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Logo On Report
Registered Number: 11829350
England and Wales

 

 

 

ESSENTIAL AV LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Directors Samuel James Thompson
Grant David Sivell
William Henry Bray
Registered Number 11829350
Registered Office Supastorage Unit 3
57 Windsor Avenue
London
SW19 2RR
Accountants Ward Williams Creatives Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 76,567    61,282 
76,567    61,282 
Current assets      
Debtors 4 47,071    68,348 
Cash at bank and in hand 7,265    26,562 
54,336    94,910 
Creditors: amount falling due within one year 5 (96,389)   (113,510)
Net current assets (42,053)   (18,600)
 
Total assets less current liabilities 34,514    42,682 
Creditors: amount falling due after more than one year 6 (16,086)   (28,299)
Provisions for liabilities 7 (15,825)  
Net assets 2,603    14,383 
 

Capital and reserves
     
Called up share capital 150    150 
Profit and loss account 2,453    14,233 
Shareholders' funds 2,603    14,383 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 September 2024 and were signed on its behalf by:


-------------------------------
William Henry Bray
Director
2
General Information
Essential AV Ltd is a private company, limited by shares, registered in England and Wales, registration number 11829350, registration address Supastorage Unit 3, 57 Windsor Avenue , London, SW19 2RR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Straight Line
Fixtures and Fittings 20% Straight Line
Plant and Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 March 2023 84,105    5,000    1,737    3,793    94,635 
Additions 40,248      2,204    546    42,998 
Disposals        
At 29 February 2024 124,353    5,000    3,941    4,339    137,633 
Depreciation
At 01 March 2023 28,791    1,500    869    2,193    33,353 
Charge for year 24,871    1,000    789    1,053    27,713 
On disposals        
At 29 February 2024 53,662    2,500    1,658    3,246    61,066 
Net book values
Closing balance as at 29 February 2024 70,691    2,500    2,283    1,093    76,567 
Opening balance as at 01 March 2023 55,314    3,500    868    1,600    61,282 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 42,679    68,174 
Other Debtors   174 
Directors' Current Accounts 2,936   
Directors Loan Account 2 1,456   
47,071    68,348 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 11,037    13,639 
Bank Loans & Overdrafts (Secured) 12,326    12,326 
Corporation Tax 24,970    13,292 
PAYE & Social Security 9,299    5,293 
Accrued Expenses 1,800    1,700 
Other Creditors 1,842   
Pension Control Account   97 
Directors' Current Accounts   17,751 
Directors Loan Account 2   16,950 
Directors Loan Account 3 14,490    15,935 
VAT 20,625    16,527 
96,389    113,510 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 16,086    28,299 
16,086    28,299 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 15,825   
15,825   

8.

Bounce Back Loan

The business took a bounce back loan on 12th May 2020, the loan amount was £50,000, with a fixed interest rate of 2.5%, the repayment term is 72 months.
On 29th February 2024, the outstanding balance of the loan was £28,411.90 (2023: £40,625.06). 
3