Company registration number 06558821 (England and Wales)
ELLEC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
ELLEC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ELLEC LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Tangible assets
4
785,920
908,486
Current assets
Debtors
5
1,926,056
1,925,000
Cash at bank and in hand
7,009
-
0
1,933,065
1,925,000
Creditors: amounts falling due within one year
6
(2,220,886)
(2,187,398)
Net current liabilities
(287,821)
(262,398)
Total assets less current liabilities
498,099
646,088
Creditors: amounts falling due after more than one year
7
(510,000)
(300,000)
Net (liabilities)/assets
(11,901)
346,088
Capital and reserves
Called up share capital
2,000,000
2,000,000
Profit and loss reserves
(2,011,901)
(1,653,912)
Total equity
(11,901)
346,088

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 9 September 2024
Mr U Arpaia
Director
Company registration number 06558821 (England and Wales)
ELLEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ellec Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chilfrome Close, Poole, Dorset, BH17 9WE.

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 euro, 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

As at 31 December 2023 there were net current liabilities of €287,821 and total negative equity of €11,901. However, included within creditors falling due within one year are loans from the shareholder totalling €265,198 and, whilst these are technically repayable on demand the director is confident that these will not be required to be repaid unless the financial position of the company is such that repayment will not impair upon the ability of the company to meet its ongoing financial obligations as they fall due.

In January 2023 the company received a commitment from one of the ultimate beneficial shareholders to introduce a maximum loan of €300,000 to cover future costs and overheads of the company, such loan being unsecured and interest free. This financial commitment was subsequently increased to €600,000 with effect from 01 April 2024 with a repayment date extended to 31 December 2025. The balance outstanding on this loan at 31 December 2023 was €210,000 and has been shown within creditors falling due after more than one year. Further amounts totalling €140,000 have been received in respect of drawdowns on this loan facility in the subsequent year.

The main overheads of the company are the running expenses of the boat and during the current year and subsequently these have been met by introductions of further funds from the shareholder and drawdowns of the loan facility detailed above.

The director continues to actively pursue the sale of the boat.

Accordingly, the financial statements have been prepared on a going concern basis.

1.3
Turnover

The turnover in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Rental income from hire of boat is recognised in the period to which the rental income actually relates.

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.

ELLEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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:

Boat
10% straight line
1.5
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
Financial instruments
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.

1.7
Taxation
Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.
It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences,to the extent that the director believes such an amount to be material, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

1.8
Foreign exchange

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Exchange differences are taken into account in arriving at the operating loss.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

ELLEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
Critical judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgement that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the annual rate of depreciation applied to the boat within tangible fixed assets together with the impairment review thereof at the balance sheet date. Deprecation is calculated in line with typical rates within this industry and the director's impairment review of the asset at the balance sheet date is based upon his own assessment of the market resale value of the boat at that date together with a valuation report prepared by a suitably qualified professional. However, if the boat was sold the amount realised could be higher or lower than these assessments potentially generating a material profit or loss on disposal depending upon the circumstances of any future sale.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Boat
Cost
At 1 January 2023 and 31 December 2023
1,725,566
Depreciation and impairment
At 1 January 2023
817,080
Depreciation charged in the year
122,566
At 31 December 2023
939,646
Carrying amount
At 31 December 2023
785,920
At 31 December 2022
908,486
ELLEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
Amounts owed by group undertakings
1,925,000
1,925,000
Other debtors
1,056
-
0
1,926,056
1,925,000
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
11,889
-
0
Amounts owed to group undertakings
265,198
242,100
Other creditors
1,943,799
1,945,298
2,220,886
2,187,398

Other creditors are unsecured, interest free and repayable on demand.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
Other long term loan
210,000
-
0
Ellec 1% 2021-2031 bonds
300,000
300,000
510,000
300,000

The Bonds are denominated in units of €100,000 per Bond and were issued at their denomination value on 15 April 2021 as a result of a Private Placement Memorandum of 20 Bonds with an offering period of 29 March 2021 to 14 April 2021.

The Bonds have a maturity date of 15 April 2031 but have an Early Redemption Date, being any day falling between 16 April 2023 and 14 April 2031 on which, at the sole option of the Company, the Company may redeem any or all of the Bonds and accordingly repay the Redemption Amount, being the denomination value and all interest accrued in relation to the relevant Bonds up to (but excluding) the Early Redemption Date.

The Bonds carry an interest rate of 1% per annum calculated as a percentage of the principal amount of the Bonds held by each Bond holder. The interest is payable annually in arrears on the anniversary date of the Bonds.

The Bonds rank equally and rateably without any priority or preference between themselves and with all other present and future unsecured obligations of the company.

Other long term loan relates to a facility from a family member of the ultimate controlling party of the company. The original facility dated 18 January 2023 was for €300,000. However, this was subsequently increased to €600,000 by way of an addendum dated 01 April 2024. The loan is unsecured, interest free with a repayment date of 31 December 2025. Further amounts totalling €140,000 have been received in respect of drawdowns on this loan facility in the subsequent year.

 

ELLEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Related party transactions

During the year the boat was made available for the personal use of the ultimate controlling parties. No fees were charged by the company for the usage thereof and all related costs have been charged to the profit and loss account.

9
Parent company

Schreber SA, a company incorporated in Switzerland was regarded as the company’s immediate and ultimate parent undertaking throughout the year. Schreber SA holds the shares in Ellec Limited in a fiduciary capacity on behalf of ultimate beneficial owners. The director believes Mr Federico Bellezza to have been the ultimate controlling party until 18 January 2023 when he transferred part of his ultimate beneficial shareholding to another family member such that he no longer retains overall control himself but that overall control now rests with members of the Bellezza family combined.

 

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