Company Registration No. 06775630 (England and Wales)
ELIGO CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
ELIGO CLUB LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 10
ELIGO CLUB LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D. Solak
Mr W. Pike
Mr A. Duncan
Mr N. Job
Mr K. Wood
Lord S. Fink
Company number
06775630
Registered office
39b Portsmouth Road
Cobham
Surrey
United Kingdom
KT11 1JQ
Auditor
TC Group
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
ELIGO CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,267
5,831
Investments
5
310
310
2,577
6,141
Current assets
Stocks
5,000
2,500
Debtors
6
747,161
916,315
Cash at bank and in hand
1,867,474
1,259,381
2,619,635
2,178,196
Creditors: amounts falling due within one year
7
(1,658,530)
(1,788,052)
Net current assets
961,105
390,144
Total assets less current liabilities
963,682
396,285
Provisions for liabilities
(431)
69
Net assets
963,251
396,354
Capital and reserves
Called up share capital
8
10,310
10,310
Share premium account
363,265
363,265
Other reserves
3,867
3,867
Profit and loss reserves
585,809
18,912
Total equity
963,251
396,354
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 2 August 2022 and are signed on its behalf by:
Mr W. Pike
Director
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Eligo Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is 39b Portsmouth Road, Cobham, Surrey, United Kingdom, KT11 1JQ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
Group accounts not prepared
The financial statements contain information about Eligo Club Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
1.2
Going concern
1.3
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts after making an adjustment for accrued and deferred income.
Membership fees are recognised evenly on a monthly basis over the period of time to which the fee relates, with the amount invoiced in advance being accounted for as deferred income within creditors.
Joining fees are non-refundable and are recognised on receipt.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
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.
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.
Basic financial assets
Basic financial assets, which include #tErm6, cash and bank balances and amounts due from group undertakings, 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.
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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, that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2020 - 9).
2021
2020
Number
Number
Total
9
9
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
77,896
41,324
Adjustments in respect of prior periods
5,486
(11,941)
Total current tax
83,382
29,383
Deferred tax
Origination and reversal of timing differences
500
Total tax charge
83,882
29,383
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2021
33,478
Additions
1,748
Disposals
(17,753)
At 31 December 2021
17,473
Depreciation and impairment
At 1 January 2021
27,647
Depreciation charged in the year
5,312
Eliminated in respect of disposals
(17,753)
At 31 December 2021
15,206
Carrying amount
At 31 December 2021
2,267
At 31 December 2020
5,831
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
5
Fixed asset investments
2021
2020
£
£
Investments
310
310
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 & 31 December 2021
310
Carrying amount
At 31 December 2021
310
At 31 December 2020
310
The company holds a controlling interest in Eligo Club North America LLC which is a company incorporated in the US. The original cost of the investment was US$100 which was impaired to zero in a prior year financial period.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
434,115
399,068
Amounts owed by group undertakings
100,000
302,083
Other debtors
190,816
177,759
Prepayments and accrued income
22,230
37,405
747,161
916,315
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
54,182
95,293
Corporation tax
80,971
28,232
Other taxation and social security
74,910
222,762
Other creditors
24,693
19,048
Accruals
100,665
35,268
Deferred income
1,323,109
1,387,449
1,658,530
1,788,052
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
10,310 Ordinary shares of £1 each
10,310
10,310
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
17,631
33,000
Between two and five years
17,721
17,631
50,721
ELIGO CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
10
Related party transactions
The company maintains a loan account with an entity under common directorship. At the year end, the entity owed the company £9,300 (2020- £36,300). This balance is included within "Other debtors". During the year, the company entered into transactions with the entity under common directorship. The company made sales totalling £52,224 (2020: £28,543) and purchases of £52,224 (2020 - £Nil).
The company has an agreement with one of its shareholders for the provision of services which in the year amounted to £24,998 (2020- £23,956).
The company maintains a loan account with a subsidiary over which it has control. At the year end, the subsidiary owed the company £100,000 (2020 - £302,083).
11
Directors' transactions
Dividends totalling £0 (2020 - £0) were paid in the year in respect of shares held by the company's directors.
One of the directors maintains a loan account with the company. At the year end the director owed the company £18,756 (2020 - £8,646). This amount is included within "Other debtors".
12
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 Philip Clark FCCA.
The auditor was TC Group.
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