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Company registration number:02693616
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ENITI LIMITED
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 May 2023 |
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ENITI LIMITED |
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BALANCE SHEET |
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AS AT 31 May 2023
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2023 |
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2022 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Tangible assets | | | 3 | | | 2,856,081 | | | | 2,856,328 | |
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| | | | | | | 2,856,081 | | | | 2,856,328 | |
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CURRENT ASSETS |
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Debtors | | | 4 | 14,703 | | | | 14,703 | | | | |
Cash at bank and in hand | | | | 73,325 | | | | 36,574 | | | | |
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| | | | | 88,028 | | | | 51,277 | | | |
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CREDITORS |
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Amounts falling due within one year |
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5 |
(195,105) |
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(197,044) |
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NET CURRENT ASSETS |
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(107,077) |
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(145,767) |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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2,749,004 |
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2,710,561 |
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PROVISIONS FOR LIABILITIES | | | | | (327,239) | | | | (248,702) | |
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NET ASSETS |
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2,421,765 |
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2,461,859 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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6 |
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600 |
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600 |
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Revaluation Reserve | | | | | | 1,649,541 | | | | 1,728,078 | |
Profit and loss account |
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771,624 |
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733,181 |
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SHAREHOLDERS FUNDS |
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2,421,765 |
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2,461,859 |
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For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 14 December 2023 and signed on its behalf. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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.......................................................................... |
P M Holloway J S Ballinger |
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14 December 2023
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The annexed notes form part of these financial statements. | | | | | | | |
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| | | | | | | |
ENITI LIMITED | | | | | | |
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STATEMENT OF CHANGES IN EQUITY | | | | | | |
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FOR THE YEAR ENDED 31 MAY 2023 | | |
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Share |
Share |
P and L |
Revaluation |
Other |
Total |
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Capital |
Premium |
Account |
reserve |
reserves |
equity |
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£ |
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Balance at 1 June 2021 | | 600 | 0 | 723,067 | 1,688,756 | 0 | 2,412,423 |
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Changes in equity | | | | | | | | | | |
Dividend | | | 0 | 0 | (139,200) | 0 | 0 | (139,200) |
Total Comprehensive Income | | 0 | 0 | 188,636 | 0 | 0 | 188,636 |
Reserves transfer | | | 0 | 0 | 39,322 | 39,322 | 0 | 0 |
Balance at 31 May 2022 | | 600 | 0 | 733,181 | 1,728,078 | 0 | 2,461,859 |
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Changes in equity | | | | | | | | | | |
Dividend | | | 0 | 0 | (128,400) | 0 | 0 | (128,400) |
Total comprehensive income | | 0 | 0 | 88,306 | 0 | 0 | 88,306 |
Reserves transfer | | | 0 | 0 | 78,537 | 78,537 | 0 | 0 |
Balance at 31 May 2023 | | 600 | 0 | 771,624 | 1,649,541 | 0 | 2,421,765 |
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ENITI LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2023 |
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1. |
Accounting policies |
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| Statement of compliance | | | | | | | |
| The financial statements have been prepared in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006. There were no material departures from the standard. | |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention, modified to include investment property at fair value. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared in sterling, which is the functional currency of the company.
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| Turnover | | | | | | | | | |
| Turnover represents revenue recognised by the company in respect of rental income receivable during the year, net of Value Added Tax. | |
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| Financial assets |
| Investment property is carried at fair value. Revaluation surpluses are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is provided at rates calculated to write off the cost of tangible fixed assets over their expected useful lives as follows: Office equipment - 33 1/3% on cost | |
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| Debtors | | | | | | | |
| The Directors have made provision for bad and doubtful debts. | |
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| Financial Instruments | | | | | | | |
| The company has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value using the effective interest method. | |
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| Taxation | | | | | | | | |
| The tax expense represents the sum of UK tax currently payable and deferred taxation. | |
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| Deferred Taxation | | | | | | | | |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. | |
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| Pension Scheme | | | | | | | | |
| The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 3. |
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3. | Tangible fixed assets | | | | | | | | | |
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Land/Buildings |
F and F |
Total |
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| Cost | | | | | | | | | | |
| At start of period | |
2,856,000 |
2,787 |
2,858,787 | |
| At end of period | |
2,856,000 |
2,787 |
2,858,787 | |
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| Depreciation | | | | | | | | | | |
| At start of period | |
0 |
2,459 |
2,459 | |
| Provided during the period |
0 |
247 |
247 | |
| At end of period | |
0 |
2,706 |
2,706 | |
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| Net Book Value | | | | | | | | | |
| At start of period | |
2,856,000 |
328 |
2,856,328 | |
| At end of period | |
2,856,000 |
81 |
2,856,081 | |
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4. | Debtors | | | | | | | |
| | | | | 2023 | 2022 | | | |
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| Due within one year | | | | | | | |
| Trade Debtors | | | 5,910 | 5,910 | | | |
| Other Debtors | | | 8,424 | 8,424 | | | |
| Prepayments and accrued income | | 369 | 369 | | | |
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5. | Creditors due within one year | | | | | |
| | | | | 2023 | 2022 | | |
| | | | | £ | £ | | |
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| Trade creditors | | | 25,796 | 28,152 | | |
| Corporation Tax | | | 41,323 | 33,090 | | |
| Other taxes and social security costs | | 12,013 | 8,136 | | |
| Other creditors | | | 1,605 | 1,605 | | |
| Accruals and deferred income | | 3,868 | 3,400 | | |
| Loan from directors | | | 110,500 | 122,661 | | |
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| | | | | 195,105 | 197,044 | | |
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6. |
Share capital |
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Alloted, Issued and fully paid |
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2023 |
2022 |
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| Ordinary shares of 1p (2022:£1) each | | | 600 | 600 | | | |
| Total issued share capital | | | 600 | 600 | | | |
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7. | Pension schemes | | | | | | | | |
| The company operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. | |
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8. | Related Party Transactions | | | | | | | | |
| Dividends amounting to £128,400 were paid to the directors during the year. | |
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