Company Registration No. 08484543 (England and Wales)
EKALECO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
EKALECO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EKALECO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
627,326
880,710
Cash at bank and in hand
321,074
73,054
948,400
953,764
Creditors: amounts falling due within one year
5
(741,050)
(736,302)
Net current assets
207,350
217,462
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
207,349
217,461
Total equity
207,350
217,462
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2021 and are signed on its behalf by:
C Matthews
Director
Company Registration No. 08484543
EKALECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Ekaleco Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6th floor, International house, 1 St Katherine’s Way, London, E1W 1UN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Ekaleco Limited's main customer contract is with Emirates and can be terminated with three months notice. However, the directors are confident that this will not occur within 12 months from the signing of the balance sheet and as such the accounts have been prepared on a going concern basis.
1.3
Reporting period
For administrative reasons the financial statements relate to the 6 month period to 30 June 2020. The comparative figures relate to the 12 month period ended 31 December 2019 and thus are not entirely comparable.
1.4
Turnover
Turnover represents the amounts derived from the provision of services, which fall within the company’s ordinary activities, net of value added tax.
For services
provided in respect of the management of the Emirates aviation experience
, turnover is recognised as the service is provided, regardless of the date of invoices raised or cash received.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
EKALECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include
trade debtors,
cash and bank balances
and loans advanced to fellow group companies
, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense,
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EKALECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
Total
4
4
3
Auditor's remuneration
2020
2019
For audit services
Audit of the financial statements of the company
10,025
10,025
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,943
229,308
Corporation tax recoverable
1,880
Amounts owed by group undertakings
536,606
510,453
Other debtors
86,897
140,949
627,326
880,710
EKALECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
124,020
83,807
Taxation and social security
21,634
28,366
Other creditors
595,396
624,129
741,050
736,302
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Matthew Burge.
The auditor was Beavis Morgan Audit Limited.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Rent and Telecommunication
16,344
32,688
9
Parent company
The immediate parent company is The Pulse Group Limited, a company incorporated in England & Wales.
The ultimate controlling party is G R Ellender, by virtue of his 100% shareholding in The Pulse Group Limited.
The company has taken advantage of the exemption available in FRS102 Section 33 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned fellow group companies.