Registered number
02879162
Essential Equipment Consortium Limited
Unaudited Filleted Accounts
31 March 2023
Essential Equipment Consortium Limited
Registered number: 02879162
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,514 32,771
Current assets
Stocks 92,186 103,914
Debtors 4 88,691 47,174
Cash at bank and in hand 298,883 164,860
479,760 315,948
Creditors: amounts falling due within one year 5 (177,236) (178,516)
Net current assets 302,524 137,432
Net assets 333,038 170,203
Capital and reserves
Called up share capital 200 200
Share premium 100 100
Profit and loss account 332,738 169,903
Shareholders' funds 333,038 170,203
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 3 October 2023
Essential Equipment Consortium Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 39,747 28,675 68,422
Additions 10,338 - 10,338
At 31 March 2023 50,085 28,675 78,760
Depreciation
At 1 April 2022 21,617 14,034 35,651
Charge for the year 6,860 5,735 12,595
At 31 March 2023 28,477 19,769 48,246
Net book value
At 31 March 2023 21,608 8,906 30,514
At 31 March 2022 18,130 14,641 32,771
4 Debtors 2023 2022
£ £
Trade debtors 62,249 25,687
Other debtors 26,442 21,487
88,691 47,174
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 76,788 84,494
Taxation and social security costs 74,529 37,748
Other creditors 25,919 56,274
177,236 178,516
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 64,125 3,750
7 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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