Company Registration number:
Etman Enterprises Ltd
Financial Statements
for the
Year Ended 31 December 2019
Etman Enterprises Ltd
Contents
Pages
Balance sheet |
|
Notes to the financial statements |
Etman Enterprises Ltd
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
- 1 - |
Etman Enterprises Ltd
Balance Sheet as at 31 December 2019 (continued)
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Company registration number: 05030538
- 2 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
ACCOUNTING POLICIES |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
- 3 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
3 years straight line |
Land and buildings |
2% straight line |
- 4 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20 years straight line |
Financial instruments
Classification
Recognition and measurement
Impairment
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.
STAFF NUMBERS |
The average number of persons employed by the company (including the director) during the year, was
- 5 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019 (continued)
INTANGIBLE ASSETS |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2019 |
|
|
At 31 December 2019 |
|
|
Amortisation |
||
At 1 January 2019 |
|
|
Amortisation charge |
|
|
At 31 December 2019 |
|
|
Carrying amount |
||
At 31 December 2019 |
|
|
At 31 December 2018 |
|
|
- 6 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019 (continued)
TANGIBLE ASSETS |
Land and buildings |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 January 2019 |
|
|
|
|
|
Additions |
- |
- |
- |
|
|
At 31 December 2019 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2019 |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
|
- 7 - |
Etman Enterprises Ltd
Notes to the financial statements for the Year Ended 31 December 2019 (continued)
STOCKS |
2019 |
2018 |
|
Stocks |
|
|
DEBTORS |
2019 |
2018 |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
CREDITORS |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
- 8 - |