Company registration number 01957652 (England and Wales)
ESSIELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ESSIELL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ESSIELL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ESSIELL LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 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 Essiell Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Essiell Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Essiell Limited and state those matters that we have agreed to state to the Board of Directors of Essiell Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Essiell Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Essiell 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 Essiell Limited. You consider that Essiell 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 Essiell 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.

Kirk Rice LLP
16 April 2024
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
ESSIELL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11,075
55,487
Tangible assets
5
5,853
6,169
16,928
61,656
Current assets
Debtors
6
307,473
819,227
Cash at bank and in hand
937,642
969,739
1,245,115
1,788,966
Creditors: amounts falling due within one year
7
(339,894)
(526,189)
Net current assets
905,221
1,262,777
Total assets less current liabilities
922,149
1,324,433
Creditors: amounts falling due after more than one year
8
(65,167)
(111,167)
Provisions for liabilities
9
(585)
(585)
Net assets
856,397
1,212,681
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
856,297
1,212,581
Total equity
856,397
1,212,681

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 December 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.

ESSIELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
B R Larsson
Director
Company registration number 01957652 (England and Wales)
ESSIELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Essiell Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors continue to have a reasonable expectation that the company has adequate resources to continue in operation for the next twelve months and that the going concern basis of accounting remains appropriate.

 

The Covid-19 outbreak has created a major challenge and a high level of uncertainty for all companies. Business volumes have been affected for Essiell Limited and all available measures are being taken to mitigate the impact.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Development costs
Over their estimated useful life of 5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on reducing balance
Computers
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ESSIELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ESSIELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
16
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
254,017
Amortisation and impairment
At 1 January 2023
198,530
Amortisation charged for the year
44,412
At 31 December 2023
242,942
Carrying amount
At 31 December 2023
11,075
At 31 December 2022
55,487
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
30,131
Additions
2,416
Disposals
(2,383)
At 31 December 2023
30,164
Depreciation and impairment
At 1 January 2023
23,962
Depreciation charged in the year
2,732
Eliminated in respect of disposals
(2,383)
At 31 December 2023
24,311
Carrying amount
At 31 December 2023
5,853
At 31 December 2022
6,169
ESSIELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
102,084
251,120
Amounts owed by group undertakings
195,478
526,390
Other debtors
9,911
41,717
307,473
819,227
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
46,000
46,000
Trade creditors
7,859
4,035
Taxation and social security
102,990
177,398
Other creditors
183,045
298,756
339,894
526,189

HSBC Bank Plc holds a fixed and floating charge dated December 2000 over the undertaking and all property and assets of the company in respect of any monies that become due from the company on any account.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
65,167
111,167
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
585
585
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