Registered number
02879162
Essential Equipment Consortium Limited
Unaudited Filleted Accounts
31 March 2024
Essential Equipment Consortium Limited
Registered number: 02879162
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,558 30,514
Current assets
Stocks 156,600 92,186
Debtors 4 86,261 88,691
Cash at bank and in hand 204,086 298,883
446,947 479,760
Creditors: amounts falling due within one year 5 (84,370) (177,236)
Net current assets 362,577 302,524
Total assets less current liabilities 384,135 333,038
Provisions for liabilities (5,390) -
Net assets 378,745 333,038
Capital and reserves
Called up share capital 200 200
Share premium 100 100
Profit and loss account 378,445 332,738
Shareholders' funds 378,745 333,038
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.
J Hodder
Director
Approved by the board on 23 September 2024
Essential Equipment Consortium Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Motor vehicles over 5 years
Plant and machinery over 3 and 6 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 50,085 28,675 78,760
Additions 575 - 575
At 31 March 2024 50,660 28,675 79,335
Depreciation
At 1 April 2023 28,477 19,769 48,246
Charge for the year 5,231 4,300 9,531
At 31 March 2024 33,708 24,069 57,777
Net book value
At 31 March 2024 16,952 4,606 21,558
At 31 March 2023 21,608 8,906 30,514
4 Debtors 2024 2023
£ £
Trade debtors 56,427 62,249
Other debtors 29,834 26,442
86,261 88,691
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 46,697 76,788
Taxation and social security costs 32,691 74,529
Other creditors 4,982 25,919
84,370 177,236
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 37,125 64,125
7 Other information
Essential Equipment Consortium Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit C6 Optimus Way
Optimus Point
Glenfield
Leicestershire
LE3 8JR
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