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Registered number: 02447431
EDAG Engineering Ltd
Financial Statements
For The Year Ended 31 December 2023
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
Statement of Financial Position
Registered number: 02447431
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,979 52,111
36,979 52,111
CURRENT ASSETS
Debtors 5 733,632 945,112
Cash at bank and in hand 430,689 425,930
1,164,321 1,371,042
Creditors: Amounts Falling Due Within One Year 6 (772,637 ) (1,267,651 )
NET CURRENT ASSETS (LIABILITIES) 391,684 103,391
TOTAL ASSETS LESS CURRENT LIABILITIES 428,663 155,502
Creditors: Amounts Falling Due After More Than One Year 7 (414,814 ) (379,963 )
NET ASSETS/(LIABILITIES) 13,849 (224,461 )
CAPITAL AND RESERVES
Called up share capital 8 550,000 550,000
Share premium account 150,000 150,000
Income Statement (686,151 ) (924,461 )
SHAREHOLDERS' FUNDS 13,849 (224,461)
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 Piotr Pryzybyslawski
Director
Mr Damian Portka
Director
18/03/2025
The notes on pages 2 to 5 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
EDAG Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02447431 . The registered office is 1 Spencer Yard, Leamington Spa, CV31 3SY.
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. Significant judgements and estimations
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Revenue recognition of design contracts
The Company recognises revenue as design contracts progress. At year end the margin of each contract is checked and costs and income are matched against the expected margin to ensure costs and income is correctly matched for each job in progress.
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:
Leasehold 20% straight line
Plant & Machinery 20% straight line
Fixtures & Fittings 20% straight line
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 years 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 assets reflect 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. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.8. Going concern
The company is dependent on funding from EDAG Engineering GmbH. The directors have made the judgement that EDAG Engineering GmbH is in a position to provide such funding. The directors have prepared forecasts from which they believe the company will be able to continue to meet its liabilities as they fall due for the foreseeable future. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2022: 32)
32 32
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 73,155 57,947 75,846 233,418 440,366
Additions - - - 1,482 1,482
As at 31 December 2023 73,155 57,947 75,846 234,900 441,848
Depreciation
As at 1 January 2023 73,155 57,947 74,338 182,815 388,255
Provided during the period - - 562 16,052 16,614
As at 31 December 2023 73,155 57,947 74,900 198,867 404,869
Net Book Value
As at 31 December 2023 - - 946 36,033 36,979
As at 1 January 2023 - - 1,508 50,603 52,111
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 701,512 900,768
Prepayments and accrued income 17,120 28,850
Other debtors 15,000 15,494
733,632 945,112
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 106,543 42,784
Bank loans and overdrafts 10,149 9,894
Other taxes and social security 27,138 44,860
VAT 111,849 64,590
Other creditors 197,923 793,173
Accruals and deferred income 169,802 88,729
Amounts owed to group undertakings 149,233 223,621
772,637 1,267,651
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 14,814 24,963
Amounts owed to group undertakings 400,000 355,000
414,814 379,963
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 550,000 550,000
9. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of  Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Ultimate Controlling Party
The immediate parent company is EDAG Engineering GmbH incorporated in Germany. The ultimate parent company and ultimate controlling party is EDAG Engineering Group AG incorporated in Switzerland. The smallest group into which EDAG Engineering Limited is consolidated is that of EDAG Engineering Group AG. The group accounts of EDAG Engineering Group AG can be obtained in the Swiss company register Zefix.
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12. Audit Information
The auditor's report on the accounts of EDAG Engineering Ltd for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by Amy Claire Hancock FCCA (Senior Statutory Auditor) for and on behalf of Hancock & Hastings Ltd , Statutory Auditor.
Hancock & Hastings Ltd
Suite 2 Ashton Square Business Centre
22 Ashton Square
Dunstable
LU6 3SN
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