Company registration number 10976936 (England and Wales)
ESPACE EOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ESPACE EOT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
ESPACE EOT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
3
10
10
Cash and cash equivalents
38
38
48
48
Current liabilities
4
(48)
(48)
Net current assets
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
A J Williams
Director
Company Registration No. 10976936
ESPACE EOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Espace EOT Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Newlands Court, Attwood Road, Burntwood, Staffordshire, WS7 3GF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Espace EOT Limited is a wholly owned subsidiary of Espace Global Freight Limited. The results of the companies are available from the registered office.
1.2
Income statement
The company has not traded during the year. During this time the company received no income and incurred no expenditure and therefore no Income statement is presented in these financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income and expenditure account.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
ESPACE EOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
10
10
4
Current liabilities
2024
2023
£
£
Amounts owed to group undertakings
48
48
Cash and cash equivalents have been funded by amounts due to the parent company.
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Related party transactions
Espace EOT Limited is a wholly owned subsidiary of Espace Global Freight Limited and acts as the original trustee of The Espace Employee Ownership Trust.
During the year the company made the following transactions on behalf of The Espace Employee Ownership Trust :
The company received loans in the year totalling £108,000 (2023 : £240,000) from Espace Global Freight Limited to enable the trust to pay deferred consideration for the purchase of the entire share capital of Espace Global Freight Limited and these loans were converted into a gift by Espace Global Freight Limited. The shares are registered in the name of Espace EOT Limited but are held on behalf of the trust and therefore not recorded as an investment of the company in these financial statements.