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Registration number: 11162943

Ejendals Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ejendals Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Ejendals Limited

Company Information

Directors

F Lambert-Olsson

A Carlsson

Registered office

Sweden House
5 Upper Montagu Street
London
W1H 2AG

Independent Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Ejendals Limited

(Registration number: 11162943)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

5

1,372,676

1,185,575

Payables: Amounts falling due within one year

6

(1,114,811)

(877,149)

Net assets

 

257,865

308,426

Equity

 

Called up share capital

7

100

100

Retained earnings

7

257,765

308,326

Shareholders' funds

 

257,865

308,426

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Income statement.

The financial statements of Ejendals Limited were approved and authorised for issue by the Board on 31 December 2024 and signed on its behalf by:
 

.........................................

A Carlsson
Director

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Ejendals Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future.The company have also reviewed the ongoing committed financial support from the company's parent undertaking and are confident that this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months form the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent undertaking, Per-Olof Ejendals AB, which may be obtained from P. O. Box 7, Se-793 21 Leksand, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

Taxation

The tax expense for the period comprises current 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 income 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables 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.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 the income statement on a straight-line basis over the period of the lease.

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Taxation

Tax charged in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

45,155

29,334

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

194,594

154,979

Corporation tax at standard rate

45,730

29,446

Effect of expense not deductible in determining taxable profit (tax loss)

12

(112)

Tax decrease from marginal relief

(587)

-

Total tax charge

45,155

29,334

5

Receivables

2023
£

2022
£

Trade receivables

990,523

743,401

Amounts owed by parent undertaking

356,676

428,954

Other receivables

19,847

7,390

Prepayments

5,630

5,830

1,372,676

1,185,575

The amount owed by parent undertaking represents cash held on deposit that is legally held in the name of the parent undertaking. These amounts can be accessed by the company within one working day and are available for immediate use in relation to the operations of the company.

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

6

Payables

2023
£

2022
£

Trade payables

7,447

23,956

Amounts owed to parent undertaking

595,922

511,318

Social security and other taxes

246,425

186,366

Corporation tax

45,155

29,335

Accruals and deferred income

219,862

126,174

1,114,811

877,149

The amount owed to parent undertaking disclosed as falling within one year is unsecured, payable on demand and is non interest bearing.

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         


Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments

8

Obligation under leases


Finance leases

The total of future minimum lease payments under non-cancellable operating leases are as follows:

2023
£

2022
£

Not later than one year

81,418

28,507

Later than one year and not later than five years

138,101

41,349

219,519

69,856

 

Ejendals Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

9

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,697 (2022 - £27,295).

There were no prepaid or outstanding contributions at the end of the current and preceding year.

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £Nil) per ordinary share

 

200,000

 

-

         

11

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1 AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.

12

Ultimate controlling party

The immediate parent undertaking of the company is Ejendals AB, an undertaking registered in Sweden. The ultimate parent undertaking is Per-Olof Ejendal AB, an undertaking registered in Sweden which produces consolidated accounts. These consolidated accounts are available upon request from P.O. Box 7, Se-793 21 Leksand, Sweden.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

14

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 December 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.