Company Registration No. 07587280 (England and Wales)
EST SOLUTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
EST SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EST SOLUTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,832
34,194
Current assets
Stocks
4,455
3,596
Debtors
4
89,073
91,557
Cash at bank and in hand
544,092
371,434
637,620
466,587
Creditors: amounts falling due within one year
5
(331,505)
(181,460)
Net current assets
306,115
285,127
Total assets less current liabilities
331,947
319,321
Provisions for liabilities
(4,971)
(4,475)
Deferred income
6
(123,067)
(110,120)
Net assets
203,909
204,726
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
203,809
204,626
Total equity
203,909
204,726

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

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 by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
P Spanos
Director
Company Registration No. 07587280
EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

EST Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 137 Euston Road, London, United Kingdom, NW1 2AA.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered the going concern status of the group headed by Farthest Gate Limited, including EST Solutions Limited, to include the preparation of consolidated profit and loss, balance sheet and cash flow projections for a period of at least twelve months from the date of approval of the financial statements. The group is expected to trade profitably and be cash generative, in addition to which the directors have a reasonable expectation that each entity will provide support for the other to the extent necessary to ensure liabilities continue to be met as they fall due. Accordingly the financial statements have been prepared on the going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover from long term support arrangements is recognised on an accruals basis over the period in which the support is provided.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the expected life of the lease
Plant and equipment
33% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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.

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. 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, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
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.

EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

Staff are employed and paid by the company's parent, Farthest Gate Limited.

EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
44,334
7,614
51,948
Depreciation and impairment
At 1 January 2021
10,140
7,614
17,754
Depreciation charged in the year
8,362
-
0
8,362
At 31 December 2021
18,502
7,614
26,116
Carrying amount
At 31 December 2021
25,832
-
0
25,832
At 31 December 2020
34,194
-
0
34,194
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,078
-
0
Amounts owed by group undertakings
-
0
9,986
Other debtors
53
-
0
Prepayments and accrued income
67,152
60,781
68,283
70,767
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
20,790
20,790
Total debtors
89,073
91,557
EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
-
0
50,000
Trade creditors
14,657
15,794
Amounts owed to group undertakings
251,365
-
0
Corporation tax
40,578
27,725
Other taxation and social security
18,425
80,297
Accruals
6,480
7,644
331,505
181,460
6
Deferred income
2021
2020
£
£
Deferred income
123,067
110,120
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Lee Van Houplines and the auditor was Azets Audit Services.
EST SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, including rent of the company's premises at £69,300 per year expiring in 2026, as follows:

 

2021
2020
£
£
329,792
399,092
10
Related party transactions

During the year the company was charged management fees of £145,371 (2020: £141,408) in respect of research and development, licensing and overheads by Farthest Gate Limited, the company's parent undertaking. Additionally, the company accrued interest receivable from Farthest Gate Limited totalling £nil (2020: £4,100).

 

During the year the company had expenses paid on its behalf by Farthest Gate Limited totalling £185,980 (2020: £176,518) and cash transfers to Farthest Gate Limited during the year totalled £235,000 (2020: £274,000).

 

A dividend of £165,000 was declared in the year (2020: £110,000).

 

At the balance sheet date, amounts owed to Farthest Gate Limited totalled £215,365 (2020: £9,986 due from).

11
Parent company

The company is under the control of Farthest Gate Limited, by virtue of its 100% shareholding. There is no ultimate controlling party.

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