Company Registration No. 09962637 (England and Wales)
ESSENTA PARTNERS LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ESSENTA PARTNERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ESSENTA PARTNERS LTD
Company Registration No. 09962637
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,371
8,406
Tangible assets
4
85,676
108,821
Investments
5
1
1
90,048
117,228
Current assets
Debtors
6
2,995,143
2,798,508
Cash at bank and in hand
1,602,448
2,076,045
4,597,591
4,874,553
Creditors: amounts falling due within one year
7
(2,629,040)
(3,071,877)
Net current assets
1,968,551
1,802,676
Total assets less current liabilities
2,058,599
1,919,904
Creditors: amounts falling due after more than one year
8
(104,669)
(233,777)
Net assets
1,953,930
1,686,127
Capital and reserves
Called up share capital
9
4
4
Share premium account
480,496
448,923
Profit and loss reserves
1,473,430
1,237,200
Total equity
1,953,930
1,686,127
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ESSENTA PARTNERS LTD
Company Registration No. 09962637
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
J Howells
Director
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Essenta Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 77 St Martin’s Lane, 1st Floor, London, WC2N 4AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 years straight line
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
31
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 January 2024 and 31 December 2024
12,105
Amortisation and impairment
At 1 January 2024
3,699
Amortisation charged for the year
4,035
At 31 December 2024
7,734
Carrying amount
At 31 December 2024
4,371
At 31 December 2023
8,406
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
213,930
Additions
3,531
Disposals
(4,582)
At 31 December 2024
212,879
Depreciation and impairment
At 1 January 2024
105,109
Depreciation charged in the year
24,576
Eliminated in respect of disposals
(2,482)
At 31 December 2024
127,203
Carrying amount
At 31 December 2024
85,676
At 31 December 2023
108,821
5
Fixed asset investments
2024
2023
£
£
Investment in LLC
1
1
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,126,216
1,413,523
Other debtors
1,868,927
1,384,985
2,995,143
2,798,508
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
110,862
134,645
Trade creditors
175,273
41,190
Taxation and social security
799,264
590,162
Other creditors
1,543,641
2,305,880
2,629,040
3,071,877
Included within creditors falling due within one year are unsecured bank loans of £110,862 (2023: £134,645).
Included in other creditors is a hire purchase of £18,245 (2023: £15,614) which is secured with the asset to which it relates.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
66,603
177,466
Other creditors
38,066
56,311
104,669
233,777
Included within creditors falling due after more than one year are unsecured bank loans of £66,603 (2023: £177,466).
Included within other creditors is a hire purchase of £38,066 (2023: £56,311) which is secured with the asset to which it relates.
ESSENTA PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Founder A of 0.01p each
15,246
17,623
2
2
Founder C of 0.01p each
13,000
13,000
1
1
Employee A of 0.01p each
2,484
2,484
Employee C of 0.01p each
10,595
10,595
1
1
Employee E of 0.01p each
2,105
0
43,430
43,702
4
4
On 28 February 2023 the company entered an agreement to buy back C Jaggard’s shares in tranches over 32 months. 3,246 shares are still to be bought back at the balance sheet date.
The company has created a capital redemption reserve for the nominal value of shares bought back under this agreement, the value of which is below £1.
10
Share options
The company set up an EMI scheme in 2020 and awarded options over 621 Employee B non-voting growth shares at a grant price of £12.50. The earliest date on which the option may be exercised (subject to the Option Agreement), unless an earlier event occurs to cause it to lapse or to be exercisable under the Scheme Rules, is when an Exit event occurs. Given an Exit event is not guaranteed, the options have not been accounted for in the financial statements.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
872,684
1,101,930
12
Related party transactions
At the balance sheet date the company was owed £205,259 (2023 - £138,331) by Essenta LLC, of which Essenta Partners Ltd is sole member.
At the balance sheet date, the company was owed £567 (2023 - £567) from a previous director C Jaggard.
13
Directors' benefits: advances, credit and guarantees notes
At the beginning of the year, the director, J Howells, owed £25,915 to the company. During the year advances totalling £179,284 were made to the director. Repayments made by the director totalled £206,587. Interest of £1,388 was charged on the loan account at the official rate of interest. At the balance sheet date the company owed the director £nil.