Epitomy Solutions Limited Company Accounts

EPITOMY SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03975486

Epitomy Solutions Limited

Filleted Unaudited Financial Statements

31 March 2017

Epitomy Solutions Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Epitomy Solutions Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Epitomy Solutions Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Epitomy Solutions Limited for the year ended 31 March 2017, which comprise the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Epitomy Solutions Limited in accordance with the terms of our engagement letter dated 25 February 2004. Our work has been undertaken solely to prepare for your approval the financial statements of Epitomy Solutions Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Epitomy Solutions Limited and its director for our work or for this report.

It is your duty to ensure that Epitomy Solutions 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 profit of Epitomy Solutions Limited. You consider that Epitomy Solutions 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 Epitomy Solutions 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.

BULLOCKWOODBURN LTD Chartered Certified Accountants

Norfolk House Hardwick Square North Buxton, Derbyshire SK17 6PU

2 November 2017

Epitomy Solutions Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		16,693		18,879

Current assets

Debtors	6	159,238	147,515
Cash at bank and in hand		21,576	7,491
		---------	---------
		180,814	155,006

Creditors: amounts falling due within one year	7	70,544		69,223
		---------		---------
Net current assets			110,270		85,783
			---------		---------
Total assets less current liabilities			126,963		104,662

Provisions

Taxation including deferred tax	2,587	3,026
	---------	---------
Net assets	124,376	101,636
	---------	---------

Capital and reserves

Called up share capital	50,903	50,903
Share premium account	73,112	73,112
Profit and loss account	361	( 22,379)
	---------	---------
Members funds	124,376	101,636
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Epitomy Solutions Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 1 November 2017 , and are signed on behalf of the board by:

Mr A B Vernon
Director

Company registration number: 03975486

Epitomy Solutions Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hawk Works, 109 Mary Street, Sheffield, S1 4RT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Turnover, which is stated net of VAT, is based on work done and goods sold during the period. This policy can result in both deferred and accrued income.

Research and development

Research expenditure is written off in the period in which it is incurred.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Website & Software	-	33% straight line
IT Equipment	-	33% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Asset impairment

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Short term employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the period in which they are incurred.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 8 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	23,222	22,248	45,584	91,054
Additions	–	–	3,067	3,067
Disposals	–	( 5,162)	( 17,254)	( 22,416)
	--------	--------	--------	--------
At 31 March 2017	23,222	17,086	31,397	71,705
	--------	--------	--------	--------
Depreciation
At 1 April 2016	10,388	22,247	39,540	72,175
Charge for the year	1,925	–	2,933	4,858
Disposals	–	( 5,161)	( 16,860)	( 22,021)
	--------	--------	--------	--------
At 31 March 2017	12,313	17,086	25,613	55,012
	--------	--------	--------	--------
Carrying amount
At 31 March 2017	10,909	–	5,784	16,693
	--------	--------	--------	--------
At 31 March 2016	12,834	1	6,044	18,879
	--------	--------	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	113,008	111,841
Other debtors	46,230	35,674
	---------	---------
	159,238	147,515
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	10,276	7,501
Corporation tax	2	–
Social security and other taxes	23,927	28,886
Other creditors	36,339	32,836
	--------	--------
	70,544	69,223
	--------	--------

8. Related party transactions

The company was under the control of Mr A. B. Vernon throughout the current and previous year. Mr Vernon is the managing director and majority shareholder. During the year Mr & Mrs Vernon received dividends of £5,000 (l/y nil), and the company owed them a balance of £70 (l/y £266). At the Balance sheet date, the company was owed the sum of £ 32,274 (l/y £23,231) by Pursglove Endeavour Ltd, a company of which Mr & Mrs Vernon are directors and shareholders.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	22,786	–	22,786	18,879	–	18,879
Current assets	150,611	255	150,866	154,751	255	155,006
Creditors: amounts falling due within one year	( 76,703)	( 1,276)	( 77,979)	( 67,947)	( 1,276)	( 69,223)
	---------	-------	---------	---------	-------	---------
Net current assets	73,908	( 1,021)	72,887	86,804	( 1,021)	85,783
	---------	-------	---------	---------	-------	---------
Total assets less current liabilities	96,694	( 1,021)	95,673	105,683	( 1,021)	104,662

Provisions	( 3,643)	–	( 3,643)	( 3,026)	–	( 3,026)
	---------	-------	---------	---------	-------	---------
Net assets	93,051	( 1,021)	92,030	102,657	( 1,021)	101,636
	---------	-------	---------	---------	-------	---------

	---------	-------	---------	---------	-------	---------
Capital and reserves	93,051	( 1,021)	92,030	102,657	( 1,021)	101,636
	---------	-------	---------	---------	-------	---------

Short term compensated absences Prior to applying FRS102 the company did not make provision for holiday pay due to holiday entitlement earned but not taken before the year end. FRS102 requires the cost of short term compensated absences to be recognised when employees render the service that increases the entitlement. Consequently an additional accrual of £1,022 at the date of transition has been made (net of current tax at 20%), with a corresponding adjustment to the P&L account reserve. A further adjustment in the current year of £838 has been made.