Entrepreneurs in Action Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04831677 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Entrepreneurs in Action Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D E Browne

SECRETARY:

K Reid

REGISTERED OFFICE:

Capital Business Centre

22 Carlton Road

South Croydon

CR2 0BS

BUSINESS ADDRESS:

75 Beechwood Road

South Croydon

Surrey

CR2 0AF

REGISTERED NUMBER:

04831677 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Tangible assets

4

834

-

CURRENT ASSETS

Debtors

5

21,654

28,620

Cash at bank and in hand

43,774

2

65,428

28,622

CREDITORS

Amounts falling due within one year

6

(42,283

)

(28,346

)

NET CURRENT ASSETS

23,145

276

TOTAL ASSETS LESS CURRENT LIABILITIES

23,979

276

CREDITORS

Amounts falling due after more than one year

7

(14,627

)

-

PROVISIONS FOR LIABILITIES

8

(159

)

-

NET ASSETS

9,193

276

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

9,093

176

9,193

276

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2021 and were signed by:

D E Browne - Director

1.	STATUTORY INFORMATION

Entrepreneurs in Action Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company continued to be that of the provision of coaching techniques for enabling young people to understand and explore skills to run a business.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents amounts receivable for goods and services net of VAT and trade discounts .

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment

33 1/3% Straight Line

Computer equipment

33 1/3% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

FINANCIAL INSTRUMENTS

The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date..

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PROVISIONS FOR LIABILITIES

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 statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the 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 Balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

540

6,864

7,404

Additions

-

968

968

At 31 December 2020

540

7,832

8,372

DEPRECIATION

At 1 January 2020

540

6,864

7,404

Charge for year

-

134

134

At 31 December 2020

540

6,998

7,538

NET BOOK VALUE

At 31 December 2020

-

834

834

At 31 December 2019

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,400

-

Other debtors

19,254

28,620

21,654

28,620

The directors consider the carrying value of trade and other receivables approximate to their fair value.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

248

8,619

Trade creditors

3,777

2,247

Taxation and social security

33,470

12,510

Other creditors

4,788

4,970

42,283

28,346

The directors consider the carrying amounts of current liabilities approximate to their fair values.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

14,627

-

Amounts falling due in more than five years:

Repayable by instalments

Bounce back loan > 5 years

2,727

-

The directors consider the carrying amounts of long term liabilities approximate to their fair values..

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

159

-

Deferred

tax

£

Provided during year

159

Balance at 31 December 2020

159

9.

RESERVES

PROFIT AND LOSS ACCOUNT

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date, included in other creditors are amounts to from D Browne (director) of £117 (2019 - £21,965 in other debtors).

At the balance sheet date, included in other creditors are amounts due to The Talent Portfolio Ltd of £2,871 (2019 - £3,871).

At the balance sheet date, included in other debtors are amounts due from Entrepreneurs in Action Foundation Community Interest Co. of £513 (2019 - £513).

D E Browne is the managing director and holds 100% of the issued share capital of Entrepreneurs In Action Foundation Community Interest Company and The Talent Portfolio Ltd.

11.	EVENT DURING THE REPORTING PERIOD

The Coronavirus (COVID-19) have emerged globally resulting in a significant impact on businesses worldwide and the UK government continued to impose restrictions in 2021. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.