Registered number
02879162
Essential Equipment Consortium Limited
Unaudited Filleted Accounts
31 March 2022
Essential Equipment Consortium Limited
Registered number: 02879162
Balance Sheet
as at 31 March 2022
Notes 2022 2020
£ £
Fixed assets
Tangible assets 3 32,771 33,154
Current assets
Stocks 103,914 49,747
Debtors 4 47,174 26,768
Cash at bank and in hand 164,860 80,347
315,948 156,862
Creditors: amounts falling due within one year 5 (178,516) (70,617)
Net current assets 137,432 86,245
Net assets 170,203 119,399
Capital and reserves
Called up share capital 200 200
Share premium 100 100
Profit and loss account 169,903 119,099
Shareholders' funds 170,203 119,399
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Hodder
Director
Approved by the board on 13 September 2022
Essential Equipment Consortium Limited
Notes to the Accounts
for the period from 1 January 2021 to 31 March 2022
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Plant and machinery over 6 years
Fixtures and fittings over 6 years
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2020
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 26,690 28,675 55,365
Additions 13,057 - 13,057
At 31 March 2022 39,747 28,675 68,422
Depreciation
At 1 January 2021 15,346 6,865 22,211
Charge for the period 6,271 7,169 13,440
At 31 March 2022 21,617 14,034 35,651
Net book value
At 31 March 2022 18,130 14,641 32,771
At 31 December 2020 11,344 21,810 33,154
4 Debtors 2022 2020
£ £
Trade debtors 25,687 14,524
Other debtors 21,487 12,244
47,174 26,768
5 Creditors: amounts falling due within one year 2022 2020
£ £
Trade creditors 84,494 51,925
Taxation and social security costs 37,748 14,300
Other creditors 56,274 4,392
178,516 70,617
6 Other information
Essential Equipment Consortium Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit C6 Optimus Way
Optimus Point
Glenfield
Leicestershire
LE3 8JR
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