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Registered number: 11584824
EEDN LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Goldwyns London LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 11584824
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 6,511 6,186
6,511 6,186
CURRENT ASSETS
Debtors 4 119,983 64,812
Cash at bank and in hand 125,433 9,758
245,416 74,570
Creditors: Amounts Falling Due Within One Year 5 (170,391 ) (60,042 )
NET CURRENT ASSETS (LIABILITIES) 75,025 14,528
TOTAL ASSETS LESS CURRENT LIABILITIES 81,536 20,714
Creditors: Amounts Falling Due After More Than One Year 6 (79,984 ) (11,783 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,531 ) -
NET ASSETS 21 8,931
CAPITAL AND RESERVES
Called up share capital 7 21 18
Income Statement - 8,913
SHAREHOLDERS' FUNDS 21 8,931
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For the year ending 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 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 Income Statement.
On behalf of the board
Mr P Singh
Director
23/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements for the year ended 31 December 2023 are the first financial statements of EEDN Limited prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of adoption to FRS 102 (Section 1A) was 24 October 2019.  The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
1.2. Going Concern Disclosure
The director's have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director's have also pledged their financial support to assist with this if required. On this basis, the director's will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4. 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:
Computer Equipment 25% Reducing Balance
1.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.7. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
1.8. Cash And Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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1.9. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2022: 4)
6 4
3. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 10,979
Additions 2,495
As at 31 December 2023 13,474
Depreciation
As at 1 January 2023 4,793
Provided during the period 2,170
As at 31 December 2023 6,963
Net Book Value
As at 31 December 2023 6,511
As at 1 January 2023 6,186
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 110,699 64,812
Directors' loan accounts 9,284 -
119,983 64,812
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5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,148 1,093
Other loans 78,400 -
Corporation tax 50,007 36,156
Other taxes and social security 3,307 1,894
VAT 34,674 20,899
Other creditors 1,375 -
Accruals and deferred income 480 -
170,391 60,042
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 79,984 11,783
79,984 11,783
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 21 18
The nominal value per share is £1. As at the year-end, there are 18 Ordinary shares, 1 Ordinary A share, 1 Ordinary B share, and 1 Ordinary C share in issue.
8. Pension Commitments
The company operates a defined contribution pension scheme for directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £Nil were due to the fund.
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Paul Singh - 48,961 (45,280 ) - 3,681
Mr Orestes Adamou - 76,257 (75,512 ) - 745
Mr Elad Levin - 46,345 (41,486 ) - 4,859
The above outstanding amounts are to be repaid within nine months of the the year-end.
10. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 160,374 95,441
160,374 95,441
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11. Related Party Transactions
As at the year-end, the directors' loan account balance of Mr P Singh (a director and shareholder of the company) is £3,681. This amount is a current asset, of which interest is charged at a rate of 2.25% per annum on any overdrawn balance in the year that is above £10,000. This outstanding amount will be repaid to the company within nine months of the year-end.
As at the year-end, the directors' loan account balance of Mr O Adamou (a director and shareholder of the company) is £745. This amount is a current asset, of which interest is charged at a rate of 2.25% per annum on any overdrawn balance in the year that is above £10,000. This outstanding amount will be repaid to the company within nine months of the year-end.
As at the year-end, the directors' loan account balance of Mr E A Levin (a director and shareholder of the company) is £4,859. This amount is a current asset, of which interest is charged at a rate of 2.25% per annum on any overdrawn balance in the year that is above £10,000. This outstanding amount will be repaid to the company within nine months of the year-end.
As at the year-end, the company owed Jasper Singh (a close family member of Mr P Singh) £8,383. This amount is a current liability, interest free and repayable on demand.
12. General Information
EEDN LTD is a private company, limited by shares, incorporated in England & Wales, registered number 11584824 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
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