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Registration number: 08993414

The Efficiency People Trading Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

The Efficiency People Trading Limited

(Registration number: 08993414)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

258,568

258,619

Investments

5

100

100

 

258,668

258,719

Current assets

 

Stocks

557,356

230,445

Debtors

6

656,095

1,028,280

Cash at bank and in hand

 

450,299

224,177

 

1,663,750

1,482,902

Creditors: Amounts falling due within one year

7

(822,756)

(763,249)

Net current assets

 

840,994

719,653

Total assets less current liabilities

 

1,099,662

978,372

Creditors: Amounts falling due after more than one year

7

(43,187)

(52,940)

Provisions for liabilities

(59,252)

(58,921)

Net assets

 

997,223

866,511

Capital and reserves

 

Called up share capital

9

70

70

Capital redemption reserve

35

35

Retained earnings

997,118

866,406

Shareholders' funds

 

997,223

866,511

 

The Efficiency People Trading Limited

(Registration number: 08993414)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 


Mr D Hulse
Director

   
 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2 Navigation Park
Road One
Winsford Industrial Estate
Cheshire
CW7 6RL

Registration number 08993414

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum on written down value

Furniture, fittings and equiptment

25% per annum on written down value

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 8 (2023 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

10,544

303,194

313,738

Additions

1,576

191,468

193,044

Disposals

-

(150,635)

(150,635)

At 30 April 2024

12,120

344,027

356,147

Depreciation

At 1 May 2023

7,961

47,158

55,119

Charge for the year

818

66,898

67,716

Eliminated on disposal

-

(25,256)

(25,256)

At 30 April 2024

8,779

88,800

97,579

Carrying amount

At 30 April 2024

3,341

255,227

258,568

At 30 April 2023

2,583

256,036

258,619

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

At 30 April 2024

100

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

6

Debtors

2024
£

2023
£

Trade debtors

398,595

804,644

Amounts owed by group undertakings

213,636

223,636

Other debtors

43,864

-

 

656,095

1,028,280

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

16,902

15,653

Trade creditors

 

243,706

171,435

Amounts due to related parties

162,442

154,384

Social security and other taxes

 

176,973

201,526

Other creditors

 

222,733

220,251

 

822,756

763,249

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

7,891

7,891

Hire purchase contracts

9,011

7,762

16,902

15,653

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,312

19,203

Hire purchase contracts

31,875

33,737

43,187

52,940

The hire purchase liabilties are secured upon the assets to which they relate.

 

The Efficiency People Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

33

33

33

33

Ordinary C shares of £1 each

4

4

4

4

Ordinary B shares of £1 each

33

33

33

33

 

70

70

70

70