Ency Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04791621 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Ency Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S Hafeez

REGISTERED OFFICE:

Elthorne Gate

64 High Street

Pinner

Middlesex

HA5 5QA

REGISTERED NUMBER:

04791621 (England and Wales)

ACCOUNTANTS:

Aequitas

Chartered Accountants

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Property, plant and equipment

4

107,333

44,434

Investment property

5

2,877,984

2,595,000

2,985,317

2,639,434

CURRENT ASSETS

Stock

44,251

40,993

Debtors

6

203,588

199,512

Cash at bank and in hand

13,404

66,592

261,243

307,097

CREDITORS

Amounts falling due within one year

7

361,900

284,699

NET CURRENT (LIABILITIES)/ASSETS

(100,657

)

22,398

TOTAL ASSETS LESS CURRENT LIABILITIES

2,884,660

2,661,832

CREDITORS

Amounts falling due after more than one year

8

(491,180

)

(500,667

)

PROVISIONS FOR LIABILITIES

(223,541

)

(211,059

)

NET ASSETS

2,169,939

1,950,106

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

10

883,720

883,720

Retained earnings

1,286,217

1,066,384

2,169,939

1,950,106

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2021 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 14 December 2021 and were signed by:

Mr S Hafeez - Director

1.	STATUTORY INFORMATION

Ency 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.

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 as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover represents revenue generated from general medical stores and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discount, settlement discounts and volume rebates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the lease term

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss. The fair value gain is then transferred from retained earnings, which is a distributable reserve, to a non distributable fair value reserve.

Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 10 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 June 2020

43,512

124,956

931

169,399

Additions

-

3,522

89,216

92,738

At 31 May 2021

43,512

128,478

90,147

262,137

DEPRECIATION

At 1 June 2020

22,352

101,702

911

124,965

Charge for year

2,175

5,355

22,309

29,839

At 31 May 2021

24,527

107,057

23,220

154,804

NET BOOK VALUE

At 31 May 2021

18,985

21,421

66,927

107,333

At 31 May 2020

21,160

23,254

20

44,434

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

2,595,000

Additions

282,984

At 31 May 2021

2,877,984

NET BOOK VALUE

At 31 May 2021

2,877,984

At 31 May 2020

2,595,000

The company's investment properties were revalued by director as of May 2021. The valuation is stated to be at open market value and the full effect of this valuation is included in the financial statements.

Fair value at 31 May 2021 is represented by:

£

Valuation in 2021

2,877,984

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

183,763

181,773

Other debtors

9,354

-

VAT

8,745

8,192

Prepayments and accrued income

1,726

9,547

203,588

199,512

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans and overdrafts

72,840

65,340

Trade creditors

127,821

127,705

Taxation and social security

54,779

42,312

Other creditors

106,460

49,342

361,900

284,699

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans

491,180

500,667

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

189,820

239,307

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.21

31.5.20

£

£

Bank loans

564,020

566,007

The bank loans are secured by a fixed and floating charge over the assets of the Company.

10.

RESERVES

Fair

value

reserve

£

At 1 June 2020

and 31 May 2021

883,720

11.	OTHER FINANCIAL COMMITMENTS

As at the balance sheet date the total financial commitments were £221,424. These commitments are for the operating lease rentals for the rent of the premises occupied.

12.	RELATED PARTY DISCLOSURES

b. Other debtors includes £9,354 receivable from Death Star Ltd (DSL). Mr S Hafeez is a director of DSL. The debt is unsecured, interest-free, and repayable on demand.