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Registered number: 07589943
Eggbase Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07589943
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 68,034 119,843
Tangible Assets 5 2,470 3,823
70,504 123,666
CURRENT ASSETS
Debtors 6 50,074 39,934
Cash at bank and in hand 67,066 59,130
117,140 99,064
Creditors: Amounts Falling Due Within One Year 7 (31,413 ) (24,019 )
NET CURRENT ASSETS (LIABILITIES) 85,727 75,045
TOTAL ASSETS LESS CURRENT LIABILITIES 156,231 198,711
Creditors: Amounts Falling Due After More Than One Year 8 (9,024 ) (15,792 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (545 ) (727 )
NET ASSETS 146,662 182,192
CAPITAL AND RESERVES
Called up share capital 9 230 230
Share premium account 269,934 269,934
Profit and Loss Account (123,502 ) (87,972 )
SHAREHOLDERS' FUNDS 146,662 182,192
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Anne Fleck
Director
06/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Eggbase Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07589943 . The registered office is The Old Kennels Keepers, Cowgill, Sedbergh, Cumbria, LA10 5RN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Research and Development
Expenditure on research and development is amortised to the Profit and Loss Account over it's estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment 25% Reducing Balance
Marketing Collateral 100% Straight Line
Computer Equipment 25% Reducing Balance
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 April 2023 10,500 297,348 307,848
Additions - 2,050 2,050
As at 31 March 2024 10,500 299,398 309,898
Amortisation
As at 1 April 2023 10,500 177,505 188,005
Impairment losses - 53,859 53,859
As at 31 March 2024 10,500 231,364 241,864
Net Book Value
As at 31 March 2024 - 68,034 68,034
As at 1 April 2023 - 119,843 119,843
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Page 5
5. Tangible Assets
Office Equipment Marketing Collateral Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 574 266 7,221 8,061
Additions - 276 - 276
Disposals (425 ) - (1,399 ) (1,824 )
As at 31 March 2024 149 542 5,822 6,513
Depreciation
As at 1 April 2023 494 266 3,478 4,238
Provided during the period 16 276 807 1,099
Disposals (407 ) - (887 ) (1,294 )
As at 31 March 2024 103 542 3,398 4,043
Net Book Value
As at 31 March 2024 46 - 2,424 2,470
As at 1 April 2023 80 - 3,743 3,823
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 36,582 14,476
Prepayments and accrued income 4,212 -
Corporation tax recoverable assets 9,280 25,458
50,074 39,934
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,373 4,916
Bank loans and overdrafts 6,768 6,768
Other taxes and social security 8,608 6,765
VAT 10,561 3,769
Accruals 1,791 1,495
Directors' loan accounts 312 306
31,413 24,019
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,024 15,792
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
12,700 Ordinary A shares of £ 0.010 each 127 127
4,600 Ordinary B shares of £ 0.010 each 46 46
5,700 Ordinary C shares of £ 0.010 each 57 57
230 230
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