Econostat Limited - Accounts to registrar (filleted) - small 23.2.5
Econostat Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| ECONOSTAT LIMITED |
| ECONOSTAT LIMITED (REGISTERED NUMBER: 06494606) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| ECONOSTAT LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 88 Crawford Street |
| London |
| W1H 2EJ |
| ECONOSTAT LIMITED (REGISTERED NUMBER: 06494606) |
| ABRIDGED BALANCE SHEET |
| 31 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| ECONOSTAT LIMITED (REGISTERED NUMBER: 06494606) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Econostat Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in UK Pound Sterling, which is the functional currency of the company. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Income is recognised at the fair value of the consideration receivable or received for art consultancy services and returns on theatre investments, provided in the normal course of business, and is shown net of VAT and other sales-related taxes. Consultancy invoices are raised on completion of the work. |
| Tangible fixed assets |
| Tangible fixed assets are stated at their historical cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is recognised to write off the cost of the assets less their residual values over their useful lives using the straight line method. |
| The company's policy is to review the remaining useful economic lives and residual values of tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value. |
| Fully depreciated tangible fixed assets are retained in the cost of tangible fixed assets and related accumulated depreciation until they are removed from service. In case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, charged or credited to the profit and loss account. |
| Assets not carried at fair value are also reviewed from impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. |
| The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current risk free market rate and risks inherent to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). |
| If the recoverable amount of each asset (or cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognised in profit and loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying value does not exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. Any reversal of an impairment loss is recognised in the profit and loss account. |
| ECONOSTAT LIMITED (REGISTERED NUMBER: 06494606) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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 |
| Assets and liabilities 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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Investments |
| Fixed asset investments relate to investments in ongoing theatre productions. These investments are held at cost as the fair value cannot be reliably determined. |
| In the event that future economic benefits from the investment became uncertain or unlikely, the investment is written off against the income statement. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| ECONOSTAT LIMITED (REGISTERED NUMBER: 06494606) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 1 January 2023 | 37,975 |
| Additions | 27,500 |
| Impairments | (62,975 | ) |
| At 31 December 2023 | 2,500 |
| NET BOOK VALUE |
| At 31 December 2023 | 2,500 |
| At 31 December 2022 | 37,975 |
| 6. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ECONOSTAT LIMITED |
| The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director 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 Econostat Limited for the year ended 31 December 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet 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 director of Econostat Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Econostat Limited and state those matters that we have agreed to state to the director of Econostat Limited 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 Econostat Limited and its director for our work or for this report. |
| It is your duty to ensure that Econostat 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 Econostat Limited. You consider that Econostat 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 Econostat 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. |
| 88 Crawford Street |
| London |
| W1H 2EJ |