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Registration number: 12003255

Entirecommerce Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Entirecommerce Limited

Company Information

Director

Mr Nishant Kapoor

Registered office

128 City Road
London
EC1V 2NX

Accountants

Mehta & Tengra 9 Berners Place
London
W1T 3AD

 

Entirecommerce Limited

(Registration number: 12003255)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,131

1,525

Current assets

 

Debtors

6

22,079

34,989

Cash at bank and in hand

 

3,799

25,723

 

25,878

60,712

Creditors: Amounts falling due within one year

7

(9,086)

(21,512)

Net current assets

 

16,792

39,200

Total assets less current liabilities

 

17,923

40,725

Provisions for liabilities

(283)

(480)

Net assets

 

17,640

40,245

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

17,540

40,145

Shareholders' funds

 

17,640

40,245

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mr Nishant Kapoor
Director

 

Entirecommerce Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

100

40,145

40,245

Loss for the year

-

(4,605)

(4,605)

Dividends

-

(18,000)

(18,000)

At 31 May 2024

100

17,540

17,640

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

100

8,298

8,398

Profit for the year

-

58,847

58,847

Dividends

-

(27,000)

(27,000)

At 31 May 2023

100

40,145

40,245

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
128 City Road
London
EC1V 2NX
United Kingdom

These financial statements were authorised for issue by the director on 26 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% reducing balance

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 at amortised cost using the effective interest method, 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.

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

Borrowings

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

14,414

UK corporation tax adjustment to prior periods

(28)

54

(28)

14,468

Deferred taxation

Arising from origination and reversal of timing differences

(197)

-

Tax (receipt)/expense in the income statement

(225)

14,468

Deferred tax

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

2,870

2,870

At 31 May 2024

2,870

2,870

Depreciation

At 1 June 2023

1,345

1,345

Charge for the year

394

394

At 31 May 2024

1,739

1,739

Carrying amount

At 31 May 2024

1,131

1,131

At 31 May 2023

1,525

1,525

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,356

16,139

Corporation tax recoverable

4,773

4,623

Other taxation

1,188

-

Director loan account

13,762

14,227

 

22,079

34,989

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

13

-

Accruals and deferred income

 

8,150

6,940

Other creditors

 

919

238

Corporation tax

 

4

14,334

 

9,086

21,512

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

13

-

10

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £180.00 (2023 - £270.00) per each Ordinary

 

18,000

 

27,000

         

11

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr Nishant Kapoor

14,227

17,535

(18,000)

13,762

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Nishant Kapoor

14,358

26,869

(27,000)

14,227

         
       

 

Interest of £699 has been charged and paid.
 

 

Entirecommerce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Dividends paid to the director

   

2024
£

 

2023
£

Mr Nishant Kapoor

       

 

18,000

 

27,000

         

12

Ultimate Controlling Party

The ultimate controlling party is Mr Nishant Kapoor.