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Registration number: 09365723

Elan Fire & Security Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

image-name
 

Elan Fire & Security Group Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Elan Fire & Security Group Ltd

Company Information

Director

P Salmon

Registered office

Elan House
38 Bowlers Croft
Basildon
SS14 3ED

Accountants

Viewpoint Accountants Ltd
Burgundy Court
64-66 Springfield Road
Chelmsford
Essex
CM2 6JY

 

Elan Fire & Security Group Ltd

(Registration number: 09365723)
Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Intangible assets

5

1,666

3,333

Tangible assets

6

8,511

12,259

 

10,177

15,592

Current assets

 

Debtors

7

80,008

50,579

Cash at bank and in hand

 

87

13,944

 

80,095

64,523

Creditors: Amounts falling due within one year

8

(90,162)

(77,382)

Net current liabilities

 

(10,067)

(12,859)

Net assets

 

110

2,733

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

10

2,633

Total equity

 

110

2,733

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 15 December 2017
 

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

P Salmon

Director

 

Elan Fire & Security Group Ltd

Statement of Changes in Equity for the Year Ended 31 December 2016

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2016

100

2,633

2,733

Profit for the year

-

17,077

17,077

Total comprehensive income

-

17,077

17,077

Dividends

-

(19,700)

(19,700)

At 31 December 2016

100

10

110

Share capital
£

Profit and loss account
£

Total
£

Profit for the year

-

2,633

2,633

Total comprehensive income

-

2,633

2,633

New share capital subscribed

100

-

100

At 31 December 2015

100

2,633

2,733

 

Elan Fire & Security Group Ltd

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.

The address of its registered office is:
Elan House
38 Bowlers Croft
Basildon
SS14 3ED

These financial statements were authorised for issue by the director on 15 December 2017.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Elan Fire & Security Group Ltd

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

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

Office equipment

20% straight line method

Motor vehicles

33% straight line method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

33% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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. 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.

 

Elan Fire & Security Group Ltd

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

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 Profit and Loss Account 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2015 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2016
£

2015
£

Depreciation expense

3,489

1,486

Amortisation expense

1,667

1,667

 

Elan Fire & Security Group Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2016

5,000

5,000

At 31 December 2016

5,000

5,000

Amortisation

At 1 January 2016

1,667

1,667

Amortisation charge

1,667

1,667

At 31 December 2016

3,334

3,334

Carrying amount

At 31 December 2016

1,666

1,666

At 31 December 2015

3,333

3,333

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2016

7,445

6,300

13,745

Disposals

-

(300)

(300)

At 31 December 2016

7,445

6,000

13,445

Depreciation

At 1 January 2016

620

866

1,486

Charge for the period

1,489

2,000

3,489

Eliminated on disposal

-

(41)

(41)

At 31 December 2016

2,109

2,825

4,934

Carrying amount

At 31 December 2016

5,336

3,175

8,511

At 31 December 2015

6,825

5,434

12,259

 

Elan Fire & Security Group Ltd

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

7

Debtors

2016
£

2015
£

Trade debtors

30,143

37,955

Other debtors

49,865

12,624

Total current trade and other debtors

80,008

50,579

8

Creditors

Note

2016
£

2015
£

Due within one year

 

Bank loans and overdrafts

2,048

-

Trade creditors

 

49,480

41,888

Taxation and social security

 

21,993

15,128

Other creditors

 

16,641

20,366

 

90,162

77,382

9

Share capital

Allotted, called up and fully paid shares

 

31 December 2016

31 December 2015

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £15,891 (2015 - £14,944).

 

Elan Fire & Security Group Ltd

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

11

Related party transactions

Key management compensation

2016
£

2015
£

Salaries and other short term employee benefits

11,415

2,640

Transactions with directors

2016

Advances to directors
£

Repayments by director
£

At 31 December 2016
£

P Salmon

Directors' Loan

80,809

(49,600)

31,209

       
     

 

12

Transition to FRS 102

These financial statements for the year-ended 31 December 2016 are the first financial statements of Elan Fire & Security Group Ltd that comply with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015.
The transition to FRS 102 has resulted in a small number of changes in accounting policies compared to those used previously. These changes have had no effect on opening equity and profit for the comparative period.