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REGISTERED NUMBER: 08398528 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

ESPASSO LTD

ESPASSO LTD (REGISTERED NUMBER: 08398528)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ESPASSO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: C Junqueira
C S Borio





REGISTERED OFFICE: 12 Conqueror Court
Sittingbourne
Kent
ME10 5BH





REGISTERED NUMBER: 08398528 (England and Wales)





ACCOUNTANTS: Williams Giles Professional Services Ltd
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

ESPASSO LTD (REGISTERED NUMBER: 08398528)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 473 807

CURRENT ASSETS
Stocks 59,236 59,068
Debtors 5 309,243 183,351
Cash at bank and in hand 385,613 183,775
754,092 426,194
CREDITORS
Amounts falling due within one year 6 223,750 124,508
NET CURRENT ASSETS 530,342 301,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,815

302,493

CREDITORS
Amounts falling due after more than one
year

7

(41,998

)

(43,334

)

PROVISIONS FOR LIABILITIES (90 ) (153 )
NET ASSETS 488,727 259,006

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 487,727 258,006
SHAREHOLDERS' FUNDS 488,727 259,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ESPASSO LTD (REGISTERED NUMBER: 08398528)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2022 and were signed on its behalf by:





C S Borio - Director


ESPASSO LTD (REGISTERED NUMBER: 08398528)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Espasso Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover from the sale of furniture is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed the order confirmation form.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Government grants
Grants that becomes receivable as compensation for expenses or losses already incurred or for the purpose of
giving immediate financial support to the company are recognised as income in the period in which it becomes
receivable on an accruals basis and recognised immediately in profit and loss.

Inventory
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ESPASSO LTD (REGISTERED NUMBER: 08398528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 12,198 8,016 2,528 22,742
Additions - - 126 126
At 31 December 2021 12,198 8,016 2,654 22,868
DEPRECIATION
At 1 January 2021 12,198 7,530 2,207 21,935
Charge for year - 317 143 460
At 31 December 2021 12,198 7,847 2,350 22,395
NET BOOK VALUE
At 31 December 2021 - 169 304 473
At 31 December 2020 - 486 321 807

ESPASSO LTD (REGISTERED NUMBER: 08398528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 298,499 171,946
Other debtors 10,744 11,405
309,243 183,351

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 5,091 6,667
Trade creditors 80,942 45,169
Amounts owed to group undertakings 49,454 31,597
Taxation and social security 84,935 37,419
Other creditors 3,328 3,656
223,750 124,508

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 41,998 43,334

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 20,315 3,334

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 43,500 42,250

9. ULTIMATE PARENT COMPANY

Espasso Inc (incorporated in USA) is regarded by the directors as being the company's ultimate parent company.