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Company registration number: 06668552
Egniol Consulting Limited
Unaudited filleted financial statements
31 December 2022
Egniol Consulting Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Egniol Consulting Limited
Directors and other information
Directors Mr Peter Dilworth
Mr Andrew Williams-Owen
Mr David Wolstencroft (Resigned 1 August 2022)
Company number 06668552
Registered office Ffordd y Llyn
Parc Menai
Bangor
Gwynedd
LL57 4DF
Business address Unit 7, Llys Onnen
Ffordd y Llyn, Parc Menai
Bangor
Gwynedd
LL57 4DF
Accountants WJ Matthews & Son
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
Bankers Lloyds Bank plc
22 Mostyn Street
Llandudno
LL30 2RU
Solicitors Pritchard Jones Evans Lane
37 Y Maes
Caernarfon
Gwynedd
LL55 2NN
Egniol Consulting Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Egniol Consulting Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Egniol Consulting Limited for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Egniol Consulting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Egniol Consulting Limited and state those matters that we have agreed to state to the board of directors of Egniol Consulting Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Egniol Consulting Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Egniol Consulting 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 Egniol Consulting Limited. You consider that Egniol Consulting 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 Egniol Consulting 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.
WJ Matthews & Son
Chartered Accountants
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
23 February 2024
Egniol Consulting Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 263,525 294,216
Investments 6 45,100 45,100
_______ _______
308,625 339,316
Current assets
Debtors 7 1,422,032 1,389,615
Cash at bank and in hand 34,941 96,108
_______ _______
1,456,973 1,485,723
Creditors: amounts falling due
within one year 8 ( 1,320,866) ( 1,218,321)
_______ _______
Net current assets 136,107 267,402
_______ _______
Total assets less current liabilities 444,732 606,718
Creditors: amounts falling due
after more than one year 9 ( 338,705) ( 437,050)
Provisions for liabilities ( 5,958) ( 11,410)
_______ _______
Net assets 100,069 158,258
_______ _______
Capital and reserves
Called up share capital 1,597 1,597
Share premium account 97,373 97,373
Capital redemption reserve 262 262
Profit and loss account 837 59,026
_______ _______
Shareholders funds 100,069 158,258
_______ _______
For the year ending 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:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr Andrew Williams-Owen
Director
Company registration number: 06668552
Egniol Consulting Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Ash Court, Ffordd y Llyn, Parc Menai, Bangor, Gwynedd, LL57 4DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Over the term of the lease
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2021: 37 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 222,956 376,052 19,451 618,459
Additions - 6,145 791 6,936
_______ _______ _______ _______
At 31 December 2022 222,956 382,197 20,242 625,395
_______ _______ _______ _______
Depreciation
At 1 January 2022 11,115 301,243 11,885 324,243
Charge for the year 39 30,951 6,637 37,627
_______ _______ _______ _______
At 31 December 2022 11,154 332,194 18,522 361,870
_______ _______ _______ _______
Carrying amount
At 31 December 2022 211,802 50,003 1,720 263,525
_______ _______ _______ _______
At 31 December 2021 211,841 74,809 7,566 294,216
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 and 31 December 2022 45,100 45,100
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 45,100 45,100
_______ _______
At 31 December 2021 45,100 45,100
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 635,598 575,092
Other debtors 786,434 814,523
_______ _______
1,422,032 1,389,615
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 386,355 399,104
Trade creditors 420,193 336,113
Corporation tax 39,560 32,693
Social security and other taxes 328,748 228,554
Other creditors 146,010 221,857
_______ _______
1,320,866 1,218,321
_______ _______
The bank overdraft (Invoice Finance) are secured by fixed and floating charges over the company's non-vesting and vesting debts.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 99,260 107,920
Other creditors 239,445 329,130
_______ _______
338,705 437,050
_______ _______
The bank loan is secured by a first legal charge over the company's leashold property, Unit 7 Llys Onnen, Parc Menai.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Peter Dilworth 187,058 21,127 208,185
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Peter Dilworth 157,229 29,829 187,058
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Management recharge 25,000 54,423 - (132,675)
_______ _______ _______ _______
All the above transactions were with the company's subsidiary, EW Partnership Limited.
12. Controlling party
The company has no controlling party as no individual shareholder together with associates controls more than 50% of the company's issued share capital.