EGGS-PORT LIMITED 31/08/2019 iXBRL

EGGS-PORT LIMITED 31/08/2019 iXBRL

EGGS-PORT LIMITED - Company Information

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Company registration number: 02907898
EGGS-PORT LIMITED
Pages for filing with Registrar
31 August 2019
EGGS-PORT LIMITED
Contents
Accountants report
Statement of financial position
Notes to the financial statements
EGGS-PORT LIMITED
Accountants report to the director on the preparation of the
unaudited statutory financial statements of EGGS-PORT LIMITED
Year ended 31 August 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EGGS-PORT LIMITED for the year ended 31 August 2019 which comprise the statement of financial position 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, 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 director of EGGS-PORT LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of EGGS-PORT LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EGGS-PORT LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that EGGS-PORT 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 EGGS-PORT LIMITED. You consider that EGGS-PORT 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 EGGS-PORT 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.
Stephenson Coates Limited
Accountants
West 2, Asama Court
Newcastle Business Park
Newcastle upon Tyne
NE4 7YD
26 August 2020
EGGS-PORT LIMITED
Statement of financial position
31 August 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 241 1,268
_______ _______
241 1,268
Current assets
Stocks 30,961 31,516
Debtors 6 80,385 44,804
Cash at bank and in hand 34,858 77,086
_______ _______
146,204 153,406
Creditors: amounts falling due
within one year 7 ( 132,515) ( 154,765)
_______ _______
Net current assets/(liabilities) 13,689 ( 1,359)
_______ _______
Total assets less current liabilities 13,930 ( 91)
Provisions for liabilities ( 45) ( 241)
_______ _______
Net assets/(liabilities) 13,885 ( 332)
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 12,885 ( 1,332)
_______ _______
Shareholders funds/(deficit) 13,885 ( 332)
_______ _______
For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2020 , and are signed on behalf of the board by:
Mrs. S. J. Eggleston
Director
Company registration number: 02907898
EGGS-PORT LIMITED
Notes to the financial statements
Year ended 31 August 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hexham Mart, Tyne Green, Hexham, Northumberland, NE46 3SG.
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.
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:
Plant and machinery - 15 % straight line
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: 3 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 September 2018 and 31 August 2019 7,100 7,100
_______ _______
Depreciation
At 1 September 2018 5,832 5,832
Charge for the year 1,027 1,027
_______ _______
At 31 August 2019 6,859 6,859
_______ _______
Carrying amount
At 31 August 2019 241 241
_______ _______
At 31 August 2018 1,268 1,268
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 29,120 8,412
Other debtors 51,265 36,392
_______ _______
80,385 44,804
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 5,188 -
Trade creditors 106,631 148,400
Corporation tax 3,530 -
Social security and other taxes - 4,065
Other creditors 17,166 2,300
_______ _______
132,515 154,765
_______ _______
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2019 2018
£ £
Mrs. S. J. Eggleston - 17,246
_______ _______