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Registered number: 04586600
Edmund De Waal Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 04586600
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,786
Tangible Assets 5 11,216 7,253
11,216 9,039
CURRENT ASSETS
Stocks 6 1,293,985 1,155,682
Debtors 7 177,845 73,857
Cash at bank and in hand 2,357,889 1,754,693
3,829,719 2,984,232
Creditors: Amounts Falling Due Within One Year 8 (515,098 ) (381,833 )
NET CURRENT ASSETS (LIABILITIES) 3,314,621 2,602,399
TOTAL ASSETS LESS CURRENT LIABILITIES 3,325,837 2,611,438
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (3,269 ) (1,717 )
NET ASSETS 3,322,568 2,609,721
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 3,322,468 2,609,621
SHAREHOLDERS' FUNDS 3,322,568 2,609,721
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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 Income Statement.
On behalf of the board
Mr E A De Waal
Director
09/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Edmund De Waal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04586600 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. 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.
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.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation that the company will continue to meet its obligations as they fall due. The director has also pledged his financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill are being amortised evenly over their estimated useful life of ten years.
Display stock are being amortised evenly over their estimated useful life of five years.
Website are being amortised evenly over their estimated useful life of four 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:
Plant & Machinery Straight line over 4 years
Fixtures & Fittings Straight line over 4 years
Computer Equipment Straight line over 4 years
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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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2.8. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it related 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.
2.9. 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.
2.10. 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.
2.11. 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.
2.12. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
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4. Intangible Assets
Goodwill Other Development Costs Total
£ £ £ £
Cost
As at 1 April 2023 66,000 8,938 26,350 101,288
As at 31 March 2024 66,000 8,938 26,350 101,288
Amortisation
As at 1 April 2023 66,000 7,152 26,350 99,502
Provided during the period - 1,786 - 1,786
As at 31 March 2024 66,000 8,938 26,350 101,288
Net Book Value
As at 31 March 2024 - - - -
As at 1 April 2023 - 1,786 - 1,786
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 37,261 34,458 38,379 110,098
Additions 464 2,292 7,281 10,037
Disposals - (1,258 ) - (1,258 )
As at 31 March 2024 37,725 35,492 45,660 118,877
Depreciation
As at 1 April 2023 37,261 33,953 31,631 102,845
Provided during the period 116 826 5,132 6,074
Disposals - (1,258 ) - (1,258 )
As at 31 March 2024 37,377 33,521 36,763 107,661
Net Book Value
As at 31 March 2024 348 1,971 8,897 11,216
As at 1 April 2023 - 505 6,748 7,253
6. Stocks
2024 2023
£ £
Finished goods 1,024,218 913,508
Work in progress 269,767 242,174
1,293,985 1,155,682
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 159,436 55,697
Prepayments and accrued income 18,409 18,160
177,845 73,857
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 23,732 17,043
Corporation tax 358,768 304,090
VAT 45,773 27,617
Other creditors 75 135
Pension payable 1,686 1,922
Accruals and deferred income 84,800 30,912
Directors' loan accounts 264 114
515,098 381,833
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 3,269 1,717
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
The nominal value per share is £1 and as at the year-end there are 100 Ordinary shares in issue.
11. 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 £1,686 were due to the fund. They are included in creditors and shown seperatly.
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 381,000 310,000
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