ACCOUNTS - Final Accounts preparation

EFFECTA COMPLIANCE LIMITED - Company Information

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Registered number: 12752181

EFFECTA COMPLIANCE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2021

EFFECTA COMPLIANCE LIMITED

REGISTERED NUMBER: 12752181

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2021

		2021
Note		£


Current assets
Debtors: amounts falling due within one year	4	103,333
Cash at bank and in hand	5	59,640
		162,973
Creditors: amounts falling due within one year	6	(281,962)
Net current (liabilities)/assets			(118,989)
Total assets less current liabilities			(118,989)

Net (liabilities)/assets			(118,989)

Capital and reserves
Called up share capital	7	100
Profit and loss account		(119,089)
		(118,989)

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EFFECTA COMPLIANCE LIMITED

REGISTERED NUMBER: 12752181

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S G E Langford

Director

Date: 18 March 2022

The notes on pages 3 to 7 form part of these financial statements.

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EFFECTA COMPLIANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2021

1.	General information

The principal activity of the company is that of providing regulatory consultancy advice.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London N3 1XW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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EFFECTA COMPLIANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2021

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised in the period to which it relates.

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EFFECTA COMPLIANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2021

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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EFFECTA COMPLIANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2021

Employees

The average monthly number of employees, including directors, during the period was 4.

Debtors

					2021
					£


	Trade debtors	50,122
	Other debtors	1,302
	Prepayments and accrued income	51,909
		103,333

5.	Cash and cash equivalents
		2021
		£

	Cash at bank and in hand	59,639
		59,639

6.	Creditors: Amounts falling due within one year
		2021
		£

	Trade creditors	60,822
	Other taxation and social security	5,107
	Other creditors	204,922
	Accruals and deferred income	11,111
		281,962

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EFFECTA COMPLIANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2021

7.	Share capital
		2021
		£

		Allotted, called up and fully paid

		3,533 Ordinary A shares of £0.01 each	35.33
		3,134 Ordinary B shares of £0.01 each	31.34
		3,333 Ordinary C shares of £0.01 each	33.33

			100.00

During the period 3,533 Ordinary A shares of £0.01, 3,134 Ordinary B shares of £0.01 and 3,333 Ordinary C Shares of £0.01 were issued for consideration totalling £100.

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £1,387 were payable to the fund at the reporting date and are included in creditors.

9.	Related party transactions
	Included in other creditors is a balance of £203,535 owed to a company with directors in common. This balance is unsecured, interest free and repayable on demand.

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