Elelock Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07599953 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 March 2018

for

Elelock Systems Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

C P Chrysostomou

P Robinson

REGISTERED OFFICE:

6 Cannons Lane

Hatfield Broad Oak

Bishops Stortford

Hertfordshire

CM22 7HX

REGISTERED NUMBER:

07599953 (England and Wales)

ACCOUNTANTS:

Giess Wallis Crisp LLP

10-12 Mulberry Green

Old Harlow

Essex

CM17 0ET

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

REVIEW OF BUSINESS

Elelock Systems Ltd specialises in the design, development, manufacture and sales of specialist electronic locking

solutions, primarily for the small enclosure market.

With excellent product and market knowledge, a loyal high profile customer base and a growing specialist market

segment, the company is poised for strong growth through the launch of a new product range and expansion into new

markets.

2017 was a year of investment for Elelock. In 2016, Elelock's managing Director, Chrys Chrysostomou, was selected by

Goldman Sachs to participate in the 10k Small Business Program which is designed to help accelerate growth for the

UKs most exciting SMEs. As a result of this prestigious 5 month program, a new business plan was developed to

support the companies accelerated growth over the next two years.

The implementation of the plan began with an intense period of market research and product development entirely

funded by the company's profits.

Late 2017 saw the launch of the new GEMiSYS2 product range, designed to fill specific market gaps whilst reducing the

company's reliance on externally manufactured products. Sales have increased month on month and the company has

attracted many new prestigious and Blue Chip clients.

In the 2017 / 2018 financial year Elelock has also expanded it's specialist design and contract manufacturing services

which will help to propel the company forward.

The 2018 / 2019 financial year is expected to see substantial growth in the companies finances with a strong forecast for

the following 2 years.

Through further sales expansion, increased contract manufacturing services in our core market segment and overseas

expansion, the company is poised to grow to £5m turnover within 5 years.

DIRECTORS

C P Chrysostomou has held office during the whole of the period from 1 April 2017 to the date of this report.

Other changes in directors holding office are as follows:

Mrs J A Chrysostomou - resigned 1 October 2017

P Robinson - appointed 1 October 2017

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:

C P Chrysostomou - Director

20 December 2018

FIXED ASSETS

Tangible assets

4

3,081

3,152

CURRENT ASSETS

Debtors

5

6,939

52,007

Cash at bank

19,631

13,109

26,570

65,116

CREDITORS

Amounts falling due within one year

6

37,847

24,367

NET CURRENT (LIABILITIES)/ASSETS

(11,277

)

40,749

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,196

)

43,901

PROVISIONS FOR LIABILITIES

7

-

599

NET (LIABILITIES)/ASSETS

(8,196

)

43,302

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(8,296

)

43,202

SHAREHOLDERS' FUNDS

(8,196

)

43,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

C P Chrysostomou - Director

1.	STATUTORY INFORMATION

Elelock Systems 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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to

the carrying amount of assets and liabilities

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and

liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Debtors

Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without

penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known amounts of cash

with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

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 have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

1,405

6,346

7,751

Additions

205

753

958

At 31 March 2018

1,610

7,099

8,709

DEPRECIATION

At 1 April 2017

812

3,787

4,599

Charge for year

200

829

1,029

At 31 March 2018

1,012

4,616

5,628

NET BOOK VALUE

At 31 March 2018

598

2,483

3,081

At 31 March 2017

593

2,559

3,152

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,939

30,818

Corporation tax recoverable

-

20,975

VAT

-

214

6,939

52,007

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,331

-

Tax

-

2,590

Social security and other taxes

3,022

674

VAT

8,511

-

Directors' current accounts

19,417

19,606

Accruals and deferred income

4,566

1,497

37,847

24,367

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

-

599

Deferred

tax

£

Balance at 1 April 2017

599

Credit to Income Statement during year

(599

)

Balance at 31 March 2018

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 April 2017

43,202

Deficit for the year

(29,170

)

Dividends

(22,328

)

At 31 March 2018

(8,296

)