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Registration number: 07191180

Ebonium Ltd
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Ebonium Ltd

(Registration number: 07191180)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,143

Tangible assets

5

10,281

11,872

Investments

6

20

-

 

10,301

13,015

Current assets

 

Stocks

7

225

461

Debtors

8

18,101

33,812

Cash at bank and in hand

 

134,935

262,515

 

153,261

296,788

Creditors: Amounts falling due within one year

9

(96,104)

(90,919)

Net current assets

 

57,157

205,869

Total assets less current liabilities

 

67,458

218,884

Creditors: Amounts falling due after more than one year

9

(58,383)

(116,224)

Provisions for liabilities

-

(2,256)

Net assets

 

9,075

100,404

Capital and reserves

 

Called up share capital

20

20

Profit and loss account

9,055

100,384

Shareholders' funds

 

9,075

100,404

For the financial year ending 31 March 2024 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

Ebonium Ltd

(Registration number: 07191180)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr G C Winship
Director

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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: 29 Craven Court, Glebeland Road, Camberley, Surrey, GU15 3BU.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises 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.

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.

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

20% straight line

Computer equipment

33.33% straight line

Motor vehicles

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

Website development costs

33.33% straight line as estimated useful life is 3 years

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.

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.

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Website development costs
£

Total
£

Cost or valuation

At 1 April 2023

3,431

3,431

At 31 March 2024

3,431

3,431

Amortisation

At 1 April 2023

2,288

2,288

Amortisation charge

1,143

1,143

At 31 March 2024

3,431

3,431

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

1,143

1,143

5

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,012

15,650

17,950

37,612

Additions

125

999

-

1,124

At 31 March 2024

4,137

16,649

17,950

38,736

Depreciation

At 1 April 2023

3,638

15,640

6,462

25,740

Charge for the year

84

333

2,298

2,715

At 31 March 2024

3,722

15,973

8,760

28,455

Carrying amount

At 31 March 2024

415

676

9,190

10,281

At 31 March 2023

374

10

11,488

11,872

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

20

-

Subsidiaries

£

Cost or valuation

Additions

20

Provision

Carrying amount

At 31 March 2024

20

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

225

461

8

Debtors

2024
£

2023
£

Trade debtors

16,126

17,423

Other debtors

1,533

15,728

Prepayments

442

661

18,101

33,812

 

Ebonium Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

10

57,842

52,307

Trade creditors

 

25,440

25,806

Amounts owed to group undertakings and undertakings in which the company has a participating interest

20

-

Taxation and social security

 

1,420

1,545

Accruals and deferred income

 

4,857

2,629

Other creditors

 

6,525

8,632

 

96,104

90,919

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

58,383

116,224

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

58,383

116,224

2024
£

2023
£

Current loans and borrowings

Bank borrowings

57,842

52,307