1 February 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00truexbrli:purexbrli:sharesiso4217:GBP124403742022-02-012023-01-31124403742023-01-31124403742022-01-3112440374core:WithinOneYear2023-01-3112440374core:WithinOneYear2022-01-3112440374core:RetainedEarningsAccumulatedLosses2023-01-3112440374core:RetainedEarningsAccumulatedLosses2022-01-3112440374bus:Director12022-02-012023-01-3112440374core:CostValuation2022-02-0112440374core:CostValuation2023-01-311244037412022-02-012023-01-31124403742021-02-012022-01-3112440374countries:EnglandWales2022-02-012023-01-3112440374bus:AuditExempt-NoAccountantsReport2022-02-012023-01-3112440374bus:PrivateLimitedCompanyLtd2022-02-012023-01-3112440374bus:SmallEntities2022-02-012023-01-3112440374bus:FullAccounts2022-02-012023-01-31
Company registration number:
12440374
Egak Ltd
Unaudited Filleted Financial Statements for the year ended
31 January 2023
Egak Ltd
Statement of Financial Position
31 January 2023
20232022
Note££
Fixed assets    
Investments 5
3,501
 
3,501
 
Current assets    
Debtors 6
65,558
 
67,830
 
Cash at bank and in hand
61,487
 
44,038
 
127,045
 
111,868
 
Creditors: amounts falling due within one year 7
9,976
 
(5,876
)
Net current assets
137,021
 
105,992
 
Total assets less current liabilities 140,522   109,493  
Capital and reserves    
Profit and loss account
140,522
 
109,493
 
Shareholders funds
140,522
 
109,493
 
For the year ending
31 January 2023
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
9 October 2023
, and are signed on behalf of the board by:
R Piazzetta
Director
Company registration number:
12440374
Egak Ltd
Notes to the Financial Statements
Year ended
31 January 2023

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax.
Turnover includes revenue earned from the rendering of specialised design services.
Rendering of services
Turnover from the rendering of specialised design services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs.
Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.
The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Foreign Exchange

The transactions denominated in foreign currency are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.
Balances at the year-end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2022: Nil).

5 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 February 2022
3,501
 
At
31 January 2023
3,501
 
Impairment  
At
1 February 2022
and
31 January 2023
-  
Carrying amount  
At
31 January 2023
3,501
 
At 31 January 2022
3,501
 

6 Debtors

20232022
££
Trade debtors
517
  -  
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,417
 
7,706
 
Other debtors
62,624
 
60,124
 
65,558
 
67,830
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
335
 
335
 
Taxation and social security
12,689
 
15,464
 
Other creditors
(23,000
)
(9,923
)
(9,976
)
5,876