E.S.C.O.P. - Period Ending 2022-03-31

E.S.C.O.P.
(Registration number: 03296685)

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

E.S.C.O.P.
(Registration number: 03296685)

Company Information

Directors

Prof L Krenn Prof A R Bilia Dr B J Vanaclocha Dr D Csupor Dr D Meijer Dr C J Etheridge Dr B Steinhoff Dr E Wolfram

Company secretary

Mr S Mills

Registered office

Notaries House Chapel Street Exeter Devon EX1 1EZ

Accountants

Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG

E.S.C.O.P.
(Registration number: 03296685)

Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	485	-
		485	-
Current assets
Stocks	6	636	636
Debtors	7	3,954	1,187
Cash at bank and in hand		38,376	30,639
		42,966	32,462
Creditors: Amounts falling due within one year	8	(1,771)	(3,154)
Net current assets		41,195	29,308
Net assets		41,680	29,308
Capital and reserves
Profit and loss account		41,680	29,308
Total equity		41,680	29,308

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

E.S.C.O.P.
(Registration number: 03296685)

Balance Sheet as at 31 March 2022

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 May 2022 and signed on its behalf by:
 

......................................... Prof L Krenn Director

E.S.C.O.P.
(Registration number: 03296685)

Notes to the Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Notaries House
Chapel Street
Exeter
Devon
EX1 1EZ
 

2	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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

E.S.C.O.P.
(Registration number: 03296685)

Notes to the Financial Statements for the Year Ended 31 March 2022

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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
Fixtures, fittings and equipment	25% straight line basis

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
Development costs	20% straight line basis

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.

E.S.C.O.P.
(Registration number: 03296685)

Notes to the Financial Statements for the Year Ended 31 March 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2021 - 9).

E.S.C.O.P.
(Registration number: 03296685)

Notes to the Financial Statements for the Year Ended 31 March 2022

4	Intangible assets

	Development costs  £	Total £
Cost or valuation
At 1 April 2021	19,219	19,219
At 31 March 2022	19,219	19,219
Amortisation
At 1 April 2021	19,219	19,219
At 31 March 2022	19,219	19,219
Carrying amount
At 31 March 2022	-	-

5	Tangible assets

	Fixtures, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2021	6,876	6,876
Additions	529	529
At 31 March 2022	7,405	7,405
Depreciation
At 1 April 2021	6,876	6,876
Charge for the year	44	44
At 31 March 2022	6,920	6,920
Carrying amount
At 31 March 2022	485	485

6

Stocks

	2022 £	2021 £
Finished goods and goods for resale	636	636

E.S.C.O.P.
(Registration number: 03296685)

Notes to the Financial Statements for the Year Ended 31 March 2022

7

Debtors

	2022 £	2021 £
Prepayments and accrued income	3,954	1,187
Total current trade and other debtors	3,954	1,187

8

Creditors

	Note	2022 £	2021 £
Due within one year
Trade creditors		104	104
Other creditors		17	-
Accrued expenses		1,650	3,050
		1,771	3,154

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,320 (2021 - £3,320).