REGISTERED NUMBER: |
EHPLabs Ltd |
Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
EHPLabs Ltd |
Financial Statements |
for the Year Ended 30 June 2023 |
EHPLabs Ltd (Registered number: 12659066) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EHPLabs Ltd |
Company Information |
for the year ended 30 June 2023 |
Directors: |
Registered office: |
Registered number: |
EHPLabs Ltd (Registered number: 12659066) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EHPLabs Ltd (Registered number: 12659066) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
EHPLabs Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and on a going concern basis, as explained further below. |
Significant judgements and estimates |
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
EHPLabs Ltd (Registered number: 12659066) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
3. | Accounting policies - continued |
(i) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
(ii) Stock provisioning |
Stock is valued at the lower of cost and expected future sale price, which inherently requires an estimation of that price. The estimation includes judgement on a number of factors including historic sales patterns and potential obsolescence. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets and liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment 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 amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
EHPLabs Ltd (Registered number: 12659066) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
3. | Accounting policies - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The directors have carefully considered these risks including an assessment on uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
The directors have also recieved an assurances from a group it is affiliated with, that the group have the intention and ability to provide any support to ensure the Company can continue for a period of at least 12 months from the date of signing the financial statements. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
Equity |
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. |
Equity instruments issued by the Company are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material |
4. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
EHPLabs Ltd (Registered number: 12659066) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Called up share capital not paid |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 81,825 | 96,254 |
Other creditors |
7. | Related party disclosures |
As at the year end, the Company owed £2,195,036 (2022: £1,410,224) to companies under common control. These balances are repayable on demand, interest free and unsecured. |
As at the year end, the Company was owed £1,963,949 (2022: £1,278,220) from companies under common control. These balances are repayable on demand, interest free and unsecured. |
8. | Ultimate controlling party |
The parent company is Basha Holdings Pty. Ltd. a company registered in New South Wales, Australia. |
Basha Holdings Pty. Ltd. is controlled by I M Basha and his family. |