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
Tangible assets
637,308
641,350
Inventories
179,231
175,829
Cash at bank and in hand
36,379
40,311
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)
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
Egan Ventures Limited
Notes to the Accounts
for the year ended 30 September 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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 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.
Egan Ventures Limited
Notes to the Accounts
for the year ended 30 September 2023
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 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.
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.
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
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
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
Amounts falling due within one year
Accrued income and prepayments
22,142
19,322
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
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).