Epiphany Innovations Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08336327 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2022

for

Epiphany Innovations Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr W Marshall

Ms B Marshall

Ms R A Griffin

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

08336327 (England and Wales)

ACCOUNTANTS:

Thickbroom Coventry Limited

Chartered Accountants

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Epiphany Innovations Limited for the year ended 31st December 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Epiphany Innovations Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Epiphany Innovations Limited and state those matters that we have agreed to state to the Board of Directors of Epiphany Innovations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Epiphany Innovations Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Epiphany Innovations Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Epiphany Innovations Limited. You consider that Epiphany Innovations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Epiphany Innovations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Thickbroom Coventry Limited

Chartered Accountants

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

17th May 2023

FIXED ASSETS

Intangible assets

4

51,733

55,667

Tangible assets

5

-

163

51,733

55,830

CURRENT ASSETS

Stocks

10,536

42,233

Debtors

6

1,110

7,717

Cash at bank

9,543

10,216

21,189

60,166

CREDITORS

Amounts falling due within one year

7

133,128

81,252

NET CURRENT LIABILITIES

(111,939

)

(21,086

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(60,206

)

34,744

CREDITORS

Amounts falling due after more than one year

8

12,000

16,000

NET (LIABILITIES)/ASSETS

(72,206

)

18,744

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(72,306

)

18,644

SHAREHOLDERS' FUNDS

(72,206

)

18,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th May 2023 and were signed on its behalf by:

Mr W Marshall - Director

1.	STATUTORY INFORMATION

Epiphany Innovations 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of twenty five years.

Tangible fixed assets

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

Computer equipment

-

20% on cost

Stocks

Stocks 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 Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The financial statements have been prepared on a going concern basis.

The company is dependent upon sufficient finance being available from its bankers, shareholders and directors to enable the company to meet its liabilities as they fall due.

The directors believe that sufficient finance will be available and that it is therefore appropriate to prepare the accounts on a going concern basis. Should sufficient continuing finance not be available, the going concern basis would be invalid and adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities which might arise.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1st January 2022

and 31st December 2022

57,943

25,931

83,874

AMORTISATION

At 1st January 2022

19,911

8,296

28,207

Amortisation for year

2,897

1,037

3,934

At 31st December 2022

22,808

9,333

32,141

NET BOOK VALUE

At 31st December 2022

35,135

16,598

51,733

At 31st December 2021

38,032

17,635

55,667

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st January 2022

and 31st December 2022

1,727

DEPRECIATION

At 1st January 2022

1,564

Charge for year

163

At 31st December 2022

1,727

NET BOOK VALUE

At 31st December 2022

-

At 31st December 2021

163

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

1,045

Other debtors

1,110

6,672

1,110

7,717

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

4,000

4,000

Trade creditors

1,569

4,020

Other creditors

127,559

73,232

133,128

81,252

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

12,000

16,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100