Company Registration No. 03140035 (England and Wales)
EACOTTS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
EACOTTS INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr J B Smith
Mr N M Curtis
Mr B R Savizon
Mrs L Sangar
Secretary
Mr J B Smith
Company number
03140035
Registered office
EACOTTS INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
EACOTTS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
23,859
15,444
Investments
5
571,379
1,377,517
595,239
1,392,962
Current assets
Debtors
7
252,970
332,805
Cash at bank and in hand
232,035
22,959
485,005
355,764
Creditors: amounts falling due within one year
8
(72,952)
(632,789)
Net current assets/(liabilities)
412,053
(277,025)
Total assets less current liabilities
1,007,292
1,115,937
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,007,192
1,115,837
Total equity
1,007,292
1,115,937
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 31 July 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.
EACOTTS INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
2020
2019
as restated
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 January 2021 and are signed on its behalf by:
Mr J B Smith
Director
Company Registration No. 03140035
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 3 -
1
Accounting policies
Company information
Eacotts International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents the fee value, net of VAT, of work carried out in respect of services provided to its clients as work on the contract progresses.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
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
- 15% reducing balance
Fixtures, fittings & equipment
- 15% reducing balance
Computer equipment
- 25% 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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 5 -
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2019 and 31 July 2020
1
Amortisation and impairment
At 1 August 2019 and 31 July 2020
-
Carrying amount
At 31 July 2020
1
At 31 July 2019
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2019
25,374
Additions
11,613
At 31 July 2020
36,987
Depreciation and impairment
At 1 August 2019
9,930
Depreciation charged in the year
3,198
At 31 July 2020
13,128
Carrying amount
At 31 July 2020
23,859
At 31 July 2019
15,444
5
Fixed asset investments
2020
2019
£
£
Investments
571,379
1,377,517
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2020 are as follows:
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eacotts Limited
England
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Eacotts Limited
98,788
33,815
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
252,970
136,054
Other debtors
-
196,751
252,970
332,805
8
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
12,359
60,637
Other taxation and social security
33,250
19,995
Other creditors
27,343
552,157
72,952
632,789
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Charges to company for services rendered
2020
2019
£
£
Entities over which the entity has control, joint control or significant influence
903,602
1,081,493
EACOTTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
9
Related party transactions
(Continued)
- 8 -
Other information
Svenska Handelsbanken AB (publ) holds a debenture over the entire undertaking of the company, in respect of a facility to a partnership in which all of the directors are partners.
The fixed asset investment relates to The Eacotts Partnership
, in which all the partners
are shareholders in and directors of the company. During the year the company’s profit share from being a partner in The Eacotts Partnership amounted to £
4
1
,235
(2019
restated
- £
113,946
).
10
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2018
2019
Notes
£
£
Adjustments to prior year
Profit share receivable
1
-
(24,120)
Equity as previously reported
1,076,526
1,140,057
Equity as adjusted
1,076,526
1,115,937
Reconciliation of changes in profit for the previous financial period
2019
Notes
£
Adjustments to prior year
Profit share receivable
1
(24,120)
Profit as previously reported
256,984
Profit as adjusted
232,864
Notes to reconciliation
Proft Share Receivable
The amount due from The Eacotts Partnership to the company on its investment was overstated in the year ended 31
st
July 2019.
2020-07-31
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CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Mr N M Curtis
Mr B R Savizon
Mrs L Sangar
Mr B R Savizon
Mrs L Sangar
Mr J B Smith
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