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Registration number: 05065617

Envantage Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2022 to 31 December 2023

 

Envantage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Envantage Limited

Company Information

Directors

Mr C Hindmarsh

Mr P B Alletson

Company secretary

Mr C Hindmarsh

Registered office

The Towers
Towers Business Park
Wilmslow Road
Manchester
M20 2SL

Accountants

Matravers
Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

 

Envantage Limited

(Registration number: 05065617)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

52,187

57,574

Tangible assets

5

343,956

257,928

 

396,143

315,502

Current assets

 

Stocks

6

218,995

42,955

Debtors

7

2,474,056

1,399,189

Investments

8

323,380

187,291

Cash at bank and in hand

 

873,985

823,987

 

3,890,416

2,453,422

Creditors: Amounts falling due within one year

9

(1,130,361)

(567,635)

Net current assets

 

2,760,055

1,885,787

Total assets less current liabilities

 

3,156,198

2,201,289

Provisions for liabilities

(70,872)

(70,249)

Net assets

 

3,085,326

2,131,040

Capital and reserves

 

Called up share capital

100

100

Other reserves

23,106

23,106

Retained earnings

3,062,120

2,107,834

Shareholders' funds

 

3,085,326

2,131,040

For the financial period 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 period 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 17 July 2024 and signed on its behalf by:
 

 

Envantage Limited

(Registration number: 05065617)
Balance Sheet as at 31 December 2023

.........................................
Mr C Hindmarsh
Company secretary and director

.........................................
Mr P B Alletson
Director

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

1

General information

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

These financial statements were authorised for issue by the Board on 17 July 2024.

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 financial statements have been prepared on a 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

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.

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

Plant and machinery

25% straight line

Fixtures and fittings

15% reducing balance

IT Equipment

25% straight line

Motor vehicles

25% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Intellectual property

5% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 period, was 35 (2022 - 26).

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 September 2022

80,805

80,805

At 31 December 2023

80,805

80,805

Amortisation

At 1 September 2022

23,231

23,231

Amortisation charge

5,387

5,387

At 31 December 2023

28,618

28,618

Carrying amount

At 31 December 2023

52,187

52,187

At 31 August 2022

57,574

57,574

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

14,173

295,168

92,473

141,200

Additions

28,962

333

45,970

175,442

Disposals

-

-

-

(141,200)

At 31 December 2023

43,135

295,501

138,443

175,442

Depreciation

At 1 September 2022

6,900

143,947

57,756

76,483

Charge for the period

3,843

21,999

37,639

52,660

Eliminated on disposal

-

-

-

(92,662)

At 31 December 2023

10,743

165,946

95,395

36,481

Carrying amount

At 31 December 2023

32,392

129,555

43,048

138,961

At 31 August 2022

7,273

151,221

34,717

64,717

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Total
£

Cost or valuation

At 1 September 2022

543,014

Additions

250,707

Disposals

(141,200)

At 31 December 2023

652,521

Depreciation

At 1 September 2022

285,086

Charge for the period

116,141

Eliminated on disposal

(92,662)

At 31 December 2023

308,565

Carrying amount

At 31 December 2023

343,956

At 31 August 2022

257,928

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

6

Stocks

2023
£

2022
£

Work in progress

218,995

42,955

7

Debtors

Current

2023
£

2022
£

Trade debtors

721,686

519,790

Prepayments

713,278

292,452

Other debtors

1,039,092

586,947

 

2,474,056

1,399,189

8

Current asset investments

2023
£

2022
£

Other investments

323,380

187,291

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

57,874

1,095

Trade creditors

 

93,068

101,186

Taxation and social security

 

648,502

345,250

Accruals and deferred income

 

319,470

115,900

Other creditors

 

11,447

4,204

 

1,130,361

567,635

10

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

1,095

Hire purchase contracts

57,874

-

57,874

1,095

 

Envantage Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

11,907

9,560

Later than one year and not later than five years

490,728

-

502,635

9,560

The amount of non-cancellable operating lease payments recognised as an expense during the period was £54,400 (2022 - £38,964).

12

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

At 31 December 2023
£

Loan with interest at 2.5% repayable on demand

421,583

357,701

779,284

 

2022

At 1 September 2021
£

Advances to director
£

At 31 August 2022
£

Loan with interest at 2.5% repayable on demand

282,270

139,313

421,583

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

28,934

19,360

Contributions paid to money purchase schemes

120,000

160,000

148,934

179,360