Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-282023-08-2832022-03-01false6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10621074 2022-03-01 2023-08-28 10621074 2021-03-01 2022-02-28 10621074 2023-08-28 10621074 2022-02-28 10621074 c:Director1 2022-03-01 2023-08-28 10621074 d:CurrentFinancialInstruments 2023-08-28 10621074 d:CurrentFinancialInstruments 2022-02-28 10621074 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-28 10621074 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10621074 d:ShareCapital 2023-08-28 10621074 d:ShareCapital 2022-02-28 10621074 d:RetainedEarningsAccumulatedLosses 2023-08-28 10621074 d:RetainedEarningsAccumulatedLosses 2022-02-28 10621074 c:OrdinaryShareClass1 2022-03-01 2023-08-28 10621074 c:OrdinaryShareClass1 2023-08-28 10621074 c:OrdinaryShareClass1 2022-02-28 10621074 c:FRS102 2022-03-01 2023-08-28 10621074 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-08-28 10621074 c:FullAccounts 2022-03-01 2023-08-28 10621074 c:PrivateLimitedCompanyLtd 2022-03-01 2023-08-28 10621074 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-01 2023-08-28 10621074 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10621074









EFESTO DESIGNS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 AUGUST 2023

 
EFESTO DESIGNS LIMITED
REGISTERED NUMBER: 10621074

BALANCE SHEET
AS AT 28 AUGUST 2023

28 August
28 February
2023
2022
Note
£
£

  

Current assets
  

Stocks
  
-
4,248

Debtors: amounts falling due within one year
 4 
-
724

Cash at bank
  
425
2,340

Current liabilities
  
425
7,312

Creditors: amounts falling due within one year
 5 
(36,678)
(37,580)

Net current liabilities
  
 
 
(36,253)
 
 
(30,268)

Net liabilities
  
(36,253)
(30,268)


Capital and reserves
  

Called up share capital 
 6 
10,000
10,000

Profit and loss account
  
(46,253)
(40,268)

  
(36,253)
(30,268)


Page 1

 
EFESTO DESIGNS LIMITED
REGISTERED NUMBER: 10621074

BALANCE SHEET (CONTINUED)
AS AT 28 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Dr E Mastorakos
Director

Date: 8 February 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
EFESTO DESIGNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023

1.


General information

Efesto Designs Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. This Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Basis other than going concern

The Company ceased trading on 6 October 2023 and the Company will be struck off after the period end. All costs relating to the trading period are included in these finanical statements. As a result, the financial statements have been prepared on a basis other than going concern. This basis includes, where applicable, writing the Company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
EFESTO DESIGNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation  tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
EFESTO DESIGNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
EFESTO DESIGNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 6).


4.


Debtors

28 August
28 February
2023
2022
£
£


Other debtors
-
565

Prepayments
-
159

-
724



5.


Creditors: Amounts falling due within one year

28 August
28 February
2023
2022
£
£

Other creditors
34,578
35,673

Accruals
2,100
1,907

36,678
37,580



6.


Share capital

28 August
28 February
2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



7.


Related party transactions

During the period the Company operated loans with the directors of the Company. The amount payable to the directors of the Company at the period end was £34,563 (2022 - £35,673). These loans are interest free and repayable on demand.


Page 6