Accounts Submission

Accounts Submission

EFENDI BUSINESS SOLUTIONS LIMITED - Company Information

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EFENDI BUSINESS SOLUTIONS LIMITED

Company Registration Number:
08070592 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2021

Period of accounts

Start date: 01 April 2020

End date: 31 March 2021

Page 1

EFENDI BUSINESS SOLUTIONS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2021

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Profit and Loss notes - 11
Balance sheet notes - 12

Page 2

EFENDI BUSINESS SOLUTIONS LIMITED

Company Information

for the Period Ended 31 March 2021




Director: Kevan Michael Keegan
Brian William Henry Vincent
Secretary: Kevan Michael Keegan
Registered office: 8
Chacombe Place
Beaconsfield
GBR
HP9 2WS
Company Registration Number: 08070592 (England and Wales)

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EFENDI BUSINESS SOLUTIONS LIMITED

Directors' Report Period Ended 31 March 2021

The directors present their report with the financial statements of the company for the period ended 31 March 2021

Principal Activities

The company provides consultancy and management support services to smaller African enterprises, primarily in Uganda.

Political and charitable donations

The company did not make any charitable or political donations during the period.

Additional information

Where appropriate the company will also provide financial support to selected clients and secure its interests with debentures or shareholdings or both, but only where the company retains the right to nominate directors to the investee company board and to take an active and legally enforceable role in that investee company's direction.

Directors

The directors shown below have held office during the whole of the period from 01 April 2020 to 31 March 2021
Kevan Michael Keegan
Brian William Henry Vincent

Secretary
Kevan Michael Keegan

This report was approved by the board of directors on 29 December 2021
And Signed On Behalf Of The Board By:

Name: Kevan Michael Keegan
Status: Director

Page 4

EFENDI BUSINESS SOLUTIONS LIMITED

Profit and Loss Account

for the Period Ended 31 March 2021


Notes
2021
£
2020
£
Gross Profit or (Loss) 0 35,000
Income from coronavirus (COVID-19) business support grants 0 0
Distribution Costs ( 0 ) ( 40,217 )
Administrative Expenses ( 91 ) ( 4,127 )
Operating Profit or (Loss) ( 91 ) ( 9,344 )
Interest Receivable and Similar Income 0 0
Interest Payable and Similar Charges ( 0 ) ( 156 )
Profit or (Loss) Before Tax 4 ( 91 ) ( 9,500 )
Profit or (Loss) for Period ( 91 ) ( 9,500 )

The notes form part of these financial statements

Page 5

EFENDI BUSINESS SOLUTIONS LIMITED

Balance sheet

As at 31 March 2021


Notes
2021
£
2020
£
Fixed assets
Intangible assets: 5 10,500 10,500
Total fixed assets: 10,500 10,500
Current assets
Stocks: 0 0
Debtors: 6 7,500 7,500
Cash at bank and in hand: 2,314 2,405
Total current assets: 9,814 9,905
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 7 ( 13,248 ) ( 13,248 )
Net current assets (liabilities): ( 3,434 ) ( 3,343 )
Total assets less current liabilities: 7,066 7,157
Creditors: amounts falling due after more than one year: 8 ( 20,000 ) ( 20,000 )
Provision for liabilities: ( 0 ) ( 0 )
Accruals and deferred income: ( 0 ) ( 0 )
Total net assets (liabilities): ( 12,934 ) ( 12,843 )

The notes form part of these financial statements

Page 6

EFENDI BUSINESS SOLUTIONS LIMITED

Balance sheet continued

As at 31 March 2021


Notes
2021
£
2020
£
Capital and reserves
Called up share capital: 10 10
Profit and loss account: ( 12,944 ) ( 12,853 )
Shareholders funds: ( 12,934 ) ( 12,843 )

For the year ending 31 March 2021 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 December 2021
And Signed On Behalf Of The Board By:

Name: Kevan Michael Keegan
Status: Director

The notes form part of these financial statements

Page 7

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Going Concern: The directors consider it appropriate to prepare the statements on a going concern basis, despite the technical insolvency of the company. This is due to the continued support of the directors and shareholders, who control the company's only creditors and to whom the company owes substantially more than the company's net balance sheet deficit.

Page 8

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

  • 2. Employees


    2021
    2020
    Average number of employees during the period 2 2

    The only employees of the company are the directors.

Page 9

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

  • 3. Off balance sheet disclosure

    No

Page 10

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

4.Profit or (Loss) before tax

Due to the global pandemic, Uganda went in a hard lock-down on 20th March 2020 so the company's consultancy activities were restricted to remote support and monitoring of the company's first client (a fish breeding business in eastern Uganda) and all other business development activity was suspended. As a result the company incurred no business revienues or costs, apart from bank charges and filing fees.

Page 11

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

  • 5. Intangible assets

    Total
    Cost £
    At 01 April 2020 10,500
    Additions 0
    Disposals (0)
    Revaluations 0
    Transfers 0
    At 31 March 2021 10,500
    Amortisation
    Amortisation at 01 April 2020 0
    Charge for year 0
    On disposals (0)
    Other adjustments 0
    Amortisation at 31 March 2021 0
    Net book value
    Net book value at 31 March 2021 10,500
    Net book value at 31 March 2020 10,500

    On 29th January 2020 the company invested 50 million Uganda Shillings (£10,500) acquiring a 50% shareholding in a fish breeding business in Eastern Uganda, with the right to appoint 3 of the six permitted directors and to hold the Chairmanship.

    Additionally the company refinanced all the debts owing by that business to third parties registering a debenture of 35 million Uganda Shillings (£7,500) over the entire assets of that business. With the onset of the global pandemic and a severe lock-down in Uganda, this business suffered a significant reduction in revenues and so the company suspended all interest and capital payments due on this debenture for a minimum of two years.

Page 12

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

  • 6. Debtors


    2021
    £
    2020
    £
    Debtors due after more than one year: 7,500 7,500

    The repayments on this Debenture loan were suspended in April 2020 for two years to allow the client to survive the economic contraction resulting from the global pandemic, and terms are to be restructured in 2022. The debt remains secured on all the assets of the client.

Page 13

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

7. Creditors: amounts falling due within one year note

The company's only creditors are parties controlled by the shareholders, or the shareholders themselves.

Page 14

EFENDI BUSINESS SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2021

8. Creditors: amounts falling due after more than one year note

The shareholders injected all these extra funds to enable the company to execute appropriate investments and accelerate the impact of the performance improvement services provided to African clients. Such stakes also provide geared returns on the effectiveness of the company's services while client cash flows are rebuilt.

Page 15