Thetford EA Limited 30/11/2020 iXBRL

Thetford EA Limited 30/11/2020 iXBRL

THETFORD EA LIMITED - Company Information

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Company registration number: 10712953
Thetford EA Limited
Unaudited filleted financial statements
30 November 2020
Thetford EA Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Thetford EA Limited
Directors and other information
Directors Mr M Patel
Mr A A Prendergast
Ms S Stubbs
Dr M Hadley-Brown
Dr M K Overy
Mr R C Howes-Ward
Dr J L Bryson
Dr M P Belsham
Company number 10712953
Registered office 205 Plumstead Road
Norwich
Norfolk
NR1 4AB
Accountants Pandit & Associates Limited
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Thetford EA Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Thetford EA Limited
Period ended 30 November 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thetford EA Limited for the period ended 30 November 2020 which comprise the statement of financial position, statement of changes in equity 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 Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Thetford EA 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 Thetford EA Limited and state those matters that we have agreed to state to the board of directors of Thetford EA Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thetford EA Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Thetford EA 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 Thetford EA Limited. You consider that Thetford EA Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Thetford EA 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.
Pandit & Associates Limited
Chartered Certified Accountants & Registered Auditors
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
22 April 2021
Thetford EA Limited
Statement of financial position
30 November 2020
30/11/20 31/03/20
Note £ £ £ £
Fixed assets
Intangible assets 5 283,333 310,000
Tangible assets 6 223,532 236,533
_______ _______
506,865 546,533
Current assets
Stocks 57,480 50,000
Debtors 7 171,810 176,234
Cash at bank and in hand 184,715 142,612
_______ _______
414,005 368,846
Creditors: amounts falling due
within one year 8 ( 245,719) ( 266,342)
_______ _______
Net current assets 168,286 102,504
_______ _______
Total assets less current liabilities 675,151 649,037
Creditors: amounts falling due
after more than one year 9 ( 594,545) ( 653,604)
Provisions for liabilities ( 1,594) ( 1,968)
_______ _______
Net assets/(liabilities) 79,012 ( 6,535)
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 78,912 ( 6,635)
_______ _______
Shareholders funds/(deficit) 79,012 ( 6,535)
_______ _______
For the period ending 30 November 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 period 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 Section 1A of 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 22 April 2021 , and are signed on behalf of the board by:
Mr M Patel
Director
Company registration number: 10712953
Thetford EA Limited
Statement of changes in equity
Period ended 30 November 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2019 100 ( 39,593) ( 39,493)
Profit for the period 32,958 32,958
_______ _______ _______
Total comprehensive income for the period - 32,958 32,958
_______ _______ _______
At 31 March 2020 and 1 April 2020 100 ( 6,635) ( 6,535)
Profit for the period 85,547 85,547
_______ _______ _______
Total comprehensive income for the period - 85,547 85,547
_______ _______ _______
At 30 November 2020 100 78,912 79,012
_______ _______ _______
Thetford EA Limited
Notes to the financial statements
Period ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 205 Plumstead Road, Norwich, Norfolk, NR1 4AB.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property - 20 years
Office equipment - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 10 (2020: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2020 and 30 November 2020 400,000 400,000
_______ _______
Amortisation
At 1 April 2020 90,000 90,000
Charge for the period 26,667 26,667
_______ _______
At 30 November 2020 116,667 116,667
_______ _______
Carrying amount
At 30 November 2020 283,333 283,333
_______ _______
At 31 March 2020 310,000 310,000
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2020 and 30 November 2020 191,961 1,839 91,910 285,710
_______ _______ _______ _______
Depreciation
At 1 April 2020 21,467 577 27,133 49,177
Charge for the year 6,399 126 6,476 13,001
_______ _______ _______ _______
At 30 November 2020 27,866 703 33,609 62,178
_______ _______ _______ _______
Carrying amount
At 30 November 2020 164,095 1,136 58,301 223,532
_______ _______ _______ _______
At 31 March 2020 170,494 1,262 64,777 236,533
_______ _______ _______ _______
7. Debtors
30/11/20 31/03/20
£ £
Trade debtors 148,376 164,421
Other debtors 23,434 11,813
_______ _______
171,810 176,234
_______ _______
8. Creditors: amounts falling due within one year
30/11/20 31/03/20
£ £
Bank loans and overdrafts 77,254 77,254
Trade creditors 117,989 164,292
Corporation tax 47,315 19,433
Social security and other taxes 637 600
Other creditors 2,524 4,763
_______ _______
245,719 266,342
_______ _______
9. Creditors: amounts falling due after more than one year
30/11/20 31/03/20
£ £
Bank loans and overdrafts 594,545 653,604
_______ _______
10. Called up share capital
30/11/20 31/03/20
No £ No £
Ordinary A shares shares of £ - each (2020: £ 0.50 ) - - 100 50
Ordinary B shares shares of £ - each (2020: £ 1.00 ) - - 50 50
_______ _______ _______ _______
- - 150 100
_______ _______ _______ _______