EFD Corporate Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06442198 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

EFD Corporate Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Hyde

S J Hyde

REGISTERED OFFICE:

41 Caxton Court

Garamonde Drive

Wymbush

Milton Keynes

Buckinghamshire

MK8 8DD

REGISTERED NUMBER:

06442198 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,826

2,693

1,826

2,693

CURRENT ASSETS

Stocks

45,000

39,785

Debtors

6

116,582

149,975

Cash at bank

6,855

23,543

168,437

213,303

CREDITORS

Amounts falling due within one year

7

111,963

136,434

NET CURRENT ASSETS

56,474

76,869

TOTAL ASSETS LESS CURRENT LIABILITIES

58,300

79,562

CREDITORS

Amounts falling due after more than one year

8

(57,922

)

(79,036

)

PROVISIONS FOR LIABILITIES

(268

)

(416

)

NET ASSETS

110

110

CAPITAL AND RESERVES

Called up share capital

110

110

SHAREHOLDERS' FUNDS

110

110

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2023 and were signed on its behalf by:

D Hyde - Director

1.	STATUTORY INFORMATION

EFD Corporate 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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

3 years

Government grants

Coronavirus Bounce Back Loan Scheme

In accordance with FRS 102 paragraph 11.13, transactions relating to this loan are valued at the present value of future payments with government contributions towards interest recognised under other income.

Stocks

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

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with 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.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

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.

Hire purchase and leasing commitments

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

13,780

AMORTISATION

At 1 January 2022

and 31 December 2022

13,780

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

14,199

Additions

491

At 31 December 2022

14,690

DEPRECIATION

At 1 January 2022

11,506

Charge for year

1,358

At 31 December 2022

12,864

NET BOOK VALUE

At 31 December 2022

1,826

At 31 December 2021

2,693

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

81,123

126,140

Other debtors

35,459

23,835

116,582

149,975

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 9)

23,655

20,964

Trade creditors

66,060

91,018

Taxation and social security

22,140

24,319

Other creditors

108

133

111,963

136,434

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 9)

57,922

79,036

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

23,655

20,964

Amounts falling due between one and two years:

Bank loans - 1-2 years

26,345

79,036

Amounts falling due between two and five years:

Bank loans - 2-5 years

31,577

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

18,168

18,168

Between one and five years

1,514

19,682

19,682

37,850

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

**UNKNOWN DIRECTOR 1**

Balance outstanding at start of year

15,022

15,461

Amounts advanced

-

16,383

Amounts repaid

(15,022

)

(16,822

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

15,022

All transactions are interest free and all balances are repayable on demand.