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COMPANY REGISTRATION NUMBER: 06913222
E&P RISK SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2018
E&P RISK SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
E&P RISK SERVICES LIMITED
BALANCE SHEET
30 April 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
18,394
18,289
Current assets
Debtors
6
91,877
103,193
Cash at bank and in hand
24,857
14,911
------------
------------
116,734
118,104
Creditors: amounts falling due within one year
7
( 266,944)
( 212,190)
------------
------------
Net current liabilities
( 150,210)
( 94,086)
------------
------------
Total assets less current liabilities
( 131,816)
( 75,797)
Provisions
( 520)
------------
------------
Net liabilities
( 131,816)
( 76,317)
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 131,916)
( 76,417)
------------
------------
Members deficit
( 131,816)
( 76,317)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2018 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 6 November 2018 , and are signed on behalf of the board by:
J Eastwood
Director
Company registration number: 06913222
E&P RISK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, West Yorkshire, HD1 1DT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Going concern
The parent undertaking has provided written confirmation of its intention to ensure that the company has adequate working capital to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Consequently the directors consider it appropriate to prepare the accounts on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the parent undertaking.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
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.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% straight line
Equipment
-
20% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2017: 6 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 May 2017
18,613
3,418
22,031
Additions
2,875
2,875
------------
------------
------------
At 30 April 2018
18,613
6,293
24,906
------------
------------
------------
Depreciation
At 1 May 2017
2,434
1,308
3,742
Charge for the year
1,862
908
2,770
------------
------------
------------
At 30 April 2018
4,296
2,216
6,512
------------
------------
------------
Carrying amount
At 30 April 2018
14,317
4,077
18,394
------------
------------
------------
At 30 April 2017
16,179
2,110
18,289
------------
------------
------------
6. Debtors
2018
2017
£
£
Trade debtors
77,431
90,478
Prepayments and accrued income
4,430
4,975
Amounts owed by related undertakings
10,016
7,740
------------
------------
91,877
103,193
------------
------------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
10,730
2,446
Amounts owed to group undertakings
237,990
196,147
Accruals and deferred income
2,392
2,502
Social security and other taxes
15,399
11,095
Amounts owed to related undertakings
433
------------
------------
266,944
212,190
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2018
2017
£
£
Included in provisions
520
------------
------------
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
75
75
75
75
A ordinary shares of £ 1 each
25
25
25
25
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
The two classes of share rank pari passu except that the A ordinary shares do not carry any voting rights .
10. Contingencies
The company is party to a cross-guarantee with various group and related undertakings in support of bank facilities.
11. Related party transactions
Amounts due to the parent company at the balance sheet date were £237,990 (2017: £196,147). This loan is unsecured, repayable on demand and currently interest free. Administrative expenses of £53,838 (2017: £52,826) were incurred in the year from the parent company. Amounts due to companies under common control at the balance sheet date were £433 (2017: £nil) relating to £433 (2017: £nil) of administrative expenses incurred in the year. Amounts due from companies under common control at the balance sheet date were £10,016 (2017: £7,740) relating to £7,806 (2017: £8,880) of services provided in the year.