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Registration number: SC347910

EDP Consulting Engineers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

EDP Consulting Engineers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

EDP Consulting Engineers Ltd

Company Information

Director

Mr C D Kelly

Registered office

 

Munro House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

EDP Consulting Engineers Ltd

(Registration number: SC347910)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

40,000

60,000

Tangible assets

5

583

-

 

40,583

60,000

Current assets

 

Stocks

6

38,000

53,883

Debtors

7

101,875

71,269

Cash at bank and in hand

 

99,593

351,510

 

239,468

476,662

Creditors: Amounts falling due within one year

8

(74,768)

(75,530)

Net current assets

 

164,700

401,132

Total assets less current liabilities

 

205,283

461,132

Creditors: Amounts falling due after more than one year

8

(45,276)

-

Provisions for liabilities

59

207

Net assets

 

160,066

461,339

Capital and reserves

 

Called up share capital

9

495

990

Capital redemption reserve

495

-

Retained earnings

159,076

460,349

Shareholders' funds

 

160,066

461,339

 

EDP Consulting Engineers Ltd

(Registration number: SC347910)
Balance Sheet as at 30 September 2021

For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 August 2022
 

.........................................
Mr C D Kelly
Director

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Munro House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 16 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of engineering services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15 Years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 11 (2020 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2020

300,000

300,000

At 30 September 2021

300,000

300,000

Amortisation

At 1 October 2020

240,000

240,000

Amortisation charge

20,000

20,000

At 30 September 2021

260,000

260,000

Carrying amount

At 30 September 2021

40,000

40,000

At 30 September 2020

60,000

60,000

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2020

5,415

5,415

Additions

870

870

Disposals

(2,226)

(2,226)

At 30 September 2021

4,059

4,059

Depreciation

At 1 October 2020

5,415

5,415

Charge for the year

287

287

Eliminated on disposal

(2,226)

(2,226)

At 30 September 2021

3,476

3,476

Carrying amount

At 30 September 2021

583

583

6

Stocks

2021
£

2020
£

Work in progress

38,000

53,883

7

Debtors

2021
£

2020
£

Trade debtors

97,898

71,269

Other debtors

3,977

-

101,875

71,269

 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

4,724

-

Trade creditors

 

2,485

3,750

Taxation and social security

 

49,118

67,406

Accruals and deferred income

 

2,590

2,652

Other creditors

 

15,851

1,722

 

74,768

75,530

The bank loan is supported by a 100% guarantee from the UK Government.

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

445

445

990

990

         
 

EDP Consulting Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

10

Related party transactions

The company operates a loan account with the director, Mr C Kelly.

During the year, the director advanced loans totalling £11,913 to the company. At the year end, the balance due to the director was £12,251 (2020 - £338). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with EDP Property Letting Partnership.

During the year, EDP Property Letting Partnership advanced loans totalling £2,235 to the company. At the year end, the balance due to EDP Property Letting Partnership was £3,534 (2020 - £1,299). This loan is unsecured, interest free and has no fixed repayment terms.

During the year, the company rented an office from EDP Property Letting Partnership. The total rent paid at the balance sheet date was £27,499. (2020 - £27,499).