E Fundamentals (Group) Limited - Period Ending 2020-12-31
E Fundamentals (Group) Limited - Period Ending 2020-12-31
Registration number:
E Fundamentals (Group) Limited
for the Year Ended 31 December 2020
E Fundamentals (Group) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
E Fundamentals (Group) Limited
Company Information
Directors |
Mr E Patrick Mr G Urquhart Mr D Reeves Mr J Maltman Mr D Murray-Hundley Mr R Lewis Mr M Wombwell Mr G Price Mr A Hickey |
Registered office |
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E Fundamentals (Group) Limited
(Registration number: 09216084)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
3,218 |
3,209 |
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Share premium reserve |
10,259,566 |
8,976,415 |
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Profit and loss account |
1,125,079 |
1,044,994 |
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Total equity |
11,387,863 |
10,024,618 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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
E Fundamentals (Group) Limited
(Registration number: 09216084)
Balance Sheet as at 31 December 2020
.........................................
Director
E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Group accounts not prepared
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of
certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
Trademarks |
10% |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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.
E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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Additions acquired separately |
- |
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At 31 December 2020 |
- |
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Amortisation |
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Amortisation charge |
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- |
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At 31 December 2020 |
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- |
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Carrying amount |
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At 31 December 2020 |
( |
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E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
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Subsidiary undertakings |
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20 St. Thomas Street 2nd Floor
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100 Ordinary shares |
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United Kingdom |
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Corporation Trust Center,
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1,000 Common shares |
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US |
The principal activity of E-Fundamentals (International) Ltd is |
The principal activity of E Fundamentals Inc is |
E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Debtors |
Note |
2020 |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Due after one year |
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Loans and borrowings |
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- |
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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3,166.07 |
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3,166.07 |
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15.75 |
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15.75 |
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20.77 |
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16.20 |
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11.38 |
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11.38 |
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4.57 |
- |
- |
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New shares allotted
During the accounting period, the Company allotted 456,564 fully paid up B1 Ordinary shares of £0.00001 each for a total consideration of £667,000.
In addition, the Company allotted 456,564 fully paid up B3 Ordinary shares of £0.00001 each for a total consideration of £667,000.
E Fundamentals (Group) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Related party transactions |
Summary of transactions with subsidiaries
The Company has taken advantage of the exemption in Section 33.1 A of FRS102 Related Party Transaction from disclosing transactions with other members of the Group.
Control |
No controlling party has been identified.