due to Mr I J Tod was £85,565 (2015 - £85,665). The loan is Interest free and repayable on demand.

10	Transition to FRS 102

This is the first year that the Company has presented its results under FRS 102. In view of this, the financial statements for the prior year are also required to be adjusted to an FRS 102 basis and accordingly the Company is now presenting financial statements that include comparative figures to be prepared in accordance with FRS 102. The date of transition to FRS 102 is 1st January 2015. There were no material amendments arising from the adoption of FRS 102 other than the reclassification of the revaluation reserve to the profit and loss account.

Page 9