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Registration number: 06661488

Essential Computing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023
























 

image-name
 

Essential Computing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Essential Computing Limited

Company Information

Directors

David Kellett

Sara Jayne Appleyard

Clare Knight

Company secretary

Maria Dimery

Registered office

Unit 2 Marine View Office Park
42 Martingale Way
Portishead
Bristol
BS20 7AW

Accountants

JWB Corporate Ltd
22 Mulberry Avenue
Portishead
North Somerset
BS20 7LG

 

Essential Computing Limited

(Registration number: 06661488)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

528,007

528,007

Current assets

 

Cash at bank and in hand

 

91

33

Creditors: Amounts falling due within one year

5

-

(40,863)

Net current assets/(liabilities)

 

91

(40,830)

Net assets

 

528,098

487,177

Capital and reserves

 

Called up share capital

92

92

Share premium reserve

126,341

126,341

Capital redemption reserve

8

8

Retained earnings

401,657

360,736

Shareholders' funds

 

528,098

487,177

 

Essential Computing Limited

(Registration number: 06661488)
Balance Sheet as at 31 December 2023

For the financial year 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 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 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 12 August 2024 and signed on its behalf by:
 

David Kellett
Director

Clare Knight
Director

 
     
 

Essential Computing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 2 Marine View Office Park
42 Martingale Way
Portishead
Bristol
BS20 7AW

These financial statements were authorised for issue by the Board on 12 August 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.

The financial statements are prepared in Pounds Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Group accounts not prepared

These accounts present the results and position of the company as a standalone entity. The company has taken the exemption available under section 399 of the Companies Act 2006 not to prepare group accounts as the group headed by it is classified as small.

Going concern

The financial statements have been prepared on a going concern basis, the directors having had due regard to the ability of the company to continue in business for at least 12 months from the date the accounts are approved.

As a holding company, there is limited expenditure and reserves are sufficient for the company to continue as a going concern.

 

Essential Computing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

The only judgement considered to be relevant to these financial statements by the directors, is that of any impairment of the carrying value of the non-listed investments. Management consider there to be no current indication of impairment in the carrying value of these assets.

Key sources of estimation uncertainty

There is no estimation uncertainty within these financial statements.

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.

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.

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 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.

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.

 

Essential Computing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in subsidiaries

528,007

528,007

Subsidiaries

£

Cost or valuation

At 1 January 2023

528,007

Carrying amount

At 31 December 2023

528,007

At 31 December 2022

528,007

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

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

6

-

40,863

6

Related party transactions

The company has taken the exemption available under FRS 102 1AC.35 not to dislcose related party trasnactions that are concluded under normal market conditions.