Acorah Software Products - Accounts Production 15.0.400 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 07040707 Mr M Bergman Mr A Davis Mr R Saldanha Mr S Van Schalkwyk iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07040707 2022-10-31 07040707 2023-10-31 07040707 2022-11-01 2023-10-31 07040707 frs-core:CurrentFinancialInstruments 2023-10-31 07040707 frs-core:PlantMachinery 2023-10-31 07040707 frs-core:PlantMachinery 2022-11-01 2023-10-31 07040707 frs-core:PlantMachinery 2022-10-31 07040707 frs-core:RevaluationReserve 2022-10-31 07040707 frs-core:RevaluationReserve 2023-10-31 07040707 frs-core:ShareCapital 2023-10-31 07040707 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 07040707 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07040707 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 07040707 frs-bus:SmallEntities 2022-11-01 2023-10-31 07040707 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 07040707 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 07040707 frs-core:CostValuation 2022-10-31 07040707 frs-core:AdditionsToInvestments 2023-10-31 07040707 frs-core:CostValuation 2023-10-31 07040707 frs-core:ProvisionsForImpairmentInvestments 2022-10-31 07040707 frs-core:ProvisionsForImpairmentInvestments 2023-10-31 07040707 frs-bus:Director1 2022-11-01 2023-10-31 07040707 frs-bus:Director2 2022-11-01 2023-10-31 07040707 frs-bus:Director3 2022-11-01 2023-10-31 07040707 frs-bus:Director4 2022-11-01 2023-10-31 07040707 frs-countries:EnglandWales 2022-11-01 2023-10-31 07040707 2021-10-31 07040707 2022-10-31 07040707 2021-11-01 2022-10-31 07040707 frs-core:CurrentFinancialInstruments 2022-10-31 07040707 frs-core:RevaluationReserve 2022-10-31 07040707 frs-core:ShareCapital 2022-10-31 07040707 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 07040707
Elait Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Passman Leonard Associates Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07040707
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 710 1,059
Investments 5 266,497 260,565
267,207 261,624
CURRENT ASSETS
Debtors 6 1,057,135 884,853
Cash at bank and in hand 1,454,837 1,557,618
2,511,972 2,442,471
Creditors: Amounts Falling Due Within One Year 7 (752,876 ) (846,225 )
NET CURRENT ASSETS (LIABILITIES) 1,759,096 1,596,246
TOTAL ASSETS LESS CURRENT LIABILITIES 2,026,303 1,857,870
PROVISIONS FOR LIABILITIES
Deferred Taxation (178 ) -
NET ASSETS 2,026,125 1,857,870
CAPITAL AND RESERVES
Called up share capital 8 2,000 2,000
Revaluation reserve 9 249,339 249,339
Profit and Loss Account 1,774,786 1,606,531
SHAREHOLDERS' FUNDS 2,026,125 1,857,870
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Saldanha
Director
22 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Elait Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07040707 . The registered office is 50 Broadway, Suite 1, 7th Floor, London, SW1H 0BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 50% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 18)
17 18
Page 3
Page 4
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2022 6,248
Additions 632
As at 31 October 2023 6,880
Depreciation
As at 1 November 2022 5,189
Provided during the period 981
As at 31 October 2023 6,170
Net Book Value
As at 31 October 2023 710
As at 1 November 2022 1,059
5. Investments
Subsidiaries
£
Cost
As at 1 November 2022 260,565
Additions 5,932
As at 31 October 2023 266,497
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 266,497
As at 1 November 2022 260,565
This represents 90% of the equity in Elait IT Technology Services Pvt Ltd., registered in India, 76% of the equity in Elait US LLC, a company registered in the USA and  100% of the equity in Elait Australia PTY Ltd, a company registered in Austalia.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 398,821 379,098
Prepayments and accrued income 527,669 505,755
Amounts owed by subsidiaries 130,645 -
1,057,135 884,853
Included in the amounts owed by subsidiaries is an amount of £130,645 owed by Elait US LLC, a company registered in the USA, which is a subsidiary of Elait Limited.
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 63,037 170,128
Corporation tax 117,718 77,573
Other taxes and social security 68,515 34,314
VAT 119,762 94,841
Dividends due to be paid 235,000 188,750
Accruals and deferred income 148,844 280,619
752,876 846,225
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,000 2,000
9. Reserves
Revaluation Reserve
£
As at 1 November 2022 249,339
As at 31 October 2023 249,339
10. Related Party Transactions
Elait IT Technology Services Pvt LtdElait IT Technology Services Pvt Ltd is a 90% subsidiary of Elait Limited and is registered in India.During the year, Elait Limited made sales of £88,309 to and purchases of £933,577 from Elait IT Technology Services Pvt Ltd. All transactions were made at arms length.

Elait IT Technology Services Pvt Ltd

Elait IT Technology Services Pvt Ltd is a 90% subsidiary of Elait Limited and is registered in India.

During the year, Elait Limited made sales of £88,309 to and purchases of £933,577 from Elait IT Technology Services Pvt Ltd. All transactions were made at arms length.

Elait Australia PTY LtdElait Australia PTY Ltd is a 100% subsidiary of Elait Limited and is registered in Australia.During the year, Elait Limited purchased services totalling £25,536 from Elait Australia PTY Ltd. All transactions were made at arms length.

Elait Australia PTY Ltd

Elait Australia PTY Ltd is a 100% subsidiary of Elait Limited and is registered in Australia.

During the year, Elait Limited purchased services totalling £25,536 from Elait Australia PTY Ltd. All transactions were made at arms length.

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