Expert Purchasing Solutions Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03552266 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

EXPERT PURCHASING SOLUTIONS

(CONSULTANCY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Bridges

Ms K S Davies

SECRETARY:

Ms K S Davies

REGISTERED OFFICE:

Pound House

Old Charfield

Wotton Under Edge

Gloucestershire

GL12 8LJ

REGISTERED NUMBER:

03552266 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

BANKERS:

HSBC Bank Plc

118 Commercial Road

Portsmouth

Hampshire

PO1 1EP

FIXED ASSETS

Tangible assets

4

15,999

19,093

CURRENT ASSETS

Debtors

5

68,521

45,231

Cash at bank

141,531

175,244

210,052

220,475

CREDITORS

Amounts falling due within one year

6

35,718

51,833

NET CURRENT ASSETS

174,334

168,642

TOTAL ASSETS LESS CURRENT LIABILITIES

190,333

187,735

PROVISIONS FOR LIABILITIES

7

3,039

3,627

NET ASSETS

187,294

184,108

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

187,194

184,008

SHAREHOLDERS' FUNDS

187,294

184,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

S W Bridges - Director

1.	STATUTORY INFORMATION

Expert Purchasing Solutions (Consultancy) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents the value of goods despatched and services delivered during the year, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. 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 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.

Going concern

The directors have reviewed the going concern status of the business and fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2022

10,835

22,458

30,393

8,274

71,960

Additions

-

420

-

931

1,351

At 28 February 2023

10,835

22,878

30,393

9,205

73,311

DEPRECIATION

At 1 March 2022

9,181

15,977

21,616

6,093

52,867

Charge for year

248

1,009

2,194

994

4,445

At 28 February 2023

9,429

16,986

23,810

7,087

57,312

NET BOOK VALUE

At 28 February 2023

1,406

5,892

6,583

2,118

15,999

At 28 February 2022

1,654

6,481

8,777

2,181

19,093

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

38,595

42,359

Other debtors

3,311

2,565

Directors' current accounts

26,300

-

Prepayments and accrued income

315

307

68,521

45,231

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,608

-

Corporation tax

8,392

20,672

VAT

11,683

16,391

Directors' current accounts

-

115

Accruals and deferred income

14,035

14,655

35,718

51,833

7.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

3,039

3,627

Deferred

tax

£

Balance at 1 March 2022

3,627

Provided during year

(588

)

Balance at 28 February 2023

3,039

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50

Ordinary 'A'

£1

50

50

50

Ordinary 'B'

£1

50

50

100

100

9.	RELATED PARTY DISCLOSURES

At 28 February 2023, the company was owed £26,300 (2022 - the company owed £115) from S W Bridges in respect of a short-term loan. This loan was repaid shortly after the year end.

10.	ULTIMATE CONTROLLING PARTY

The company was under the control of S W Bridges and K S Davies throughout the current and previous year. S W Bridges and K S Davies are directors and joint owners of the company.