REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ELEIKO (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ELEIKO (UK) LIMITED |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 and authorised for issue on |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Eleiko (UK) Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Eleiko (UK) Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Charing Holdings Limited, 368 Forest Road, London, E17 5JF. |
Investments in subsidiaries |
Investments in subsidiaries are stated in the balance sheet at cost, less any subsequent accumulated impairment losses. |
The cost of investments in subsidiaries includes directly attributable incremental costs incurred in their acquisition. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Going concern |
The company continues with the support of Charing Care Limited (a connected undertaking) the details of which are more fully explained in Related Party Disclosures. |
Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
4. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the Company's auditors for the audit of the Company's financial statements |
1,080 |
960 |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The Company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 368 Forest Road, London, E17 5JF |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Amounts owed to group undertakings |
Amounts owed to connected undertakings | 430,000 | 520,000 |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 9) |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
The bank loan is secured by way of a fixed and floating charge over all assets of the company and a cross guarantee and debenture with Charing Way Limited. |
The bank loan is repayable over the period until 2022. The rate of interest payable on the debt is 2.60% per annum over the Bank Base Rate. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
At 31 December 2021 |
ELEIKO (UK) LIMITED (REGISTERED NUMBER: 05665340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below: |
2021 | 2020 |
£ | £ |
Amounts owed by/ (to) Group Undertakings | (90,000 | ) | - |
Amounts owed by/ (to) Connected Undertakings | (430,000 | ) | (520,000 | ) |
As at balance sheet date, the company owed £430,000 to Charing Care Limited (a connected undertaking) which has agreed not to seek repayment of this debt at any time should it be deemed by the company to restrict its ability to meet its day to day working capital requirements or be to the detriment of any other creditors of the company. |
All transactions were made on normal commercial terms. |
Related Party Relationship: |
Group Undertakings |
Charing Holdings Limited |
Connected Undertakings |
Charing Care Limited |
Connected Undertakings |
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company. |
15. | POST BALANCE SHEET EVENTS |
COVID-19 and its effects on the business represent a non-adjusting post balance sheet event. |
16. | CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Holdings Limited is 368 Forest Road, London, E17 5JF. |