Endaba Limited 04292341 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of business strategy consultants. Digita Accounts Production Advanced 6.30.9574.0 true false true 04292341 2023-01-01 2023-12-31 04292341 2023-12-31 04292341 bus:OrdinaryShareClass1 2023-12-31 04292341 bus:OrdinaryShareClass2 2023-12-31 04292341 core:CurrentFinancialInstruments 2023-12-31 04292341 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04292341 core:Non-currentFinancialInstruments 2023-12-31 04292341 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04292341 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04292341 core:OfficeEquipment 2023-12-31 04292341 bus:SmallEntities 2023-01-01 2023-12-31 04292341 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04292341 bus:FullAccounts 2023-01-01 2023-12-31 04292341 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04292341 bus:RegisteredOffice 2023-01-01 2023-12-31 04292341 bus:Director1 2023-01-01 2023-12-31 04292341 bus:Director2 2023-01-01 2023-12-31 04292341 bus:Director3 2023-01-01 2023-12-31 04292341 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04292341 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 04292341 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04292341 core:ComputerEquipment 2023-01-01 2023-12-31 04292341 core:OfficeEquipment 2023-01-01 2023-12-31 04292341 1 2023-01-01 2023-12-31 04292341 countries:EnglandWales 2023-01-01 2023-12-31 04292341 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04292341 core:OfficeEquipment 2022-12-31 04292341 2022-01-01 2022-12-31 04292341 2022-12-31 04292341 bus:OrdinaryShareClass1 2022-12-31 04292341 bus:OrdinaryShareClass2 2022-12-31 04292341 core:CurrentFinancialInstruments 2022-12-31 04292341 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04292341 core:Non-currentFinancialInstruments 2022-12-31 04292341 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04292341 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04292341 core:OfficeEquipment 2022-12-31 04292341 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04292341

Endaba Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Endaba Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Endaba Limited

Company Information

Directors

Ms L Deutsch

Mr P J Egan

Ms R Hewetson-Evans

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Endaba Limited

(Registration number: 04292341)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£



31 December
2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

2,716

2,783

 

2,716

2,783

Current assets

 

Stocks

6

69,962

6,179

Debtors

7

194,862

333,314

Cash at bank and in hand

 

441,142

596,059

 

705,966

935,552

Creditors: Amounts falling due within one year

8

(285,542)

(340,467)

Net current assets

 

420,424

595,085

Total assets less current liabilities

 

423,140

597,868

Creditors: Amounts falling due after more than one year

8

(54,091)

(92,273)

Provisions for liabilities

(604)

(604)

Net assets

 

368,445

504,991

Capital and reserves

 

Called up share capital

10

390

400

Profit and loss account

368,055

504,591

Shareholders' funds

 

368,445

504,991

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.

 

Endaba Limited

(Registration number: 04292341)
Balance Sheet as at 31 December 2023 (continued)

These financial statements have been prepared and delivered 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.

These financial statements were approved and authorised for issue by the Board on 1 March 2024 and signed on its behalf by:
 

.........................................
Ms L Deutsch
Director

.........................................
Mr P J Egan
Director

 
     
 

Endaba 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 and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the Board on 1 March 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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

Revenue recognition

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

Endaba Limited

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

2

Accounting policies (continued)

Government grants

Government grants are accounted under the accruals model as permitted by FRS102. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

Development costs

Expenditure on research and development is written off in the year it is incurred.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33% on Cost

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.

 

Endaba Limited

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

2

Accounting policies (continued)

Stocks

Work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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 profit and loss account 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.

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.

 

Endaba Limited

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

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

 

Endaba Limited

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

2

Accounting policies (continued)

Financial instruments

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

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 9 (2022: 11).

 

Endaba Limited

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

4

Intangible assets

Development costs
 £

Cost or valuation

At 1 January 2023

27,417

At 31 December 2023

27,417

Amortisation

At 1 January 2023

27,417

At 31 December 2023

27,417

Carrying amount

At 31 December 2023

-

At 31 December 2022

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £66,759 (2022: £31,593).
 

 

Endaba Limited

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

5

Tangible assets

Office equipment
£

Cost

At 1 January 2023

28,072

Additions

2,652

At 31 December 2023

30,724

Depreciation

At 1 January 2023

25,289

Charge for the year

2,719

At 31 December 2023

28,008

Carrying amount

At 31 December 2023

2,716

At 31 December 2022

2,783

6

Stocks

31 December
2023
£

31 December
2022
£

Work in progress

69,962

6,179

7

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

179,027

312,475

Prepayments

15,835

7,914

Other debtors

-

12,925

194,862

333,314

 

Endaba Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Bank loans and overdrafts

9

38,182

40,952

Trade creditors

 

10,869

15,392

Taxation and social security

 

52,367

47,009

Other creditors

 

5,121

8,545

Corporation tax payable

 

22,660

50,604

Accrued expenses

 

20,968

12,125

Deferred income

 

135,375

165,840

 

285,542

340,467

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

9

54,091

92,273

9

Loans and borrowings

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

38,182

38,181

Bank overdrafts

-

2,771

38,182

40,952

 

Endaba Limited

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

9

Loans and borrowings (continued)

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

54,091

92,273

Bank borrowings

Bank borrowings consists of a government-backed Business Interuption Loan with a repayment term of 6 years from 11 December 2020. The interest rate applicable to the loan is Base rate plus 1.78% per annum with the first 12 months interest being covered by the Government.

10

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

20,000

200.00

20,000

200.00

Ordinary A shares of £0.01 each

19,000

190.00

20,000

200.00

 

39,000

390

40,000

400

11

Dividends

Interim dividends paid

   

31 December
2023
£

 

31 December
2022
£

Interim dividend of £11.349 (2022 - £10.26) per each Ordinary shares

 

226,980

 

205,200

         
 

Endaba Limited

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

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

31 December
2023
£

31 December
2022
£

Remuneration

230,300

210,800

Contributions paid to money purchase schemes

14,515

12,150

244,815

222,950

13

Ultimate controlling party

There is not one ultimate controlling party.