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Company registration number: NI608181
Electronic Document Management Consultancy Ltd
Unaudited filleted financial statements
31 August 2023
Electronic Document Management Consultancy Ltd
Contents
Directors and other information
Accountants' report
Balance sheet
Notes to the financial statements
Electronic Document Management Consultancy Ltd
Directors and other information
Directors Chris Ryan
Philip Brotherston
Sean Brady
Brian Davidson
Mark Shirman
Company number NI608181
Registered office 8 Fulmar Crescent
Lisburn
Co. Down
BT28 3HT
Business address 8 Fulmar Crescent
Lisburn
Co. Down
BT28 3HT
Accountants Jones Peters
6 Church Street
Banbridge
Co. Down
BT32 4AA
Bankers Danske Bank
62-66 Bow Street
Lisburn
BT28 1YS
Electronic Document Management Consultancy Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Electronic Document Management Consultancy Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Electronic Document Management Consultancy Ltd for the year ended 31 August 2023 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Electronic Document Management Consultancy Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Electronic Document Management Consultancy Ltd and state those matters that we have agreed to state to the board of directors of Electronic Document Management Consultancy Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Electronic Document Management Consultancy Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Electronic Document Management Consultancy Ltd 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 Electronic Document Management Consultancy Ltd. You consider that Electronic Document Management Consultancy Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Electronic Document Management Consultancy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
Co. Down
BT32 4AA
14 August 2024
Electronic Document Management Consultancy Ltd
Balance sheet
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 17,560 31,357
_______ _______
17,560 31,357
Current assets
Debtors 6 320,379 343,754
Cash at bank and in hand 100,811 66,834
_______ _______
421,190 410,588
Creditors: amounts falling due
within one year 7 ( 197,944) ( 207,888)
_______ _______
Net current assets 223,246 202,700
_______ _______
Total assets less current liabilities 240,806 234,057
_______ _______
Net assets 240,806 234,057
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 240,706 233,957
_______ _______
Shareholders funds 240,806 234,057
_______ _______
For the year ending 31 August 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 Profit and Loss account and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Philip Brotherston Chris Ryan
Director Director
Company registration number: NI608181
Electronic Document Management Consultancy Ltd
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Fulmar Crescent, Lisburn, Co. Down, BT28 3HT.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 35 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2022 89,492 89,492
Additions 3,433 3,433
_______ _______
At 31 August 2023 92,925 92,925
_______ _______
Depreciation
At 1 September 2022 58,135 58,135
Charge for the year 17,230 17,230
_______ _______
At 31 August 2023 75,365 75,365
_______ _______
Carrying amount
At 31 August 2023 17,560 17,560
_______ _______
At 31 August 2022 31,357 31,357
_______ _______
6. Debtors
2023 2022
£ £
Prepayments and accrued income 2,828 997
Other debtors 317,551 342,757
_______ _______
320,379 343,754
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 523 3,756
Accruals and deferred income 4,003 4,853
Social security and other taxes 54,314 51,372
Amount due to connected company 122,790 122,790
Other creditors 16,314 25,117
_______ _______
197,944 207,888
_______ _______