Eido Limited - Period Ending 2017-12-31

Registration number: 03849865

Eido Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Eido Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Eido Limited

Company Information

Directors

Mr M Rollins Mr I J Tod

Registered office

Suite 4 Regent House Hawthorn Road Leeds West Yorkshire LS7 4PH

Bankers

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

Accountants

Murray Harcourt Partners LLP 6 Queen Street Leeds West Yorkshire LS1 2TW

Page 1

Eido Limited

(Registration number: 03849865)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	79,577	79,688
Investment property	5	6,000,000	7,250,000
		6,079,577	7,329,688
Current assets
Debtors	6	34,621	25,000
Cash at bank and in hand		181,258	94,163
		215,879	119,163
Creditors: Amounts falling due within one year	7	(824,309)	(732,169)
Net current liabilities		(608,430)	(613,006)
Total assets less current liabilities		5,471,147	6,716,682
Creditors: Amounts falling due after more than one year	7	(2,622,985)	(2,834,619)
Net assets		2,848,162	3,882,063
Capital and reserves
Called up and fully paid share capital		44,300	44,300
Profit and loss account		2,803,862	3,837,763
Total equity		2,848,162	3,882,063

For the financial 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.

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 profit and loss account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Eido Limited

(Registration number: 03849865)
Balance Sheet as at 31 December 2017

Approved and authorised by the Board on 26 September 2018 and signed on its behalf by:
 

......................................... Mr M Rollins Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the risks and rewards of ownership have been transferred to the customer.

Tax

Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Page 4

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

2	Accounting policies (continued)

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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 profit or loss 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 and preference shares, which are measured at fair value provided that this can be measured reliably. 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 (2016 - 3).

Page 5

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
At 1 January 2017	79,130	1,007	80,137
At 31 December 2017	79,130	1,007	80,137
Depreciation
At 1 January 2017	-	449	449
Charge for the year	-	111	111
At 31 December 2017	-	560	560
Carrying amount
At 31 December 2017	79,130	447	79,577
At 31 December 2016	79,130	558	79,688

5	Investment properties

	2017 £
At 1 January 2017	7,250,000
Fair value adjustments	(1,250,000)
At 31 December 2017	6,000,000

The Investment property was revalued on the 31st December 2017 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 £6,000,000 (2016 - £7,250,000) and a carrying amount at historical cost of £5,467,178 (2016 - £5,467,178). The depreciation on this historical asset is £nil (2015 - £nil).

6

Debtors

	2017 £	2016 £
Other debtors	25,000	25,000
Prepayments	9,621	-
	34,621	25,000

Page 6

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	8	250,000	250,000
Taxation and social security		89,869	78,367
Other creditors		216,088	173,645
Accrued expenses		268,352	230,157
		824,309	732,169
Due after one year
Loans and borrowings	8	2,622,985	2,834,619

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	250,000	250,000

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	2,622,985	2,834,619

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 £2,872,985 (2016 - £3,084,619). 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 7

Eido Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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 (2016 - £88,339). The loan is Interest free and repayable on demand.

Studio Tod Ltd
(Common director)
During the year the company paid management fees of £62,500 (2016 - £62,000).
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 £62,500 (2016 - £62,000).
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 (2016 - £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 £2,400 (2016 - £12,000).
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 to/from M Rollins was £22,184 (2015 - (£257)). 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 £105,565 (2016 - £85,665). The loan is Interest free and repayable on demand.

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