EDI Surveys Limited
Unaudited Financial Statements
For the year ended 30 September 2020
Pages for filing with registrar
Company Registration No. 01140589 (England and Wales)
EDI SURVEYS LIMITED
EDI Surveys Limited
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
EDI SURVEYS LIMITED
EDI Surveys Limited
Accountants Report to the Board of Directors on the Unaudited Financial Statements of EDI Surveys Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EDI Surveys Limited for the year ended 30 September 2020
set out on the following pages
from the company’s accounting records and from information and explanations you have given us
.
This report is made solely to the Board of Directors of EDI Surveys Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2016. Our work has been undertaken solely to prepare for your approval the financial statements of EDI Surveys Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EDI Surveys Limited and Board of Directors as a body, for our work or for this report.
It is your duty to ensure that EDI Surveys 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 EDI Surveys Limited. You consider that EDI Surveys 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 EDI Surveys 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.
Churchgate Accountants Limited
15 January 2021
Accountants
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
EDI SURVEYS LIMITED
EDI Surveys Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
171,392
194,264
Current assets
Debtors
4
475,887
523,610
Cash at bank and in hand
470,400
287,509
946,287
811,119
Creditors: amounts falling due within one year
5
(320,981)
(215,777)
Net current assets
625,306
595,342
Total assets less current liabilities
796,698
789,606
Provisions for liabilities
(27,821)
(28,510)
Net assets
768,877
761,096
Capital and reserves
Called up share capital
7
-
-
Profit and loss reserves
768,877
761,096
Total equity
768,877
761,096
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 December 2020 and are signed on its behalf by:
Mrs C Connor
Director
Company Registration No. 01140589
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 3 -
1
Accounting policies
Company information
EDI Surveys Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
163 Ranelagh Road, IPSWICH, Suffolk, IP2 0AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10 - 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions 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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions 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.
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 any 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 bank loans 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
paymen
ts 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 cost, 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. A
m
ounts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
30
29
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2019
377,373
Additions
42,396
Disposals
(47,624)
At 30 September 2020
372,145
Depreciation and impairment
At 1 October 2019
183,109
Depreciation charged in the year
65,268
Eliminated in respect of disposals
(47,624)
At 30 September 2020
200,753
Carrying amount
At 30 September 2020
171,392
At 30 September 2019
194,264
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
268,070
302,822
Other debtors
207,817
220,788
475,887
523,610
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
75,348
34,858
Corporation tax
51,878
48,104
Other taxation and social security
103,265
85,276
Other creditors
90,490
47,539
320,981
215,777
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
6
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
27,821
28,510
7
Called up share capital
2020
2019
£
£
Issued and fully paid
149 Ordinary shares of 0.1p each
-
-
90 (2019: 135) 'A' Ordinary shares of 0.1p each
-
-
-
-
22 shares were completed on 15 May 2019, for which the consideration of these shares was £73,333.
23 shares were completed on 31 July 2020, for which the consideration of these shares was £76,667.
22 shares were completed on 14 September 2020, for which the consideration of these shares was £73,333.
The remaining 90 shares will be completed in approximately equal annual tranches from 1 August 2022 and finish on 1 August 2025.
Reconciliation of movements during the year:
Ordinary shares
'A' Ordinary shares
Number
Number
At 1 October 2019
149
135
Issue of fully paid shares
-
-
Share repurchase
-
(45)
-
-
-
-
-
-
At 30 September 2020
149
90
EDI SURVEYS LIMITED
EDI Surveys Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 8 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
43,434
85,408
Between two and five years
96,972
91,140
140,406
176,548
£60,000 (2019: £90,000) of the total operating lease commitments is for property rent, with the remaining amount being mainly attributable to vehicle operating leases.
9
Covid-19 Pandemic
At the date of signing the accounts, the directors do not believe that the adverse health and associated economic consequences of the coronavirus pandemic will have a significant long-term impact on the company.