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Registration number: 07711109

EG Technologies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

EG Technologies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

EG Technologies Limited

(Registration number: 07711109)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

30,217

15,055

Tangible assets

5

20,870

26,267

 

51,087

41,322

Current assets

 

Stocks

6

4,781

4,876

Debtors

7

31,522

57,823

Cash at bank and in hand

 

31,375

18,722

 

67,678

81,421

Creditors: Amounts falling due within one year

8

(263,902)

(272,882)

Net current liabilities

 

(196,224)

(191,461)

Total assets less current liabilities

 

(145,137)

(150,139)

Creditors: Amounts falling due after more than one year

8

(55,957)

(62,640)

Provisions for liabilities

(9,706)

(7,851)

Net liabilities

 

(210,800)

(220,630)

Capital and reserves

 

Called up share capital

250,000

279,500

Retained earnings

(460,800)

(500,130)

Shareholders' deficit

 

(210,800)

(220,630)

 

EG Technologies Limited

(Registration number: 07711109)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

.........................................
Mr Anthony Bernard Ford
Director

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is reliant on the directors' financial support to remain in operational existence. The directors have confirmed their intention to maintain financial support and on this basis the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

Motor Vehicles

20% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development Costs

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

41,000

41,000

Additions acquired separately

36,364

36,364

At 31 December 2023

77,364

77,364

Amortisation

At 1 January 2023

25,945

25,945

Amortisation charge

21,202

21,202

At 31 December 2023

47,147

47,147

Carrying amount

At 31 December 2023

30,217

30,217

At 31 December 2022

15,055

15,055

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

7,263

40,600

47,863

At 31 December 2023

7,263

40,600

47,863

Depreciation

At 1 January 2023

4,382

17,214

21,596

Charge for the year

720

4,677

5,397

At 31 December 2023

5,102

21,891

26,993

Carrying amount

At 31 December 2023

2,161

18,709

20,870

At 31 December 2022

2,881

23,386

26,267

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

4,781

4,876

7

Debtors

2023
£

2022
£

Trade debtors

31,005

26,853

Other debtors

-

29,500

Prepayments

517

1,470

31,522

57,823

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

9,936

12,381

Trade creditors

20,640

34,050

Taxation and social security

13,815

33,469

Other creditors

219,511

192,982

263,902

272,882

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

55,957

62,640

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,848

5,373

Hire purchase contracts

4,088

7,008

9,936

12,381

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,048

43,227

Hire purchase contracts

15,909

19,413

55,957

62,640

 

EG Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr Louis Philippe De Oliveira Matos

Transactions during the year

121,040

(273)

120,767

       
     

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Louis Philippe De Oliveira Matos

Transactions during the year

70,657

(1,012)

51,395

121,040

         
       

 

11

Non adjusting events after the financial period

In a post year end board meeting it was agreed that an issue of "F Shares" is to be made to Anthony Ford and Bryan Vint (both directors of the company) for 8,850 shares each.