Company No:
Contents
Note | 31.12.2023 | |
£ | ||
Fixed assets | ||
Intangible assets | 3 |
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Tangible assets | 4 |
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9,694 | ||
Current assets | ||
Debtors | 5 |
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Cash at bank and in hand |
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152,576 | ||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 96,116 | |
Total assets less current liabilities | 105,810 | |
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Encomara Limited (registered number:
Ian Donald
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Encomara Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 28 Albyn Place, Aberdeen, AB10 1YL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
Revenue for the provision of services is recognised by reference to the date on which services were rendered.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Other intangible assets | not amortised |
Plant and machinery etc. |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 15.11.2022 to 31.12.2023 |
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Number | |
Monthly average number of persons employed by the company during the period, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 15 November 2022 |
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Additions |
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At 31 December 2023 |
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Accumulated amortisation | |||
At 15 November 2022 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 15 November 2022 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 15 November 2022 |
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Charge for the financial period |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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31.12.2023 | |
£ | |
Trade debtors |
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Other debtors |
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31.12.2023 | |
£ | |
Trade creditors |
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Other taxation and social security |
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Other creditors |
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31.12.2023 | |
£ | |
Allotted, called-up and fully-paid | |
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45,527 |
On 16 January 2023, ordinary share of £1 was subdivided into 10 ordinary shares of £0.10 each. Also on this date 10 ordinary shares of £0.10 were reclassified as A ordinary shares of £0.10 each. Also on this date, 260,780 A ordinary shares of £0.10 each were issued at £0.15 each for a consideration of £39,117, resulting in a share premium of £13,039. Additionally on this date, 102,040 B ordinary shares of £0.10 each were issued at par.
On 30 June 2023, 54,439 C ordinary shares of £0.10 each were issued at par. Also on this date, 38,000 A ordinary shares were issued at £2 each for a consideration of £76,000, resulting in a share premium of £72,200.
All Shares rank par passu.
Transactions with the entity's directors
As at 31 December 2023 the company was due one of the directors amounts totalling £44,714. This loan is interest free with no set repayment terms.