Registered number
05243739
Echo Brand Design Limited
Unaudited Filleted Accounts
31 December 2023
Echo Brand Design Limited
Registered number: 05243739
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,599 12,078
Tangible assets 4 47,824 27,905
53,423 39,983
Current assets
Debtors 5 700,219 804,462
Cash at bank and in hand 34,638 37,714
734,857 842,176
Creditors: amounts falling due within one year 6 (376,930) (483,149)
Net current assets 357,927 359,027
Total assets less current liabilities 411,350 399,010
Creditors: amounts falling due after more than one year 7 (34,519) (33,207)
Net assets 376,831 365,803
Capital and reserves
Called up share capital 75 75
Capital redemption reserve 35 35
Profit and loss account 376,721 365,693
Shareholders' funds 376,831 365,803
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Dormon
Director
Approved by the board on 3 September 2024
Echo Brand Design Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office furniture Over four years
Computer equipment Over three years
Short leasehold property Over five years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 20
3 Intangible fixed assets £
Website:
Cost
At 1 January 2023 47,561
At 31 December 2023 47,561
Amortisation
At 1 January 2023 35,483
Provided during the year 6,479
At 31 December 2023 41,962
Net book value
At 31 December 2023 5,599
At 31 December 2022 12,078
Website is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Office equipment Computer equipment Leasehold premises Total
£ £ £ £
Cost
At 1 January 2023 26,318 74,051 37,418 137,787
Additions 383 32,597 15,641 48,621
Disposals - (25,096) (19,676) (44,772)
At 31 December 2023 26,701 81,552 33,383 141,636
Depreciation
At 1 January 2023 25,117 54,050 30,715 109,882
Charge for the year 1,584 19,894 7,224 28,702
On disposals - (25,096) (19,676) (44,772)
At 31 December 2023 26,701 48,848 18,263 93,812
Net book value
At 31 December 2023 - 32,704 15,120 47,824
At 31 December 2022 1,201 20,001 6,703 27,905
5 Debtors 2023 2022
£ £
Trade debtors and accrued income 623,281 709,275
Other debtors 76,938 95,187
700,219 804,462
6 Creditors: amounts falling due within one year 2023 2022
£ £
Debtor finance (secured) 87,880 222,694
Bank loan 10,000 10,000
Trade creditors 28,709 32,710
Finance lease and lease purchase contracts 28,161 5,205
Corporation tax 56,212 91,877
Accruals 64,703 8,634
Value added tax 47,599 44,703
Payroll taxes 53,666 67,326
376,930 483,149
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 15,833 25,833
Finance lease and lease purchase contracts 18,686 7,374
34,519 33,207
8 Lease commitments 2023 2022
£ £
Property 96,305 211,871
Equipment 3,027 8,760
Total future minimum payments under non-cancellable operating leases 99,332 220,631
9 Loan to a director
B/fwd Paid Repaid C/fwd
£ £ £ £
A Capper 30,000 - (30,000) -
30,000 - (30,000) -
10 Related party transactions
During the year, dividends totalling £41,149 (2022: £164,601) were paid to three shareholder directors.
11 Controlling party
The company is controlled by the directors with no individual director having overall control.
12 Other information
Echo Brand Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
8-10 Hatton Garden
London
EC1N 8BA
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