Company registration number 8047386 (England and Wales)
ELO TOUCH SOLUTIONS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ELO TOUCH SOLUTIONS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
ELO TOUCH SOLUTIONS (UK) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,049
Current assets
Debtors
4
1,958,977
1,946,476
Cash at bank and in hand
134,162
62,001
2,093,139
2,008,477
Creditors: amounts falling due within one year
5
(308,058)
(345,755)
Net current assets
1,785,081
1,662,722
Total assets less current liabilities
1,794,130
1,662,722
Provisions for liabilities
(632,775)
(606,902)
Net assets
1,161,355
1,055,820
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,161,354
1,055,819
Total equity
1,161,355
1,055,820
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 22 April 2025 and are signed on its behalf by:
Mr G A Delatte Jr
Director
Company Registration No. 8047386
ELO TOUCH SOLUTIONS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
1
887,145
887,146
Year ended 30 September 2023:
Profit for the year
-
139,474
139,474
Other comprehensive income:
Actuarial gains on defined benefit plans
-
66,998
66,998
Currency translation differences
-
(15,048)
(15,048)
Tax relating to other comprehensive income
-
(22,750)
(22,750)
Total comprehensive income for the year
-
168,674
168,674
Balance at 30 September 2023
1
1,055,819
1,055,820
Year ended 30 September 2024:
Profit for the year
-
138,455
138,455
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(12,160)
(12,160)
Currency translation differences
-
(21,292)
(21,292)
Tax relating to other comprehensive income
-
532
532
Total comprehensive income for the year
-
105,535
105,535
Balance at 30 September 2024
1
1,161,354
1,161,355
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
ELO Touch Solutions (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Azets, Burnham Yard, London End, Beaconsfield, Buckinghamshire, United Kingdom, HP9 2JH.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Group Revenue is measured using arm's length remunerations consistent with the groups transfer pricing policy.
1.3
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:
Leasehold improvements
Over the length of the lease
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.
1.4
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 debtors and cash and bank balances, 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.
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, bank loans, loans from fellow group companies and preference shares 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.10
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.11
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.
1.12
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:
2024
2023
Number
Number
Total
16
23
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2023
Additions
9,270
At 30 September 2024
9,270
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
221
At 30 September 2024
221
Carrying amount
At 30 September 2024
9,049
At 30 September 2023
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,857,765
1,873,671
Other debtors
85,805
61,522
1,943,570
1,935,193
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
15,407
11,283
Total debtors
1,958,977
1,946,476
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,239
11,335
Amounts owed to group undertakings
5,184
5,184
Taxation and social security
58,496
69,541
Other creditors
239,139
259,695
308,058
345,755
6
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Retirement benefit schemes
(Continued)
- 8 -
Defined benefit schemes
The company's benefit plan is a defined benefit pension plan. The benefit obligation is the projected benefit obligation, which represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The company's plans are unfunded. The company's contribution amounts are based on benefit payments made by the plans. The benefits under the defined benefit plans are based on various factors, such as years of service and compensation. The unfunded liability at 30 September 2023 and 30 September 2022 was £606,902 and £649,367, respectively, recorded on the balance sheet as other noncurrent liabilities.
Net periodic pension benefit cost is based on the utilization of the projected unit credit method of calculation and is charged to the consolidated statements of operations and comprehensive loss on a systematic basis over the expected average remaining service lives of current participants.
The measurement of benefit obligations and net periodic benefit cost is based on estimates and assumptions determined by our management. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age, and years of service, as well as certain assumptions, including estimates of discount rates, rate of compensation increases, and mortality rates.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 30 September 2023 by Aktuariat Kaiser, Fellow of the German Association of Actuaries (DAV) and Institute of Actuarial Experts for Pensions (IVS). The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
2024
2023
Key assumptions
%
%
Discount rate
5.39
5.55
Expected rate of increase of pensions in payment
2.00
2.00
Expected rate of salary increases
1.00
1.00
2024
2023
Amounts recognised in the profit and loss account
£
£
Current service cost
4,254
4,336
Net interest on net defined benefit liability/(asset)
31,935
30,484
Total costs
36,189
34,820
2024
2023
Amounts taken to other comprehensive income
£
£
Actuarial changes related to obligations
12,160
(66,998)
Foreign exchange gains or losses
(22,475)
(10,287)
Total costs/(income)
(10,315)
(77,285)
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Retirement benefit schemes
(Continued)
- 9 -
2024
2023
£
£
Present value of defined benefit obligations
632,775
606,902
Deficit in scheme
632,775
606,902
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 October 2023
606,901
Current service cost
4,254
Actuarial gains and losses
12,160
Interest cost
31,935
Exchange differences
(22,475)
At 30 September 2024
632,775
The defined benefit obligations arise from plans which are wholly unfunded.
The actual return on plan assets was £- (2023 - £-).
7
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.
Senior Statutory Auditor:
Jack Tatschner ACA
Statutory Auditor:
Azets Audit Services
8
Financial commitments, guarantees and contingent liabilities
After the period, a proceeding against the company was received. No provision has been made in these financial statements.
ELO TOUCH SOLUTIONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
183,707
137,509
10
Parent company
The immediate parent company of ELO Touch Solutions (UK) Ltd is ELO Touch Solutions International, Inc. incorporated in the state of Delaware, USA.
ELO Holdings, Inc., incorporated in the state of Delaware, USA is the ultimate parent company.
The address of ELO Touch Solutions International, Inc. and ELO Holdings, Inc. is 670N. McCarthy Blvd. Suite 100, Milpitas California 95035.
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