ETLG_LIMITED - Accounts

ETLG LIMITED - Company Information

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Company Registration No. 01346001 (England and Wales)

ETLG LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

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 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

229,392

125,489

Investments

55,927

144,667

285,319

270,156

Current assets

Stocks

1,797

Debtors

158,945

251,019

Cash at bank and in hand

241,425

188,070

402,167

440,886

Creditors: amounts falling due within one year

(159,405)

(200,209)

Net current assets

242,762

240,677

Total assets less current liabilities

528,081

510,833

Creditors: amounts falling due after more than one year

(13,875)

514,206

496,958

Capital and reserves

Called up share capital

6,000

Profit and loss account

508,206

490,958

Shareholders' funds

514,206

496,958

ETLG LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2013

- 2 -

For the financial year ended 31 December 2013 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 4 July 2014

D Noble

Director

Company Registration No. 01346001

ETLG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

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

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.

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.

ETLG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

Accounting policies

(continued)

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.

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 January 2013

253,754

144,667

398,421

Additions

250,507

1,942

252,449

Disposals

(158,916)

(90,682)

(249,598)

At 31 December 2013

345,345

55,927

401,272

Depreciation

At 1 January 2013

128,265

On disposals

(54,879)

Charge for the year

42,567

At 31 December 2013

115,953

Net book value

At 31 December 2013

229,392

55,927

285,319

At 31 December 2012

125,489

144,667

270,156

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 A

100.00

Inertial Aerosystems UK Limited

England and Wales

Ordinary B

100.00

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

2013

Principal activity

Inertial Aerosystems UK Limited

Dormant

100

ETLG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 5 -

Share capital

2013

2012

Allotted, called up and fully paid

50,000 Ordinary 'A' shares of 10p each

5,000

10,000 Ordinary 'B' shares of 10p each

1,000

6,000

Control

The ultimate controlling party is D Noble, a director and major shareholder.