Registered number
04975532
Epic Rigging Ltd
Unaudited Filleted Accounts
31 March 2023
Epic Rigging Ltd
Registered number: 04975532
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 61,726 61,726
Tangible assets 4 113,672 93,273
175,398 154,999
Current assets
Stocks 500 500
Debtors 5 31,405 23,497
Cash at bank and in hand 140,529 15,490
172,434 39,487
Creditors: amounts falling due within one year 6 (66,987) (48,354)
Net current assets/(liabilities) 105,447 (8,867)
Total assets less current liabilities 280,845 146,132
Creditors: amounts falling due after more than one year 7 (18,154) (25,900)
Net assets 262,691 120,232
Capital and reserves
Called up share capital 2 2
Profit and loss account 262,689 120,230
Shareholders' funds 262,691 120,232
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.
F R Wester
F R Webster
Director
Approved by the board on 7 November 2023
Epic Rigging Ltd
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.
Government grants
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 61,726
At 31 March 2023 61,726
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 61,726
At 31 March 2022 61,726
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 168,875 68,138 237,013
Additions 541 122,000 122,541
Disposals - (96,500) (96,500)
At 31 March 2023 169,416 93,638 263,054
Depreciation
At 1 April 2022 124,208 19,532 143,740
Charge for the year 11,234 4,783 16,017
On disposals - (10,375) (10,375)
At 31 March 2023 135,442 13,940 149,382
Net book value
At 31 March 2023 33,974 79,698 113,672
At 31 March 2022 44,667 48,606 93,273
5 Debtors 2023 2022
£ £
Trade debtors 31,405 23,497
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,747 7,556
Obligations under finance lease and hire purchase contracts - 2,351
Trade creditors 3 5,751
Taxation and social security costs 56,756 30,214
Other creditors 2,481 2,482
66,987 48,354
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,154 25,900
8 Other information
Epic Rigging Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Chalet Church Lane
Eaton Bray
Dunstable
Bedfordshire
LU6 2DJ
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