Estone Personal Credit Limited Accounts

ESTONE PERSONAL CREDIT LIMITED - Company Information






Estone Personal Credit Limited

	Company No. 03729110
		Financial Statements for the year ended
		31 March 2022

at	31 March 2022
Company No.		03729110	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	48,000	57,600
	Tangible assets		5	10,544	21,662


				58,544	79,262
Current assets
	Stocks		6	4,114	794
	Debtors		7	1,172,053	1,063,204

	Cash at bank and in hand			678,859	754,062
				1,855,026	1,818,060
Creditors: Amount falling due within one year			8	(313,044)	(320,497)
Net current assets				1,541,982	1,497,563
Total assets less current liabilities				1,600,526	1,576,825
Creditors: Amounts falling due after more than one year			9	-	(2,621)
Provisions for liabilities
	Deferred taxation		10	(9,501)	(13,081)

Net assets				1,591,025	1,561,123

Capital and reserves
	Called up share capital			400	400



	Profit and loss account		11	1,590,625	1,560,723

Total equity				1,591,025	1,561,123



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 26 April 2022
And signed on its behalf by:
P. Langley
Director
26 April 2022

for the year ended 31 March 2022

General information

Its registered number is: 03729110

Its registered office is:

186A Dudley Port

Tipton

West Midlands

DY4 7RG

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. Turnover is reduced for discounts, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Revenue from lending represents the total accrued in the period in respect of charges for credit and commission receivable, net of any rebates allowed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Costs include costs directly attributable to making the asset capable of operating as intended.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Motor vehicles

25% Straight line

Furniture, fittings and equipment

15-25% Straight line

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax represents the future tax consequences of transactions and events recognised in the accounts of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the accounts that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the accounts. Unrelieved tax losses and other deferred tax assets are recognised only 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2022	2021
			Number	Number
		The average number of persons employed during the year :	10	9

4	Intangible fixed assets
			Develop-ment costs	Total
			£	£
		Cost
		At 1 April 2021	96,000	96,000


		At 31 March 2022	96,000	96,000
		Amortisation and impairment
		At 1 April 2021	38,400	38,400
		Charge for the year	9,600	9,600


		At 31 March 2022	48,000	48,000
		Net book values
		At 31 March 2022	48,000	48,000
		At 31 March 2021	57,600	57,600

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2021	44,185	15,724	59,909




		At 31 March 2022	44,185	15,724	59,909
		Depreciation
		At 1 April 2021	22,625	15,622	38,247
		Charge for the year	11,016	102	11,118



		At 31 March 2022	33,641	15,724	49,365
		Net book values
		At 31 March 2022	10,544	-	10,544
		At 31 March 2021	21,560	102	21,662

6	Stocks
			2022	2021
			£	£


		Finished goods	4,114	794
			4,114	794

7	Debtors
			2022	2021
			£	£
		Trade debtors	1,168,245	1,059,627






		Prepayments and accrued income	3,808	3,577
			1,172,053	1,063,204

		Amounts included within Other debtors that fall due after more than one year	355,200	332,000

8	Creditors:
		amounts falling due within one year
			2022	2021
			£	£



		Obligations under finance lease and hire purchase contracts	3,083	2,951
		Trade creditors	3,425	6,635

		Corporation tax	362	-
		Other taxes and social security	42,112	59,850

		Other creditors	910	718
		Accruals and deferred income	263,152	250,343
			313,044	320,497

9	Creditors:
		amounts falling due after more than one year
			2022	2021
			£	£



		Obligations under finance lease and hire purchase contracts	-	2,621




			-	2,621

10	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2021	13,081	13,081
		Charge to the profit and loss account for the period	(3,580)	(3,580)

		At 31 March 2022	9,501	9,501



			2022	2021
			£	£
		Accelerated capital allowances	9,501	13,081



			9,501	13,081

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

12	Dividends
			2022	2021
			£	£
		Dividends for the period:
		Dividends paid in the period	113,400	113,600

			113,400	113,600

		Dividends by type:

		Equity dividends	113,400	113,600
			113,400	113,600