Registered number
11541688
EUREKA INVENTIONS LIMITED
Filleted Accounts
31 August 2024
EUREKA INVENTIONS LIMITED
Registered number: 11541688
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 38,765 38,765
Tangible assets 4 9,509 10,309
48,274 49,074
Current assets
Debtors 5 49,198 10,000
Cash at bank and in hand 178,447 229,277
227,645 239,277
Creditors: amounts falling due within one year 6 (15,219) (48,313)
Net current assets 212,426 190,964
Net assets 260,700 240,038
Capital and reserves
Called up share capital 2 2
Profit and loss account 260,698 240,036
Shareholders' funds 260,700 240,038
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Aditi K Desai
Director
Approved by the board on 19 March 2025
EUREKA INVENTIONS LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing Balance Basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 38,765
At 31 August 2024 38,765
Amortisation
At 31 August 2024 -
Net book value
At 31 August 2024 38,765
At 31 August 2023 38,765
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 15,404
Additions 1,578
At 31 August 2024 16,982
Depreciation
At 1 September 2023 5,095
Charge for the year 2,378
At 31 August 2024 7,473
Net book value
At 31 August 2024 9,509
At 31 August 2023 10,309
5 Debtors 2024 2023
£ £
Other debtors 49,198 10,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,621 3,152
Amounts owed to group undertakings and undertakings in which the company has a participating interest (1,256) (1,256)
Taxation and social security costs 896 21,448
Other creditors 12,958 24,969
15,219 48,313
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Dr Kiran K Desai
[Interest Free Loans] (12,500) 96,280 (41,836) 41,944
(12,500) 96,280 (41,836) 41,944
8 Related party transactions
Related party transaction loan to group company -Truetine £1256
9 Controlling party
The Directors's have overall control of the company by virtue of majority shareholding.
10 Other information
EUREKA INVENTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Flat 15
College Court High Street
Tettenhall
Wolverhampton
WV6 8QP
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