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REGISTERED NUMBER: 08699698 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2022 TO 31 DECEMBER 2023

FOR

ESM SOLUTIONS (EUROPE) LIMITED

ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ESM SOLUTIONS (EUROPE) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023







DIRECTORS: J I Faith
J D Faith





REGISTERED OFFICE: 44 Manor Hall Avenue
London
NW4 1NX





REGISTERED NUMBER: 08699698 (England and Wales)





ACCOUNTANTS: Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,456 2,676

CURRENT ASSETS
Debtors 5 2,211 3,635
Cash at bank 242 2,749
2,453 6,384
CREDITORS
Amounts falling due within one year 6 790,256 181,255
NET CURRENT LIABILITIES (787,803 ) (174,871 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(784,347

)

(172,195

)

CREDITORS
Amounts falling due after more than one year 7 133,248 -
NET LIABILITIES (917,595 ) (172,195 )

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account (917,695 ) (172,295 )
(917,595 ) (172,195 )

ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





J I Faith - Director


ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

ESM Solutions (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services for procurement technology provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets or 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 or settle the liability simultaneously.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the balance sheet date the company had net current liabilities. However, due to the directors' on-going support of the company, the directors believe it is appropriate to prepare the financial statements on a going concern basis which assumes the company will continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 7,224
Additions 2,756
At 31 December 2023 9,980
DEPRECIATION
At 1 October 2022 4,548
Charge for period 1,976
At 31 December 2023 6,524
NET BOOK VALUE
At 31 December 2023 3,456
At 30 September 2022 2,676

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,211 3,635

ESM SOLUTIONS (EUROPE) LIMITED (REGISTERED NUMBER: 08699698)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,087 11,568
Amounts owed to group undertakings 730,312 118,662
Taxation and social security 22,283 12,924
Other creditors 33,574 38,101
790,256 181,255

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 133,248 -

8. RELATED PARTY DISCLOSURES

One of the company's directors, Mr Jonathan Faith, has made an interest free loan to the company. At the balance sheet date the amount outstanding was £133,248 (2022: £24,788).

9. POST BALANCE SHEET EVENTS

After the yearend, the company's shares were purchased by ESM Solutions Corporation, a company registered in the United States of America.