e.tc3 limited 31/07/2022 iXBRL

e.tc3 limited 31/07/2022 iXBRL

E.TC3 LIMITED - Company Information

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2 31/07/2022 2022-07-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04452675 2021-08-01 2022-07-31 04452675 2022-07-31 04452675 2021-07-31 04452675 2020-08-01 2021-07-31 04452675 2021-07-31 04452675 2020-07-31 04452675 core:FurnitureFittingsToolsEquipment 2021-08-01 2022-07-31 04452675 bus:Director1 2021-08-01 2022-07-31 04452675 core:WithinOneYear 2022-07-31 04452675 core:WithinOneYear 2021-07-31 04452675 core:NetGoodwill 2022-07-31 04452675 core:FurnitureFittingsToolsEquipment 2021-07-31 04452675 core:FurnitureFittingsToolsEquipment 2022-07-31 04452675 core:ShareCapital 2022-07-31 04452675 core:ShareCapital 2021-07-31 04452675 core:RetainedEarningsAccumulatedLosses 2022-07-31 04452675 core:RetainedEarningsAccumulatedLosses 2021-07-31 04452675 core:NetGoodwill 2021-07-31 04452675 core:FurnitureFittingsToolsEquipment 2021-07-31 04452675 bus:Director1 2021-07-31 04452675 bus:Director1 2022-07-31 04452675 bus:Director2 2021-07-31 04452675 bus:Director2 2022-07-31 04452675 bus:Director1 2020-07-31 04452675 bus:Director1 2021-07-31 04452675 bus:Director2 2020-07-31 04452675 bus:Director2 2021-07-31 04452675 bus:Director2 2021-08-01 2022-07-31 04452675 bus:Director1 2020-08-01 2021-07-31 04452675 bus:Director2 2020-08-01 2021-07-31 04452675 bus:SmallEntities 2021-08-01 2022-07-31 04452675 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 04452675 bus:FullAccounts 2021-08-01 2022-07-31 04452675 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 04452675 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31
Company registration number: 04452675
e.tc3 limited
Unaudited filleted financial statements
31 July 2022
E.TC3 LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 240 664
_______ _______
240 664
Current assets
Debtors 7 45,806 68,716
_______ _______
45,806 68,716
Creditors: amounts falling due
within one year 9 ( 43,632) ( 61,988)
_______ _______
Net current assets 2,174 6,728
_______ _______
Total assets less current liabilities 2,414 7,392
Provisions for liabilities ( 156) ( 275)
_______ _______
Net assets 2,258 7,117
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 2,158 7,017
_______ _______
Shareholders funds 2,258 7,117
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 April 2023 , and are signed on behalf of the board by:
Dr. S N Gregory
Director
Company registration number: 04452675
E.TC3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is c/o Thomas Westcott, Timberly, South Street, Axminster, Devon, EX13 5AD.
Principal activity
The principal activity of the company is that of consultancy and training services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been drawn up on the going concern basis that assumes the continued support of the company bankers and its directors. The directors are confident that this support will continue for the foreseeable future and as such the going concern basis is appropriate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Principal activity
The principal activity of the company is that of consultancy and training services.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2021 and 31 July 2022 15,000 15,000
_______ _______
Amortisation
At 1 August 2021 and 31 July 2022 15,000 15,000
_______ _______
Carrying amount
At 31 July 2022 - -
_______ _______
At 31 July 2021 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2021 and 31 July 2022 5,966 5,966
_______ _______
Depreciation
At 1 August 2021 5,302 5,302
Charge for the year 424 424
_______ _______
At 31 July 2022 5,726 5,726
_______ _______
Carrying amount
At 31 July 2022 240 240
_______ _______
At 31 July 2021 664 664
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 14,089 40,739
Other debtors 31,717 27,977
_______ _______
45,806 68,716
_______ _______
8. Cash and cash equivalents
2022 2021
£ £
Bank overdrafts ( 5,984) ( 11,055)
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 5,984 11,055
Trade creditors 21,419 21,419
Accruals and deferred income 2,850 2,850
Social security and other taxes 13,379 26,664
_______ _______
43,632 61,988
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 22,123 25,374 ( 22,123) 25,374
Director 5,530 6,343 (5,530) 6,343
_______ _______ _______ _______
27,653 31,717 ( 27,653) 31,717
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 17,112 22,123 ( 17,112) 22,123
Director 4,089 5,530 (4,089) 5,530
_______ _______ _______ _______
21,201 27,653 ( 21,201) 27,653
_______ _______ _______ _______