e.tc3 Ltd - Period Ending 2023-07-31
e.tc3 Ltd - Period Ending 2023-07-31
Registration number:
e.tc3 Ltd
for the Year Ended 31 July 2023
e.tc3 Ltd
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
e.tc3 Ltd
(Registration number: 04452675)
Statement of Financial Position as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
7,931 |
2,158 |
|
Shareholders' funds |
8,031 |
2,258 |
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
|
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of consultancy and training services.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
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. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fittings fixtures and equipment |
25% straight line |
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.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 August 2022 |
|
|
At 31 July 2023 |
|
|
Amortisation |
||
At 1 August 2022 |
|
|
At 31 July 2023 |
|
|
Carrying amount |
||
At 31 July 2023 |
- |
- |
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 August 2022 |
|
|
At 31 July 2023 |
|
|
Depreciation |
||
At 1 August 2022 |
|
|
Charge for the year |
|
|
At 31 July 2023 |
|
|
Carrying amount |
||
At 31 July 2023 |
- |
- |
At 31 July 2022 |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
e.tc3 Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
|
Bank overdrafts |
|
|
Related party transactions |
Transactions with directors |
2023 |
At 1 August 2022 |
Advances to director |
Repayments by director |
At 31 July 2023 |
|
|
|
( |
|
2022 |
At 1 August 2021 |
Advances to director |
Repayments by director |
At 31 July 2022 |
|
|
|
( |
|
Transactions with directors |
Interest on overdrawn directors loan balances is charged at the official rate.