Company registration number 10118966 (England and Wales)
Enodo Economics Ltd
Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
Enodo Economics Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Enodo Economics Ltd
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
8,001
4,481
Tangible assets
5
3,752
6,022
11,753
10,503
Current assets
Debtors
6
302,166
201,268
Cash at bank and in hand
134,692
197,550
436,858
398,818
Creditors: amounts falling due within one year
7
(286,224)
(265,035)
Net current assets
150,634
133,783
Net assets
162,387
144,286
Capital and reserves
Called up share capital
146
146
Profit and loss reserves
162,241
144,140
Total equity
162,387
144,286
The notes on pages 2 to 5 form part of these financial statements.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
S.J. Keaveney
Director
Company registration number 10118966 (England and Wales)
Enodo Economics Ltd
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information
Enodo Economics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
2
Accounting policies
2.1
Accounting convention
These financial 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of discounts and VAT.
Revenue from a contract to provide services is recognised in the period in which the services are provided,
2.3
Intangible fixed assets other than goodwill
Research expenditure is written off against profits in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
It is technically feasible to complete the intangible asset so that it will be available for use or sale;
There is the intention to complete the intangible asset and use or sell it;
There is the ability to use or sell the intangible asset;
The use or sale of the intangible asset will generate probable future economic benefits;
There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
The expenditure attributable to the intangible asset during its development can be measured reliably
Expenditure that does not meet the above criteria is expensed as incurred
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:
Development costs
4 years
2.4
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:
Equipment
20% - 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.
Enodo Economics Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
2.7
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 classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Enodo Economics Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
47,998
Additions
5,750
At 31 December 2023
53,748
Amortisation and impairment
At 1 January 2023
43,517
Amortisation charged for the year
2,230
At 31 December 2023
45,747
Carrying amount
At 31 December 2023
8,001
At 31 December 2022
4,481
Enodo Economics Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 5 -
5
Tangible fixed assets
Equipment
£
Cost
At 1 January 2023
9,795
Additions
998
Disposals
(2,075)
At 31 December 2023
8,718
Depreciation and impairment
At 1 January 2023
3,773
Depreciation charged in the year
2,919
Eliminated in respect of disposals
(1,726)
At 31 December 2023
4,966
Carrying amount
At 31 December 2023
3,752
At 31 December 2022
6,022
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
144,333
41,002
Other debtors
157,833
160,266
302,166
201,268
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,738
56
Corporation tax
46,186
37,916
Other taxation and social security
15,675
12,726
Other creditors
212,625
214,337
286,224
265,035
8
Directors' transactions
At the year end, the directors owed the company £135,454 (2022: £128,165). The loan is shown within other debtors and is currently interest free and repayable on demand.