Company registration number 09422416 (England and Wales)
E E TESTERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
E E TESTERS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
E E TESTERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 AUGUST 2023
28 August 2023
- 1 -
28 August 2023
28 February 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,809
4,183
Current assets
Debtors
4
8,093
16,723
Cash at bank and in hand
6,750
52,284
14,843
69,007
Creditors: amounts falling due within one year
5
(2,103)
(2,223)
Net current assets
12,740
66,784
Net assets
16,549
70,967
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
16,548
70,966
Total equity
16,549
70,967
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial Period ended 28 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2023
Mr P Maynard
Director
Company registration number 09422416 (England and Wales)
E E TESTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023
- 2 -
1
Accounting policies
Company information
E E Testers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winset, Woodside Road, Chiddingfold, Godalming, Surrey, GU8 4RA.
1.1
Reporting period
These financial statements cover the 18 months to 28 August 2023, the company's accounting period was extended on the expectation of cessation. Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised based on the date that the services were provided, and is shown net of VAT. Any income relating to the current period that is invoiced after the year end is accrued for.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
IT Equipment
25% straight line
Motor vehicles
3 years straight line
1.5
Impairment of fixed assets
At each reporting period end date, the director reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). There is no indication of impairment for the current reporting period.
It has been considered that there is no impairment to record for this accounting period.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Any bank overdrafts are shown within borrowings in current liabilities.
E E TESTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, any bank or other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
E E TESTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. The rate used is 19% for the current accounting period. Deferred tax is charged or credited in the income statement, except if it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Employee benefits
The material costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The material cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Material termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
1
1
E E TESTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
- 5 -
3
Tangible fixed assets
IT Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
8,943
40,952
49,895
Additions
4,833
4,833
Disposals
(6,959)
(6,959)
At 28 August 2023
1,984
45,785
47,769
Depreciation and impairment
At 1 March 2022
8,005
37,707
45,712
Depreciation charged in the Period
728
4,479
5,207
Eliminated in respect of disposals
(6,959)
(6,959)
At 28 August 2023
1,774
42,186
43,960
Carrying amount
At 28 August 2023
210
3,599
3,809
At 28 February 2022
938
3,245
4,183
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
305
Corporation tax recoverable
1,438
1,438
Other debtors
8,661
1,438
10,404
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
6,655
6,319
Total debtors
8,093
16,723
E E TESTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
416
Taxation and social security
607
Other creditors
2,103
1,200
2,103
2,223