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ECONEST LIMITED

Registered Number
14627696
(England and Wales)

Unaudited Financial Statements for the Period ended
31 January 2024

ECONEST LIMITED
Company Information
for the period from 31 January 2023 to 31 January 2024

Directors

SHANTI, Marcel
SNYDER, Ryan

Registered Address

Founders Factory (Level 7) Arundel Street Building 180 Strand
2 Arundel Street
London
WC2R 3DA

Registered Number

14627696 (England and Wales)
ECONEST LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

£

£

Current assets
Debtors393
Cash at bank and on hand28,729
29,122
Creditors amounts falling due within one year3(3,000)
Net current assets (liabilities)26,122
Total assets less current liabilities26,122
Net assets26,122
Capital and reserves
Called up share capital197,426
Profit and loss account(171,304)
Shareholders' funds26,122
The financial statements were approved and authorised for issue by the Board of Directors on 25 October 2024, and are signed on its behalf by:
SHANTI, Marcel
Director
Registered Company No. 14627696
ECONEST LIMITED
Notes to the Financial Statements
for the period ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
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 (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

2024
Average number of employees during the year0
3.Creditors: amounts due within one year

2024

£
Accrued liabilities and deferred income3,000
Total3,000