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Company registration number: 09308190
EDK Trading Ltd (formerly known as Cadfolio Limited)
Unaudited filleted financial statements
30 November 2023
EDK Trading Ltd (formerly known as Cadfolio Limited)
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
EDK Trading Ltd (formerly known as Cadfolio Limited)
Directors and other information
Directors Mr Ryan Edkins
Company number 09308190
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Business address 35 Victoria Road
Leigh on Sea
Essex
SS9 1AU
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
EDK Trading Ltd (formerly known as Cadfolio Limited)
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of EDK Trading Ltd (formerly known as Cadfolio Limited)
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of EDK Trading Ltd (formerly known as Cadfolio Limited) for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of EDK Trading Ltd (formerly known as Cadfolio Limited), as a body, in accordance with the terms of my engagement letter dated 12 November 2014. My work has been undertaken solely to prepare for your approval the financial statements of EDK Trading Ltd (formerly known as Cadfolio Limited) and state those matters that we have agreed to state to the board of directors of EDK Trading Ltd (formerly known as Cadfolio Limited) as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than EDK Trading Ltd (formerly known as Cadfolio Limited) and its board of directors as a body for my work or for this report.
It is your duty to ensure that EDK Trading Ltd (formerly known as Cadfolio Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of EDK Trading Ltd (formerly known as Cadfolio Limited). You consider that EDK Trading Ltd (formerly known as Cadfolio Limited) is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of EDK Trading Ltd (formerly known as Cadfolio Limited). For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
14 May 2024
EDK Trading Ltd (formerly known as Cadfolio Limited)
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 21,707 12,426
_______ _______
21,707 12,426
Current assets
Stocks 244,997 74,500
Debtors 7 208,063 30,442
Cash at bank and in hand 235,351 254,788
_______ _______
688,411 359,730
Creditors: amounts falling due
within one year 8 ( 500,766) ( 154,734)
_______ _______
Net current assets 187,645 204,996
_______ _______
Total assets less current liabilities 209,352 217,422
Creditors: amounts falling due
after more than one year 9 ( 19,167) ( 29,167)
Provisions for liabilities 10 ( 5,427) ( 2,361)
_______ _______
Net assets 184,758 185,894
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 184,658 185,794
_______ _______
Shareholders funds 184,758 185,894
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2024 , and are signed on behalf of the board by:
Mr Ryan Edkins
Director
Company registration number: 09308190
EDK Trading Ltd (formerly known as Cadfolio Limited)
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 100 64 164
Profit for the year 334,730 334,730
_______ _______ _______
Total comprehensive income for the year - 334,730 334,730
Dividends paid and payable ( 149,000) ( 149,000)
_______ _______ _______
Total investments by and distributions to owners - ( 149,000) ( 149,000)
_______ _______ _______
At 30 November 2022 and 1 December 2022 100 185,794 185,894
Profit for the year 246,264 246,264
_______ _______ _______
Total comprehensive income for the year - 246,264 246,264
Dividends paid and payable ( 247,400) ( 247,400)
_______ _______ _______
Total investments by and distributions to owners - ( 247,400) ( 247,400)
_______ _______ _______
At 30 November 2023 100 184,658 184,758
_______ _______ _______
EDK Trading Ltd (formerly known as Cadfolio Limited)
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 247,400 149,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2022 4,365 18,231 22,596
Additions - 15,186 15,186
_______ _______ _______
At 30 November 2023 4,365 33,417 37,782
_______ _______ _______
Depreciation
At 1 December 2022 4,365 5,805 10,170
Charge for the year - 5,905 5,905
_______ _______ _______
At 30 November 2023 4,365 11,710 16,075
_______ _______ _______
Carrying amount
At 30 November 2023 - 21,707 21,707
_______ _______ _______
At 30 November 2022 - 12,426 12,426
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 22,961 19,010
Other debtors 185,102 11,432
_______ _______
208,063 30,442
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 56,162
Trade creditors - 13
Corporation tax 153,012 77,562
Social security and other taxes 1,190 -
Other creditors 336,564 20,997
_______ _______
500,766 154,734
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 19,167 29,167
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 December 2022 2,361 2,361
Additions 3,066 3,066
_______ _______
At 30 November 2023 5,427 5,427
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 5,427 2,361
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 5,427 2,361
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Ryan Edkins 9,737 270,088 ( 280,008) ( 183)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Ryan Edkins 237 132,445 ( 122,945) 9,737
_______ _______ _______ _______
13. Controlling party
Mr R Edkins controls the company.