Ellesco Limited Filleted accounts for Companies House (small and micro)

Ellesco Limited Filleted accounts for Companies House (small and micro)

ELLESCO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02895297
Ellesco Limited
Filleted Unaudited Financial Statements
31 December 2017
Ellesco Limited
Financial Statements
Year ended 31 December 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Ellesco Limited
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
18,226
35,075
Investments
7
3
3
---------
---------
18,229
35,078
Current assets
Stocks
229,110
238,101
Debtors
8
320,694
280,708
Cash at bank and in hand
435,270
80,820
----------
----------
985,074
599,629
Creditors: amounts falling due within one year
9
997,390
643,739
----------
----------
Net current liabilities
12,316
44,110
---------
---------
Total assets less current liabilities
5,913
( 9,032)
Provisions
Deferred taxation
( 9,500)
–
---------
-------
Net assets/(liabilities)
15,413
( 9,032)
---------
-------
Capital and reserves
Called up share capital
10
72,500
72,500
Capital redemption reserve
27,500
27,500
Profit and loss account
( 84,587)
( 109,032)
---------
----------
Shareholders funds/(deficit)
15,413
( 9,032)
---------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ellesco Limited
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 15 May 2018 , and are signed on behalf of the board by:
Mr V L Simonis
Director
Company registration number: 02895297
Ellesco Limited
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Airfield Road, Christchurch, Dorset, BH23 3TG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Exhibitions
Exhibitions take place approximately every two years. The attributable costs are charged to profit and loss account evenly over the period.
Going concern
The financial statements have been prepared on a going concern basis as the director considers this basis to be appropriate. The net current liabilities includes a balance of £211,000 relating to redeemable preference shares. These shares are owned by members of the director's family and there is no intention to redeem these shares until the company is in a position to do so.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business with outside customers for goods supplied as a principal and for services provided, excluding VAT and trade discounts.
Taxation
Current tax is recognised on taxable profit for the current and, where not previously recognised, on past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
over the remaining term of the lease
Plant & machinery
-
10% per annum/25% per annum
Computer & office equipment
-
20% per annum/25% per annum
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due.
4. Staff numbers
The average number of persons employed by the company during the year amounted to 9 (2016: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
112,500
----------
Amortisation
At 1 January 2017 and 31 December 2017
112,500
----------
Carrying amount
At 31 December 2017
–
----------
At 31 December 2016
–
----------
6. Tangible assets
Leasehold improvements
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 January 2017 and 31 December 2017
13,236
24,208
117,694
155,138
---------
---------
----------
----------
Depreciation
At 1 January 2017
13,236
16,330
90,497
120,063
Charge for the year
–
1,569
15,280
16,849
---------
---------
----------
----------
At 31 December 2017
13,236
17,899
105,777
136,912
---------
---------
----------
----------
Carrying amount
At 31 December 2017
–
6,309
11,917
18,226
---------
---------
----------
----------
At 31 December 2016
–
7,878
27,197
35,075
---------
---------
----------
----------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2017 and 31 December 2017
450
----
Impairment
At 1 January 2017 and 31 December 2017
447
----
Carrying amount
At 31 December 2017
3
----
At 31 December 2016
3
----
Ellesco Limited owns 1 ordinary share which represents 100% of the issued share capital of Elesco Limited, Grindmaster Limited and Subcontract Deburring Limited. All companies are dormant.
8. Debtors
2017
2016
£
£
Trade debtors
178,936
157,721
Prepayments and accrued income
141,758
122,987
----------
----------
320,694
280,708
----------
----------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
104,305
239,063
Accruals and deferred income
515,361
57,631
Social security and other taxes
151,323
105,057
Shares classed as financial liabilities
211,000
205,000
Director loan accounts
8,934
29,105
Other creditors
6,467
7,883
----------
----------
997,390
643,739
----------
----------
Included within creditors is an amount of £211,000 made up of the company's redeemable preference shares and redemption premium calculated to 31 December 2017. Owing to the insufficient distributable profits attributable to the company there is little prospect of redemption of the preference shares taking place within twelve months of the balance sheet date.
10. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
72,500
72,500
72,500
72,500
---------
---------
---------
---------
Amounts presented in liabilities:
Preference shares of £ 1 each
200,000
200,000
200,000
200,000
----------
----------
----------
----------
The preference shares are non-voting and do not carry the right to dividends. They are redeemable after 30 June 2016, at the option of either the company or the shareholder, at a premium of 3% per annum accruing from 5 March 2016.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Not later than 1 year
39,121
54,862
Later than 1 year and not later than 5 years
30,875
72,641
---------
----------
69,996
127,503
---------
----------
12. Contingencies
The company has received two claims against it, one in respect of machinery supplied and the other for services, whose delivery is disputed. Both are being and will continue to be strongly resisted.
13. Related party transactions
Information about related party transactions and outstanding balances is outlined below: Key management personnel
2017 2016
£ £
Due to director 8,934 29,105