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Registration number: 09269081

Engine House Digital Ltd

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Engine House Digital Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Engine House Digital Ltd

Company Information

Directors

Mr SR Roberts

Mrs D Roberts

Registered office

36 Trenoweth Road
Falmouth
Cornwall
TR11 5GH
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Engine House Digital Ltd

(Registration number: 09269081)
Balance Sheet as at 31 March 2022

Note

31 March
2022
£

31 March
2021
£

Fixed assets

 

Tangible assets

4

13,882

4,207

Current assets

 

Debtors

5

3,952

5,769

Cash at bank and in hand

 

924

2,488

 

4,876

8,257

Creditors: Amounts falling due within one year

6

(7,473)

(4,302)

Net current (liabilities)/assets

 

(2,597)

3,955

Total assets less current liabilities

 

11,285

8,162

Creditors: Amounts falling due after more than one year

6

(4,747)

(7,250)

Provisions for liabilities

(1,063)

(194)

Net assets

 

5,475

718

Capital and reserves

 

Called up share capital

7

200

100

Profit and loss account

5,275

618

Shareholders' funds

 

5,475

718

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Engine House Digital Ltd

(Registration number: 09269081)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 30 May 2022 and signed on its behalf by:
 

.........................................
Mrs D Roberts
Director

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
36 Trenoweth Road
Falmouth
Cornwall
TR11 5GH
England

These financial statements were authorised for issue by the Board on 30 May 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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

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.

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

Office Equipment

25% Reducing Balance

Computer Equipment

33.3% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 2).

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

6,670

6,670

Additions

12,808

12,808

At 31 March 2022

19,478

19,478

Depreciation

At 1 April 2021

2,463

2,463

Charge for the year

3,133

3,133

At 31 March 2022

5,596

5,596

Carrying amount

At 31 March 2022

13,882

13,882

At 31 March 2021

4,207

4,207

5

Debtors

31 March
2022
£

31 March
2021
£

Trade debtors

3,000

-

Other debtors

952

1,415

Directors loan account

-

4,354

3,952

5,769

6

Creditors

Creditors: amounts falling due within one year

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

Note

31 March
2022
£

31 March
2021
£

Due within one year

 

Bank loans and overdrafts

8

1,473

-

Trade creditors

 

-

390

Taxation and social security

 

743

525

Accruals and deferred income

 

750

1,289

Other creditors

 

4,507

2,098

 

7,473

4,302

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

Note

31 March
2022
£

31 March
2021
£

Due after one year

 

Loans and borrowings

8

4,747

7,250

7

Share capital

Allotted, called up and fully paid shares

 

31 March
2022

31 March
2021

 

No.

£

No.

£

Ordinary Shares of £100 each

1

100

1

100

Ordinary B Shares of £100 (2021 - £0) each

1

100

-

-

 

2

200

1

100

8

Loans and borrowings

31 March
2022
£

31 March
2021
£

Non-current loans and borrowings

Bank borrowings

4,747

7,250

31 March
2022
£

31 March
2021
£

Current loans and borrowings

Bank borrowings

1,473

-

 

Engine House Digital Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2022

9

Dividends

   

31 March
2022

 

31 March
2021

   

£

 

£

Interim dividend of £26,000 (2021 - £5,000) per ordinary share

 

26,000

 

5,000

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

32,900

24,399