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COMPANY REGISTRATION NUMBER: 08474458
ELYSEE PIPING SYSTEMS LIMITED
Unaudited Financial Statements
31 December 2023
ELYSEE PIPING SYSTEMS LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
ELYSEE PIPING SYSTEMS LIMITED
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activities of the company during the year were supplying piping systems.
Directors
The directors who served the company during the year were as follows:
Mr. Antonis Protopapas
Fiduci-Corp Directors Limited
Mr. Panos Protopapas
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mr. Antonis Protopapas
Mr. Panos Protopapas
Director
Director
Fiduci-Corp (UK) Services Limited
Company Secretary
ELYSEE PIPING SYSTEMS LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
1,112,731
94,320
Cost of sales
( 1,011,531)
( 94,218)
------------
--------
Gross profit
101,200
102
Administrative expenses
( 188,273)
( 101,154)
---------
---------
Operating loss
( 87,073)
( 101,052)
Other interest receivable and similar income
2
1
---------
---------
Loss before taxation
( 87,071)
( 101,051)
Tax on loss
--------
---------
Loss for the financial year
( 87,071)
( 101,051)
--------
---------
All the activities of the company are from continuing operations.
ELYSEE PIPING SYSTEMS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
27,853
27,853
Current assets
Debtors
5
624,591
402,288
Cash at bank and in hand
965,641
153,404
------------
---------
1,590,232
555,692
Creditors: amounts falling due within one year
6
1,198,139
81,924
------------
---------
Net current assets
392,093
473,768
---------
---------
Total assets less current liabilities
419,946
501,621
---------
---------
Net assets
419,946
501,621
---------
---------
Capital and reserves
Called up share capital
7
42,455
42,455
Profit and loss account
8
377,491
459,166
---------
---------
Shareholders funds
419,946
501,621
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr. Antonis Protopapas
Mr. Panos Protopapas
Director
Director
Company registration number: 08474458
ELYSEE PIPING SYSTEMS LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
42,455
548,115
590,570
Loss for the year
( 101,051)
( 101,051)
Other comprehensive income for the year:
Foreign currency retranslation
12,102
12,102
--------
---------
---------
Total comprehensive income for the year
( 88,949)
( 88,949)
At 31 December 2022
42,455
459,166
501,621
Loss for the year
( 87,071)
( 87,071)
Other comprehensive income for the year:
Foreign currency retranslation
5,396
5,396
--------
---------
---------
Total comprehensive income for the year
( 81,675)
( 81,675)
--------
---------
---------
At 31 December 2023
42,455
377,491
419,946
--------
---------
---------
ELYSEE PIPING SYSTEMS LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th Floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
27,853
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
27,853
--------
At 31 December 2022
27,853
--------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Elysee Rohsysteme GmbH
Ordinary
70
5. Debtors
2023
2022
£
£
Trade debtors
296,381
4,782
Prepayments and accrued income
154,170
Other debtors
328,210
243,336
---------
---------
624,591
402,288
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,143,564
42,350
Accruals and deferred income
3,632
12,099
Social security and other taxes
24,481
1,309
Shareholders credit balance
26,462
26,166
------------
--------
1,198,139
81,924
------------
--------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.8491 each
50,000
42,455
50,000
42,455
--------
--------
--------
--------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Related party transactions
The company was under the control of Mr. Panos Protopapas and Mr. Antonis Protopapas throughout the current and previous year. Mr. Panos Protopapas and Mr. Antonis Protopapas holding of 50% of shares respectively.