Edenthrift Ltd - Period Ending 2018-08-31
Edenthrift Ltd - Period Ending 2018-08-31
Registration number:
Edenthrift Ltd
for the Year Ended 31 August 2018
Chartered Certified Accountants
1st Floor, 44 Worship Street
London
EC2A 2EA
Edenthrift Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Edenthrift Ltd
Company Information
Director |
T M Lam |
Registered office |
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Accountants |
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Page 1 |
Edenthrift Ltd
(Registration number: 02485504)
Abridged Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Accruals and deferred income |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 2 |
Edenthrift Ltd
(Registration number: 02485504)
Abridged Balance Sheet as at 31 August 2018
Approved and authorised by the director on
.........................................
T M Lam
Director
Page 3 |
Edenthrift Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
12 Gerrard Street
London
UK
W1D 5PP
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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 sale of goods and 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.
Tax
The tax expense for the period comprises current 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.
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.
Page 4 |
Edenthrift Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Land and buildings |
5% on cost |
Plant and machinery |
25% on reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Page 5 |
Edenthrift Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Edenthrift Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
Intangible assets |
Total |
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Cost or valuation |
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At 1 September 2017 |
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At 31 August 2018 |
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Amortisation |
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At 1 September 2017 |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
Tangible assets |
Total |
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Cost or valuation |
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At 1 September 2017 |
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At 31 August 2018 |
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Depreciation |
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At 1 September 2017 |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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At 31 August 2017 |
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Included within the net book value of land and buildings above is £104,829 (2017 - £104,829) in respect of short leasehold land and buildings.
Investments |
Page 7 |
Edenthrift Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
Total |
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Cost or valuation |
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At 1 September 2017 |
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Provision |
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Carrying amount |
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At 31 August 2018 |
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At 31 August 2017 |
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Page 8 |