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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 |
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SPECIAL EFX LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 |
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FOR |
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SPECIAL EFX LIMITED |
SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SPECIAL EFX LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 August 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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32 Faversham Road |
London |
SE6 4XF |
SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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BALANCE SHEET |
31 August 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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BALANCE SHEET - continued |
31 August 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2022 |
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1. | STATUTORY INFORMATION |
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Special Efx Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2021 |
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Additions |
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At 31 August 2022 |
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DEPRECIATION |
At 1 September 2021 |
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Charge for year |
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At 31 August 2022 |
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NET BOOK VALUE |
At 31 August 2022 |
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At 31 August 2021 |
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5. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
2022 | 2021 |
£ | £ |
Futurenergy Limited | - | 1,697,524 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Futurenergy Ltd loan | 1,974,438 | - |
Special EFX Holdings Ltd loan | 136 | - |
Deferred tax asset |
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Prepayments |
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SPECIAL EFX LIMITED (REGISTERED NUMBER: 05027569) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 95,597 | 102,716 |
Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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8. | RELATED PARTY DISCLOSURES |
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Special EFX Limited investment of £1,974,438 (2021: £1,697,524) in Futurenergy Limited was converted to a loan on 30 June 2022 which is repayable on demand to Special EFX Ltd. As part of a management buy out of Special EFX Ltd, on repayment it is owed personally to the Special EFX Ltd directors Mrs HP McLeish and Mrs MP Osborne in the form of preference shares in Special EFX Holdings Ltd and to Mr PW Osborne as loan notes. Mrs HP McLeish and Mr PW Osborne are also directors and shareholders of Futurenergy Ltd and Mrs MP Osborne is a shareholder of Futurenergy Ltd. Mrs HP McLeish and Mrs MP Osborne are directors and shareholders of Special EFX Holdings Ltd. It is expected that the loan repayment will be in less than one year but the directors of Special EFX Ltd will not demand repayment until Futurenergy Ltd has sufficient funds. |