Company Registration No. 02972048 (England and Wales)
ESSENTIAL INFORMATION GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ESSENTIAL INFORMATION GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ESSENTIAL INFORMATION GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,559
29,797
Investments
4
100,102
146,577
121,661
176,374
Current assets
Debtors
5
1,753,546
1,889,049
Cash at bank and in hand
2,907,625
1,930,096
4,661,171
3,819,145
Creditors: amounts falling due within one year
6
(848,177)
(928,281)
Net current assets
3,812,994
2,890,864
Total assets less current liabilities
3,934,655
3,067,238
Provisions for liabilities
(5,252)
(5,252)
Net assets
3,929,403
3,061,986
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,929,303
3,061,886
Total equity
3,929,403
3,061,986

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ESSENTIAL INFORMATION GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
D Sandeman
Director
Company Registration No. 02972048
ESSENTIAL INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Essential Information Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charter House, 9 Castlefield Road, Reigate, Surrey, RH2 0SA.

1.1
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 £.

1.2
Turnover

Turnover represents amounts receivable from provision of auction services net of VAT and trade discounts.

1.3
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:

Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ESSENTIAL INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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 balance sheet 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

 

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
20
20
ESSENTIAL INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
125,712
Depreciation and impairment
At 1 January 2022
95,915
Depreciation charged in the year
8,238
At 31 December 2022
104,153
Carrying amount
At 31 December 2022
21,559
At 31 December 2021
29,797
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
102
102
Other investments other than loans
100,000
146,475
100,102
146,577
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2022
102
146,475
146,577
Re-designated
-
(46,475)
(46,475)
At 31 December 2022
102
100,000
100,102
Carrying amount
At 31 December 2022
102
100,000
100,102
At 31 December 2021
102
146,475
146,577
ESSENTIAL INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
311,811
559,052
Amounts owed by group undertakings
579,265
410,206
Other debtors
862,470
919,791
1,753,546
1,889,049
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,728
9,251
Corporation tax
252,315
299,054
Other taxation and social security
127,072
164,644
Other creditors
467,062
455,332
848,177
928,281
7
Related party transactions
Transactions with related parties

At the year end the company was owed £360,259 (2021 - £194,571) by Chapter Investments Limited, a direct subsidiary company, in respect of an interest free loan repayable on demand.

 

At the year end the company was owed £219,006 (2021 - £215,635) by Fieldhigh Investments Limited, a direct subsidiary company, in respect of an interest free loan repayable on demand.

 

At the year end the company was owed £113,000 (2021 - £53,000) by PIP Limited, a company where the directors have a significant shareholding, in respect of an interest free loan repayable on demand.

8
Directors' transactions

Dividends totalling £190,000 (£150,000) were paid in the year in respect of shares held by the company's directors.

At the year end the company owed £18,165 to (2021: was owed £250,285 by) one of the company directors in respect of a loan at 2.5% interest, repayable on demand.

9
Control

The ultimate controlling party is D Sandeman, a director of the company.

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