Company registration number 10115814 (England and Wales)
EBC GLOBAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EBC GLOBAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
These pages do not form part of the financial statements
EBC GLOBAL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
FIXED ASSETS
Intangible assets
4
1,333
Tangible assets
5
3,354
3,003
3,354
4,336
CURRENT ASSETS
-
-
Debtors
6
66,919
73,661
Cash at bank and in hand
71,885
81,422
138,804
155,083
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(198,243)
(174,363)
NET CURRENT LIABILITIES
(59,439)
(19,280)
TOTAL ASSETS LESS CURRENT LIABILITIES
(56,085)
(14,944)
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(16,667)
(28,314)
NET LIABILITIES
(72,752)
(43,258)
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss reserves
(72,762)
(43,268)
TOTAL EQUITY
(72,752)
(43,258)
EBC GLOBAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 September 2024
Matthew Masson
Director
Company registration number 10115814 (England and Wales)
EBC GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
ACCOUNTING POLICIES
Company information
EBC GLOBAL LTD is a private company limited by shares incorporated in England and Wales. The registered office is Abacus House, Caxton Place, CARDIFF, United Kingdom, CF23 8HA.
1.1
Accounting convention
These finacial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The accounts have been prepared on a going concern basis.
The accounts show that the company made losses of £29,494 during the year and had net liabilities of £72,752 at the balance sheet date. The director therefore had to consider the appropriateness of the going concern basis.
The company has been able to finance its operations largely because of the support from shareholders. Were this support not available, the company may not be able to continue trading. The director is satisfied that with this continuing support, the company will be able to meet its liabilities as they fall due.
On the basis of the above, the director considers it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rendering services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.
EBC GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets are website design costs. These costs are amortised to the profit and loss account over its estimated economic life of three years.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website Costs
33.33% Straight Line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
33.33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
EBC GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
7
EBC GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
INTANGIBLE FIXED ASSETS
Website Costs
£
Cost
At 1 January 2023 and 31 December 2023
6,000
Amortisation and impairment
At 1 January 2023
4,667
Amortisation charged for the year
1,333
At 31 December 2023
6,000
Carrying amount
At 31 December 2023
At 31 December 2022
1,333
5
TANGIBLE FIXED ASSETS
Office equipment
£
Cost
At 1 January 2023
6,703
Additions
2,460
At 31 December 2023
9,163
Depreciation and impairment
At 1 January 2023
3,700
Depreciation charged in the year
2,109
At 31 December 2023
5,809
Carrying amount
At 31 December 2023
3,354
At 31 December 2022
3,003
EBC GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
DEBTORS
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,491
62,922
Other debtors
14,428
10,739
66,919
73,661
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£
£
Bank loans
11,111
10,726
Trade creditors
45,094
40,829
Taxation and social security
44,983
48,454
Other creditors
97,055
74,354
198,243
174,363
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
£
£
Bank loans and overdrafts
16,667
28,314