Errish Associates Limited 31/07/2020 iXBRL

ERRISH ASSOCIATES LIMITED - Company Information

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Company registration number: 11445844

Errish Associates Limited

Unaudited filleted financial statements

31 July 2020

ERRISH ASSOCIATES LIMITED

Contents

Statement of financial position

Notes to the financial statements

ERRISH ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 JULY 2020

		31/07/20		31/07/19
	Note	£	£	£	£

Creditors: amounts falling due
within one year	5	( 5,602)		( 3,057)
		_______		_______
Net current liabilities			( 5,602)		( 3,057)
			_______		_______
Total assets less current liabilities			( 5,602)		( 3,057)

			_______		_______
Net liabilities			( 5,602)		( 3,057)
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account	6		( 5,702)		( 3,157)
			_______		_______
Shareholders deficit			( 5,602)		( 3,057)
			_______		_______

For the year ending 31 July 2020 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 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 01 March 2021 , and are signed on behalf of the board by:

Mr S J Tetlow

Director

Company registration number: 11445844

ERRISH ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Timberly, South Street, Axminster, Devon, EX13 5AD.

Principal activity

The principal activity of the company is that of management consultancy.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Creditors: amounts falling due within one year

	31/07/20	31/07/19
	£	£
Accruals and deferred income	1,056	840
Other creditors	4,546	2,217
	_______	_______
	5,602	3,057
	_______	_______

6. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

7. Related party transactions

At 31 July 2020 creditors include £4,546 (31st July 2019 £2,217) due to the director.

8. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.