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Registered number: 14444220
Epel Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
DRP Partners Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14444220
2023
Notes £ £
FIXED ASSETS
Investments 4 2
2
CURRENT ASSETS
Stocks 5 6,941,167
Debtors 6 10,902
Cash at bank and in hand 174
6,952,243
Creditors: Amounts Falling Due Within One Year 7 (957,806 )
NET CURRENT ASSETS (LIABILITIES) 5,994,437
TOTAL ASSETS LESS CURRENT LIABILITIES 5,994,439
Creditors: Amounts Falling Due After More Than One Year 8 (6,006,813 )
NET LIABILITIES (12,374 )
CAPITAL AND RESERVES
Called up share capital 10 1
Profit and Loss Account (12,375 )
SHAREHOLDERS' FUNDS (12,374)
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Lawrence Eaglestone
Director
11/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Epel Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14444220 . The registered office is 91 Wellington Street, Luton, LU1 5AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
There are no significant judgements or estimates involved in the preparation of the financial statements.
2.3. 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.
2.4. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
2.5. Preparation of consolidated financial statements
The financial statements contain information about Epel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
2.6. Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL
-
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4. Investments
Subsidiaries
£
Cost
As at 26 October 2022 -
Additions 2
As at 31 October 2023 2
Provision
As at 26 October 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 2
As at 26 October 2022 -
5. Stocks
2023
£
Work in progress 6,941,167
6. Debtors
2023
£
Due within one year
Other debtors 10,902
7. Creditors: Amounts Falling Due Within One Year
2023
£
Trade creditors 15,456
Amounts owed to group undertakings 881,000
Other creditors 61,350
957,806
8. Creditors: Amounts Falling Due After More Than One Year
2023
£
Bank loans 6,006,813
Page 4
Page 5
9. Secured Creditors
The bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.
Of the creditors the following amounts are secured.
2023
£
Bank loans and overdrafts 9,006,813
10. Share Capital
2023
£
Allotted, Called up and fully paid 1
11. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
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