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Registered number: 08614500
Essentia Global Services Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 08614500
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,436 3,779
2,436 3,779
CURRENT ASSETS
Debtors 5 763,483 653,147
Cash at bank and in hand 292,375 205,018
1,055,858 858,165
Creditors: Amounts Falling Due Within One Year 6 (686,240 ) (600,086 )
NET CURRENT ASSETS (LIABILITIES) 369,618 258,079
TOTAL ASSETS LESS CURRENT LIABILITIES 372,054 261,858
Creditors: Amounts Falling Due After More Than One Year 7 (488,046 ) (432,638 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (463 ) (718 )
NET LIABILITIES (116,455 ) (171,498 )
CAPITAL AND RESERVES
Called up share capital 8 7,200 7,200
Income Statement (123,655 ) (178,698 )
SHAREHOLDERS' FUNDS (116,455) (171,498)
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For the year ending 31 July 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 Dino Tornarides
Director
11/10/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Essentia Global Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08614500 . The registered office is Solar House 915 High Road, North Finchley, London, N12 8QJ.
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. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover 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.
2.4. 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:
Computer Equipment 25% Straight Line
2.5. 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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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows  25 (2023: 31)
25 31
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 August 2023 19,135
Additions 458
As at 31 July 2024 19,593
Depreciation
As at 1 August 2023 15,356
Provided during the period 1,801
As at 31 July 2024 17,157
Net Book Value
As at 31 July 2024 2,436
As at 1 August 2023 3,779
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 426,297 395,494
Prepayments and accrued income 34,938 32,405
DLA Bill Morrison 106,065 62,014
DLA Dino Tornarides 119,272 74,871
Corporation tax recoverable assets 76,911 47,059
763,483 611,843
Due after more than one year
Corporation tax refund - 41,304
- 41,304
763,483 653,147
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 238,691 143,765
Bank loans and overdrafts 185,894 229,292
Corporation tax 39,264 84,132
Other taxes and social security 67,926 23,092
VAT 70,330 69,554
Intercompany creditors (2) 74,232 24,732
Accruals interest 3,541 3,634
Payments on account 6,362 21,885
686,240 600,086
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loan- CBIL 24,556 51,835
Kingsley 4,861 13,194
JPM Capital - 27,083
RLS Loan 50,898 92,507
Fleximize - 17,427
F C New Loan 155,401 197,259
Kingsway Asset Finance 23,333 33,333
Iwoca- 195,508 -
Shire Leasing PLC 14,583 -
Love Finance Limited 18,906 -
488,046 432,638
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7,200 7,200
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr William Morrison 62,014 44,051 - - 106,065
Mr Dino Tornarides 74,871 44,401 - - 119,272
The above loans to the directors' from the company is unsecured and repayable on demand.HMRC official rate of interest has been charged. 
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