Elite Systems (International) Limited Small abridged accounts
Elite Systems (International) Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
SC202089
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For the year ended |
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Abridged Financial Statements |
Year ended 31 May 2017
Contents |
Page |
Abridged statement of financial position |
1 |
Notes to the abridged financial statements |
2 |
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
Current assets
Debtors |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
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--------- |
--------- |
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Net current (liabilities)/assets |
(
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-------- |
-------- |
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Total assets less current liabilities |
(
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-------- |
-------- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
(
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-------- |
-------- |
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Members (deficit)/funds |
(
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-------- |
-------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 February 2018
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
SC202089
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Notes to the Abridged Financial Statements |
Year ended 31 May 2017
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Elite House, Starlaw Business Park, Livingston, West Lothian, EH54 8SF.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Computer equipment | - |
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Fixtures and fittings | - |
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
5.
Tangible assets
£ |
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Cost |
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At 1 June 2016 and 31 May 2017 |
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------- |
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Depreciation |
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At 1 June 2016 and 31 May 2017 |
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------- |
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Carrying amount |
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At 31 May 2017 |
– |
------- |
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6.
Related party transactions
During the year dividends of £80,000 (2016 - £100,000) were paid to Elite Control Systems Ltd.
7.
Controlling party
The ultimate parent company is Elite Control Systems Limited which is registered in Scotland with the number SC138404.
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.