ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
Registered Number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
COMPANY INFORMATION
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ELYSIAN HOLDINGS LTD
CONTENTS
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ELYSIAN HOLDINGS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Director presents the Group Strategic Report of Elysian Holdings Limited (the "Company") and its subsidiaries (the "Group") for the year ended 31 December 2022.
The principal activity of the Company during the year ended 31 December 2022 continued to be a holding company for the Group. The principal activity of the Group during the year ended 31 December 2022 continued to be the design, manufacture and distribution of darts-related products to trade partners throughout the world.
During the year ended 31 December 2022 the Group grew revenue levels and gross profit margin year on year, in line with expectations. The Group maintains a strong Balance Sheet and net assets position. In April 2022 the Group acquired the net assets of a business and long term trade partner in the USA. We have grown our brand by establishing ourselves as creative and innovative designers and marketeers. It is a reputation that confers some considerable competitive advantage, but it is a reputation maintained only through dedicated teamwork, energy and focus throughout the business. The Group works hard to ensure that the business maintains its edge. The Director is pleased with the overall performance of the business during 2022 and expects a continued positive performance in 2023 and beyond.
The Director has recognised a number of risks for the Group which continue to be monitored:
Foreign currency risk The Group’s principal foreign currency exposures arise from upstream costs in the supply chain, and to a lesser extent downstream trading in South East Asia. Foreign currency bank accounts are maintained, and forward contracts are taken out in foreign currency when appropriate. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures, and all trade credit is insured. Receivable balances and credit limits are monitored on an ongoing basis and provision is made for doubtful debts in good time. Liquidity risk The Group’s liquidity risk is managed by the Director through tightly controlled cash management processes. Debt service and interest rate risk The Group is not significantly impacted by fluctuations in interest rates as the Group has no external borrowings.
The Director considers the financial key performance indicators of the Group to be revenue growth and gross profit margin. Performance in these areas have been in line with expectations, as outlined in the business review.
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ELYSIAN HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Section 172(1) of the Companies Act 2006 requires the Directors of an entity to act in the way they consider, in good faith, would be most likely to promote the success of the entity for the benefit of its Members as a whole. As part of their deliberations and decision making process the Director has taken into account the following;
∙The likely consequences of any action in the long term;
∙The interests of the Group’s employees;
∙The need to foster the Group’s business relationships with suppliers, customers and others;
∙The impact of the Group’s operations on the community and environment;
The desirability of the Company maintaining a reputation for high standards of business conducts; and
∙The need to act fairly as between members of the Group.
The Directors recognise that building strong relationships with stakeholders will help deliver the Group strategy in line with its long-term values and is committed to effective engagement with the Group’s stakeholders. Accordingly, the Director requires management to ensure that all stakeholder interests are considered in the Group’s day to day management and operations, and seeks to understand the relative interests and priorities of the various stakeholders and to have regard to these in their decision making. The Director acknowledges, however, that not every decision will necessarily result in a positive outcome for all stakeholders.
As a result of these activities, the Director believes that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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ELYSIAN HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Director presents his report and the financial statements for the year ended 31 December 2022.
During the year ended 31 December 2022, dividends of £322,477 were declared and paid (2021 - £300,000).
The Director who served during the year was:
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In accordance with Section 414c (11) of the Companies Act 2006, the Director has chosen to include the following items in the Group Strategic Report:
∙Business review
∙Future developments
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ELYSIAN HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Following a rebranding exercise on 15 May 2023 the trading name of the Company’s independent auditor changed from MHA MacIntyre Hudson to MHA. The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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ELYSIAN HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD
We have audited the financial statements of Elysian Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
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ELYSIAN HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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ELYSIAN HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management around actual and potential litigation and claims;
∙Enquiry of staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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ELYSIAN HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELYSIAN HOLDINGS LTD (CONTINUED)
for and on behalf of
Statutory Auditor
Colchester, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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ELYSIAN HOLDINGS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
REGISTERED NUMBER: 09706360
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 16 to 39 form part of these financial statements.
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ELYSIAN HOLDINGS LTD
REGISTERED NUMBER: 09706360
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit for the year ended 31 December 2022 of the parent Company was £322,477 (2021 - £300,000).
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 16 to 39 form part of these financial statements.
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ELYSIAN HOLDINGS LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Elysian Holdings Ltd is a private company limited by shares incorporated in England and Wales. The Company registration number is 09706360. The Company's registered office is 910 The Crescent, Colchester Business Park, Colchester, Essex, C04 9YQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Consequently, the Director has concluded that there are no material uncertainties that may cast significant doubt about the Group's and Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
The amortisation period above has been chosen as this is believed to be the useful life of the asset. Included is software which is believed to start to become obsolete after this period of time, or may need to be upgraded or replaced.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. This is when the Group has transferred the significant risks and rewards of ownership to the buyer. Although this is not considered to be a complex judgment for the Group, revenue recognition is still considered to be a critical accounting policy.
3.2 Deferred income
Deferred income is recognised when goods have left the warehouse and are in transit to the customer. Revenue is not recognised until the customer has received the goods.
3.3 Stock provision
A stock provision is recognised when any of the following conditions are identified:
∙The items have been discontinued
∙There are old versions of the equipment
∙Unusual descriptions that will be investigated
∙Stock held in an unusual location that is due to be investigated
The provision is recognised as the difference between cost and net realisible value of the item of stock.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and will take effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
20.Deferred taxation (continued)
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Foreign exchange reserve
Profit and loss account
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
25.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £58,944 (2021 - £31,804). Contributions totalling £10,943 (2021 - £7,197) were payable to the fund at the Balance Sheet date and are included in other creditors.
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ELYSIAN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
G Plummer is a Director of the Company. During the year ended 31 December 2022, £91,200 (2021 - £91,200) was paid to G Plummer as rent for the Group's head office and £1,026 (2021 - £1,013) was paid for insurance on the property.
During the year ended 31 December 2020, G Plummer provided an unsecured loan to the Group of £550,000 at an interest rate of 10% per annum. During the year ended 31 December 2022, interest of £1,468 (2021 - £55,000) against this loan was charged to the Group. At 31 December 2022, no amounts (2021 - £605,000) were owed to G Plummer. During the year The Group paid for personal expenses of £NIL (2021 - £22,477) on behalf of G Plummer. At the year end, G Plummer owed the Group £NIL (2021 - £22,477) in respect of his director’s loan account with the amount being included within other debtors. The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group. The Group has taken advantage of the exemption in Section 33.7A in FRS 102 from the requirement to disclose Key Management Personnel compensation as the Group has concluded that Key Management Personnel and the Director are the same.
The ultimate controlling party is considered to be G Plummer by virtue of his 100% shareholding in the Company.
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