Engineering Edge Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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. |
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Turnover |
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Turnover represents the value, net of value added tax, of services provided to customers. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates |
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Office equipment |
over 3 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. revenue is recognised. |
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Debtors |
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Debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs. |
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Creditors |
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Creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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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. 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 differences. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Office equipment |
£ |
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Cost |
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At 1 April 2023 |
559 |
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At 31 March 2024 |
847 |
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Depreciation |
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At 1 April 2023 |
559 |
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Charge for the year |
95 |
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At 31 March 2024 |
654 |
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Net book value |
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At 31 March 2024 |
193 |
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At 31 March 2023 |
- |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
3 |
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3 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Corporation tax |
16,952 |
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11,188 |
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Other taxes and social security costs |
3,676 |
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3,851 |
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Directors' loan accounts |
5,630 |
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4,330 |
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26,258 |
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19,369 |
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6 |
Other information |
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Engineering Edge Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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35 FARLEIGH ROAD |
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BACKWELL |
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BRISTOL |
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UNITED KINGDOM |
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BS48 3PB |