Company Registration No. 09901608 (England and Wales)
EFPP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
EFPP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 8
EFPP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
30,233
25,922
Current assets
Debtors
6
1,012,629
1,111,758
Cash at bank and in hand
215,148
163,428
1,227,777
1,275,186
Creditors: amounts falling due within one year
7
(1,218,583)
(1,263,683)
Net current assets
9,194
11,503
Net assets
39,427
37,425
Capital and reserves
Called up share capital
12,000
12,000
Profit and loss reserves
27,427
25,425
Total equity
39,427
37,425
EFPP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 24 August 2022
Mr A Taieb
Director
Company Registration No. 09901608
EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

EFPP Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Trade City Business Park, Cowley Mill Road, Uxbridge, Middlesex, UB8 2DB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
30,233
25,922
EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
25,922
Additions
4,311
At 31 December 2021
30,233
Carrying amount
At 31 December 2021
30,233
At 31 December 2020
25,922
5
Significant undertakings

The company also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Viginti German GmbH
Mainzer Strabe 108,
Koblenz 56068 Germany
Ordinary
100.00
Viginti Polianicus
Julianowska 37, 05-500 Poland
Ordinary
100.00
Viginti Europe SARL
Str.Bdul Basarabia Nr 256,
Sectorul 3, Bucharest
030352, Romania
Ordinary
95.00
Viginti Illyrii
Vukomericka ul. 15
10410, Velika Gorica Croatia
Ordinary
90.00
Viginti Diocleii
Ilije Plamenca BB.
Podgorica
Montenegro
Ordinary
100.00
Viginti Dalmatii
Luzansko polje 7
Ilidza 71210
Bosnia and Herzegovina
Ordinary
90.00
Viginti Labeatae
Tirane, Ish Kombinati i
Tekstileve, Fabrika e
Ngjyrosjes, 1027 Ritane,
Shqiperi
Albania
Ordinary
100.00
Viginti Mauritius
C/O Sphere Management
(Mauritius) Limited, Plot 40,
Silicon Avenue, Suite 403,
Catalyst Building
Ordinary
100.00
Viginti Slovakia
Pristavna 10, 821 09 Bratislava, Slovak Republic
Ordinary
100.00
EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Significant undertakings
(Continued)
- 7 -

 

A breakdown of the amounts invested in subsidiaries are shown below:

 

Subsidary undertaking     Investment    Investment

2021         2020

£         £

 

Viginti German GmbH        21,180         21,180

Viginti Polianicus              1,271         1,271

Viginti Europe SARL         36         33

Viginti Illyrii             2,134         2,134

Viginti Diocleii             1         1

Viginti Dalmatii             407         407

Viginti Labatae             894         894

Viginti Mauritius             2         2

Viginti Slovakia             4,308         -

 

Total invested             30,233         25,922

 

6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,012,629
1,111,204
Other debtors
-
0
554
1,012,629
1,111,758
7
Creditors: amounts falling due within one year
2021
2020
£
£
Loans from shareholders
1,211,913
1,259,812
Corporation tax
470
1,699
Accruals and deferred income
6,200
2,172
1,218,583
1,263,683
EFPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2021
2020
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,211,913
1,259,812

 

Interest has been charged on appropriate loan balances at 0.5% (2020 - 0.5%).

The following amounts were outstanding at the reporting end date:

2021
2020
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,012,629
1,111,204

 

Interest has been charged on appropriate loan balances at 2% (2020 - 2%).

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