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Company Registration No. 06379324 (England and Wales)
Egan Ventures Limited Unaudited accounts for the year ended 30 September 2023
Egan Ventures Limited Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
637,308 
641,350 
Current assets
Inventories
179,231 
175,829 
Debtors
22,142 
19,322 
Cash at bank and in hand
36,379 
40,311 
237,752 
235,462 
Creditors: amounts falling due within one year
(1,071,435)
(1,078,093)
Net current liabilities
(833,683)
(842,631)
Total assets less current liabilities
(196,375)
(201,281)
Creditors: amounts falling due after more than one year
(206,126)
(227,347)
Net liabilities
(402,501)
(428,628)
Capital and reserves
Called up share capital
3 
3 
Profit and loss account
(402,504)
(428,631)
Shareholders' funds
(402,501)
(428,628)
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by
Patrick Egan Director Company Registration No. 06379324
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Egan Ventures Limited Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
Egan Ventures Limited is a private company, limited by shares, registered in England and Wales, registration number 06379324. The registered office is 21A Park Road, Ryde, Isle of Wight, PO33 1HH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The company is reliant on the continued support of the company directors, who will not seek repayment of their loan until the company has sufficient net assets. The directors consider it appropriate for these financial statements to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation
Plant & machinery
10% reducing balance
Fixtures & fittings
10% reducing balance
Computer equipment
20% on cost
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets are only recognised to the extent that recoverability is certain. Deferred tax assets and liabilities are not discounted.
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Egan Ventures Limited Notes to the Accounts for the year ended 30 September 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 October 2022
561,280 
278,078 
21,048 
26,392 
886,798 
Additions
- 
6,275 
- 
4,176 
10,451 
At 30 September 2023
561,280 
284,353 
21,048 
30,568 
897,249 
Depreciation
At 1 October 2022
30,247 
186,232 
10,717 
18,252 
245,448 
Charge for the year
- 
9,814 
1,033 
3,646 
14,493 
At 30 September 2023
30,247 
196,046 
11,750 
21,898 
259,941 
Net book value
At 30 September 2023
531,033 
88,307 
9,298 
8,670 
637,308 
At 30 September 2022
531,033 
91,846 
10,331 
8,140 
641,350 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
22,142 
19,322 
- 4 -
Egan Ventures Limited Notes to the Accounts for the year ended 30 September 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
21,096 
20,224 
Trade creditors
32,321 
26,780 
Taxes and social security
11,858 
14,749 
Other creditors
1,006,160 
1,016,340 
1,071,435 
1,078,093 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
206,126 
227,347 
Aggregate of amounts that fall due for payment after five years
132,713 
148,177 
Security against the bank loans outstanding totalling £199,773 at reporting date is charged by way of legal charge over company assets.
8
Transactions with related parties
The loan from the directors at the reporting date was £1,005,660 (2022: £1,015,840). The loan is provided to the company interest free and is repayable on demand.
9
Average number of employees
During the year the average number of employees was 8 (2022: 9).
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