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COMPANY REGISTRATION NUMBER: 04363873
Economists Consulting (Overseas) Limited
Filleted Unaudited Financial Statements
31 January 2024
Economists Consulting (Overseas) Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,963
6,302
Investments
6
3,786
3,786
-------
--------
8,749
10,088
Current assets
Debtors
7
72,809
104,977
Cash at bank and in hand
2,146
938
--------
---------
74,955
105,915
Creditors: amounts falling due within one year
8
72,370
63,326
--------
---------
Net current assets
2,585
42,589
--------
--------
Total assets less current liabilities
11,334
52,677
--------
--------
Net assets
11,334
52,677
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11,332
52,675
--------
--------
Shareholders funds
11,334
52,677
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Economists Consulting (Overseas) Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Dr. D. H. Cherro
Director
Company registration number: 04363873
Economists Consulting (Overseas) Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover During the year there were no transactions.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2023
9,503
3,191
12,694
Additions
315
315
-------
-------
--------
At 31 January 2024
9,503
3,506
13,009
-------
-------
--------
Depreciation
At 1 February 2023
4,269
2,123
6,392
Charge for the year
1,308
346
1,654
-------
-------
--------
At 31 January 2024
5,577
2,469
8,046
-------
-------
--------
Carrying amount
At 31 January 2024
3,926
1,037
4,963
-------
-------
--------
At 31 January 2023
5,234
1,068
6,302
-------
-------
--------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
3,145
641
3,786
-------
----
-------
Impairment
At 1 February 2023 and 31 January 2024
-------
----
-------
Carrying amount
At 31 January 2024
3,145
641
3,786
-------
----
-------
At 31 January 2023
3,145
641
3,786
-------
----
-------
This consists of a 52% shareholding in Inuit Mobile, a company registered in Spain.The shares in participating interests consist of 309 Finalbion S.a.r.l Class B shares.
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
68,086
100,254
Other debtors
4,723
4,723
--------
---------
72,809
104,977
--------
---------
Amount owed by Inuit Mobile, the subsidiary company in which the company has participating interest was £68,086 (2023: £100,254)
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors - Padovani & Manriqe G Loan Agreement
54,000
43,001
Other creditors
18,370
20,325
--------
--------
72,370
63,326
--------
--------
Other creditors include a director's loan of £14,525(2023: £16,693).
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Car Park Limited (Corporate Director)
( 16,693)
2,168
( 14,525)
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Car Park Limited (Corporate Director)
( 17,132)
439
( 16,693)
--------
----
--------
10. Related party transactions
The company was under the control of Car Park Limited, a company registered in British Virgin Islands throughout the current and previous year. The beneficial owner is Mrs Nelida Mane. During the year, loan interest of £2,840(2023: £2,822) was received from Inuit Mobile the subsidiary.
11. Controlling party
The immediate holding company is Car Park Limited, a company registered in British Virgin Islands.