ETLG_LIMITED - Accounts

ETLG_LIMITED - Accounts

ETLG LIMITED - Company Information

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Company Registration No. 01346001 (England and Wales)
ETLG LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
ETLG LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ETLG LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
294,831
229,392
Investments
2
55,927
55,927
350,758
285,319
Current assets
Stocks
15,967
1,797
Debtors
167,829
158,945
Cash at bank and in hand
220,854
241,425
404,650
402,167
Creditors: amounts falling due within one year
3
(262,856)
(159,405)
Net current assets
141,794
242,762
Total assets less current liabilities
492,552
528,081
Creditors: amounts falling due after more than one year
4
(28,331)
(13,875)
464,221
514,206
Capital and reserves
Called up share capital
5
6,000
6,000
Profit and loss account
458,221
508,206
Shareholders' funds
464,221
514,206
ETLG LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
31 December 2014
- 2 -
For the financial year ended 31 December 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 April 2015
D Noble
Director
Company Registration No. 01346001
ETLG LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and recognised as soon as sales invoice is raised.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
50 years straight line
Land and buildings Leasehold
20% straight line
Equipment for customer hire
33.3% reducing balance
Fixtures, fittings & equipment
10% reducing balance / 20% straight line
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Pensions

The company operates a defined contribution scheme for the benefit of its employees and directors. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
ETLG LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006  not to prepare group accounts.
1.11
Dividends
Dividends are accounted for in accordance with FRS 21 Events after the balance sheet date, and are recognised only when paid as a movement in the reserves within the accounts.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2014
345,345
55,927
401,272
Additions
115,877
-
115,877
Disposals
(2,477)
-
(2,477)
At 31 December 2014
458,745
55,927
514,672
Depreciation
At 1 January 2014
115,953
-
115,953
On disposals
(2,404)
-
(2,404)
Charge for the year
50,365
-
50,365
At 31 December 2014
163,914
-
163,914
Net book value
At 31 December 2014
294,831
55,927
350,758
At 31 December 2013
229,392
55,927
285,319
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Inertial Aerosystems UK Limited
England and Wales
Ordinary
100.00
ETLG LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
2
Fixed assets
(Continued)
- 5 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
Inertial Aerosystems UK Limited
Dormant
100
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £5,958 (2013 - £nil).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £14,456 (2013 - £nil).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
50,000 Ordinary 'A' shares of 10p each
5,000
5,000
10,000 Ordinary 'B' shares of 10p each
1,000
1,000
6,000
6,000
6
Control
The ultimate controlling party is D Noble, a director and major shareholder.
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