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Registered Number: 07344876
England and Wales

 

 

 


Abridged Accounts

for the period ended 31 December 2022

for

EINTECH LTD

 
 
Notes
 
31/12/2022
£
  31/08/2022
£
Fixed assets      
Intangible fixed assets 4 1,097,558    959,087 
Tangible fixed assets 5 21,364    19,709 
1,118,922    978,796 
Current assets      
Debtors: amounts falling due within one year 133,933    244,343 
Cash at bank and in hand 2,077,205    71,001 
2,211,138    315,344 
Creditors: amount falling due within one year (164,222)   (482,043)
Net current assets 2,046,916    (166,699)
 
Total assets less current liabilities 3,165,838    812,097 
Creditors: amount falling due after more than one year (22,000)   (465,722)
Provisions for liabilities (187,317)   (165,680)
Net assets 2,956,521    180,695 
 

Capital and reserves
     
Called up share capital 6 2    1 
Share premium account 2,999,999   
Profit and loss account (43,480)   180,694 
Shareholder's funds 2,956,521    180,695 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 16 November 2023 and were signed on its behalf by:


-------------------------------
James Carter
Director
1
General Information
Eintech Ltd is a private company, limited by shares, registered in England and Wales, registration number 07344876, registration address 86 - 90 Paul Street, London, EC2A 4NE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development expenditure
Expenditure on research activities is recognised in the profit and loss account as an expense as incurred.
Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the Company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.


Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 4 Straight Line
2.

Staff Costs

31/12/2022
£
  31/08/2022
£
Wages and salaries 99,587    113,938 
Social security costs 12,272    9,806 
Pension costs, defined contribution plan 2,914    3,585 
Other staff costs 6,359    16,468 
121,132    143,797 
 
Average number of employees during the period Number   Number
Administration 3    3 
Research and development 11    10 
14    13 
Staff costs that were capitalised in the year were £218,603 (2022 - £518,791)

3.

Average number of employees

Average number of employees during the period was 14 (2022 : 13).
4.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 September 2022 1,160,764    1,160,764 
Additions 218,604    218,604 
Disposals  
At 31 December 2022 1,379,368    1,379,368 
Amortisation
At 01 September 2022 201,677    201,677 
Charge for period 80,133    80,133 
On disposals  
At 31 December 2022 281,810    281,810 
Net book values
At 31 December 2022 1,097,558    1,097,558 
At 31 August 2022 959,087    959,087 


5.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 September 2022 40,814    40,814 
Additions 4,749    4,749 
Disposals  
At 31 December 2022 45,563    45,563 
Depreciation
At 01 September 2022 21,105    21,105 
Charge for period 3,094    3,094 
On disposals  
At 31 December 2022 24,199    24,199 
Net book values
Closing balance as at 31 December 2022 21,364    21,364 
Opening balance as at 01 September 2022 19,709    19,709 


6.

Share Capital

Allotted, called up and fully paid
31/12/2022
£
  31/08/2022
£
1,600 Class A shares of £0.001 each  
 

2