Company registration number SC350501 (Scotland)
EJWEB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
EJWEB LIMITED
COMPANY INFORMATION
Directors
Euan Webster
Julia Webster
Secretary
Julia Webster
Company number
SC350501
Registered office
6 Camus Place
Monikie
By Dundee
Scotland
DD5 3QT
Accountants
Findlays
Chartered Accountants
Westway Enterprise Centre
Peasiehill Road
Arbroath
DD11 2NJ
EJWEB LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
EJWEB LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF EJWEB LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EJWEB Limited for the year ended 31 May 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of EJWEB Limited, as a body, in accordance with the terms of our engagement letter dated 8 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of EJWEB Limited and state those matters that we have agreed to state to the board of directors of EJWEB Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EJWEB Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that EJWEB Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of EJWEB Limited. You consider that EJWEB Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of EJWEB Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Findlays
Chartered Accountants
Westway Enterprise Centre
Chartered Accountants
Arbroath
DD11 2NJ
31 January 2024
EJWEB LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
845,302
Current assets
Cash at bank and in hand
586
3,087
Creditors: amounts falling due within one year
5
(550)
(807,347)
Net current assets/(liabilities)
36
(804,260)
Net assets
36
41,042
Capital and reserves
Called up share capital
6
40,007
40,007
Share premium account
942
942
Capital redemption reserve
1
1
Profit and loss reserves
(40,914)
92
Total equity
36
41,042
EJWEB LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
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 May 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Euan Webster
Director
Company Registration No. SC350501
EJWEB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2021
40,000
735
40,735
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
-
1,457
1,457
Issue of share capital
6
8
942
-
-
950
Dividends
-
-
-
(2,000)
(2,000)
Own shares acquired
-
-
-
(100)
(100)
Redemption of shares
6
(1)
1
Balance at 31 May 2022
40,007
942
1
92
41,042
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
-
(41,006)
(41,006)
Balance at 31 May 2023
40,007
942
1
(40,914)
36
EJWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
1
Accounting policies
Company information
EJWEB Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Camus Place, Monikie, By Dundee, Scotland, DD5 3QT.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
It is the intention of the directors to have the company wound up following the liquidation of the wholly owned subsidiary Foodmek Limited.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
EJWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
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, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
Employee benefits
The 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 cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
EJWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
2
Exceptional items
2023
2022
£
£
Expenditure
Investment impairment
(807,347)
-
Inter-company loan write off
845,302
-
37,955
-
The investment held in the subsidiary company Foodmek Limited has been impaired following the liquidation of this subsidiary on the 10th October 2023. The related inter-company loans between the parent and subsidiary are irrecoverable and have also been written off.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
EJWEB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
845,302
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022
845,302
Valuation changes
(845,302)
At 31 May 2023
-
Carrying amount
At 31 May 2023
-
At 31 May 2022
845,302
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
806,807
Other creditors
550
540
550
807,347
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
19,500
19,500
19,500
19,500
Ordinary B Shares of £1 each
19,500
19,500
19,500
19,500
Ordinary C Shares of £1 each
500
500
500
500
Ordinary D Shares of £1 each
500
500
500
500
Tier 1 Growth Shares of £1 each
3
3
3
3
Tier 2 Growth Shares of £1 each
4
4
4
4
40,007
40,007
40,007
40,007