Company Registration No. 00707442 (England and Wales)
Expedient Finance Limited
Unaudited accounts
for the year ended 30 April 2024
Expedient Finance Limited
Unaudited accounts
Contents
Expedient Finance Limited
Company Information
for the year ended 30 April 2024
Directors
F Samuels
M I Samuels
Company Number
00707442 (England and Wales)
Registered Office
Flat 5
58 West Heath Drive
London
NW11 7QH
United Kingdom
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Expedient Finance Limited
Statement of financial position
as at 30 April 2024
Inventories
1,703,689
1,826,760
Cash at bank and in hand
1,487,956
1,168,820
Creditors: amounts falling due within one year
(1,591,678)
(1,600,341)
Net current assets
1,647,372
1,431,753
Net assets
1,647,372
1,431,753
Called up share capital
100
100
Profit and loss account
1,647,272
1,431,653
Shareholders' funds
1,647,372
1,431,753
For the 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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
M I Samuels
Director
Company Registration No. 00707442
Expedient Finance Limited
Notes to the Accounts
for the year ended 30 April 2024
Expedient Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 00707442. The registered office is Flat 5, 58 West Heath Drive, London, NW11 7QH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement of within 'finance income or costs'.
All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.
Expedient Finance Limited
Notes to the Accounts
for the year ended 30 April 2024
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the
contract;
- the stage of completion of the contract at the end of the reporting period can be
measured reliably; and
- the costs incurred and the costs to complete the contract can be measured
reliably.
Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable
that they will be recovered against the reversal of deferred tax liabilities or other
future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining
associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Amounts falling due within one year
Accrued income and prepayments
20,405
9,514
Other debtors
27,000
27,000
Expedient Finance Limited
Notes to the Accounts
for the year ended 30 April 2024
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Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
613,786
622,629
Loans from directors
975,432
975,432
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Transactions with related parties
At the balance sheet date, an amount of £613,786 (2023: £622,629 was owed to A.T.L. Investments Limited. The loan is unsecured, interest free and repayable on demand. The directors and share holders of Expedient Finance Limited are also directors and shareholders of A.T.L. Investments Limited.
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Average number of employees
During the year the average number of employees was 2 (2023: 2).