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Company registration number: 03671228
Essex Hearing Aids Limited
Unaudited filleted financial statements
31 December 2024
Essex Hearing Aids Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Essex Hearing Aids Limited
Directors and other information
Directors
Mr A Noremberg
Mrs L M Noremberg
Company number 03671228
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Accountants Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Essex Hearing Aids Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Essex Hearing Aids Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Essex Hearing Aids Limited for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Essex Hearing Aids Limited, as a body, in accordance with the terms of our engagement letter dated 3 March 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Essex Hearing Aids Limited and state those matters that we have agreed to state to the board of directors of Essex Hearing Aids Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Essex Hearing Aids Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Essex Hearing Aids Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Essex Hearing Aids Limited. You consider that Essex Hearing Aids Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Essex Hearing Aids Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
7 March 2025
Essex Hearing Aids Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 33,269 40,763
_______ _______
33,269 40,763
Current assets
Stocks 300 400
Debtors 9 6,813 11,305
Cash at bank and in hand 36,893 60,459
_______ _______
44,006 72,164
Creditors: amounts falling due
within one year 10 ( 19,630) ( 33,997)
_______ _______
Net current assets 24,376 38,167
_______ _______
Total assets less current liabilities 57,645 78,930
Provisions for liabilities 11 7,356 6,875
_______ _______
Net assets 65,001 85,805
_______ _______
Capital and reserves
Called up share capital 13 1,100 1,100
Profit and loss account 63,901 84,705
_______ _______
Shareholders funds 65,001 85,805
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2025 , and are signed on behalf of the board by:
Mr A Noremberg
Director
Company registration number: 03671228
Essex Hearing Aids Limited
Statement of changes in equity
Year ended 31 December 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2023 1,100 115,424 116,524
Profit for the year 51,081 51,081
_______ _______ _______
Total comprehensive income for the year - 51,081 51,081
Dividends paid and payable ( 81,800) ( 81,800)
_______ _______ _______
Total investments by and distributions to owners - ( 81,800) ( 81,800)
_______ _______ _______
At 31 December 2023 and 1 January 2024 1,100 84,705 85,805
Profit for the year 46,196 46,196
_______ _______ _______
Total comprehensive income for the year - 46,196 46,196
Dividends paid and payable ( 67,000) ( 67,000)
_______ _______ _______
Total investments by and distributions to owners - ( 67,000) ( 67,000)
_______ _______ _______
At 31 December 2024 1,100 63,901 65,001
_______ _______ _______
Essex Hearing Aids Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 12,663 14,994
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 481) ( 1,244)
_______ _______
Tax on profit 12,182 13,750
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 67,000 81,800
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2024 and 31 December 2024 17,350 17,350
_______ _______
Amortisation
At 1 January 2024 and 31 December 2024 17,350 17,350
_______ _______
Carrying amount
At 31 December 2024 - -
_______ _______
At 31 December 2023 - -
_______ _______
8. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 47,812 64,995 112,807
Additions 4,051 - 4,051
_______ _______ _______
At 31 December 2024 51,863 64,995 116,858
_______ _______ _______
Depreciation
At 1 January 2024 34,377 37,666 72,043
Charge for the year 4,713 6,833 11,546
_______ _______ _______
At 31 December 2024 39,090 44,499 83,589
_______ _______ _______
Carrying amount
At 31 December 2024 12,773 20,496 33,269
_______ _______ _______
At 31 December 2023 13,435 27,329 40,764
_______ _______ _______
9. Debtors
2024 2023
£ £
Trade debtors 2,025 10,550
Other debtors 4,788 755
_______ _______
6,813 11,305
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 12,498
Corporation tax 12,651 14,983
Social security and other taxes 1,659 590
Other creditors 5,320 5,926
_______ _______
19,630 33,997
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 January 2024 ( 6,875) ( 6,875)
Additions ( 481) ( 481)
_______ _______
At 31 December 2024 ( 7,356) ( 7,356)
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) ( 7,356) ( 6,875)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 7,356) ( 6,875)
_______ _______
13. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 1,000 1,000 1,000 1,000
Ordinary B shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
1,100 1,100 1,100 1,100
_______ _______ _______ _______
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A Noremberg ( 2,626) 607 ( 501) ( 2,520)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A Noremberg ( 1,109) 45,121 ( 46,638) ( 2,626)
_______ _______ _______ _______
15. Controlling party
Mr A Noremberg is the controlling party of the company.