Company Registration No. 07611584 (England and Wales)
ENRICHMENT SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
ENRICHMENT SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ENRICHMENT SOLUTIONS LTD
BALANCE SHEET
AS AT
29 APRIL 2020
29 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
4
50
-
Current assets
Debtors
5
28,175
24,851
Cash at bank and in hand
2,176
27,278
30,351
52,129
Creditors: amounts falling due within one year
6
(29,831)
(30,416)
Net current assets
520
21,713
Total assets less current liabilities
570
21,713
Capital and reserves
Called up share capital
7
130
100
Profit and loss reserves
440
21,613
Total equity
570
21,713
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 29 April 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 7 February 2021 and are signed on its behalf by:
J Cooper
Director
Company Registration No. 07611584
ENRICHMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2020
- 2 -
1
Accounting policies
Company information
Enrichment Solutions Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
At the time of approving the financial statements, the directors have assessed the company’s situation regarding the COVID-19 pandemic and the likely impact on the company. The directors have confirmed that they will continue to support the company with sufficient working capital to enable it to meet its ongoing liabilities for the foreseeable future.
On this basis t
he directors have a reasonable expectation that the company has adequate resources and working capital to continue in operational existence for the foreseeable future to deal with the issues arising from the COVID-19 pandemic
and
continue
s
to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% Straight Line
Computers
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
.
ENRICHMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries
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.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
1.9
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.
ENRICHMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 April 2019 and 29 April 2020
6,715
Depreciation and impairment
At 30 April 2019 and 29 April 2020
6,715
Carrying amount
At 29 April 2020
-
At 29 April 2019
-
ENRICHMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
- 5 -
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
50
-
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 30 April 2019
-
Additions
50
At 29 April 2020
50
Carrying amount
At 29 April 2020
50
At 29 April 2019
-
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
23,279
Other debtors
28,175
1,572
28,175
24,851
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other borrowings
10,000
-
Amounts owed to group undertakings
50
-
Corporation tax
17,222
27,395
Other taxation and social security
546
-
Other creditors
-
395
Accruals and deferred income
2,013
2,626
29,831
30,416
ENRICHMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
- 6 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
0 (2019: 100) Ordinary shares of £1 each
-
100
50 (2019: 0) Ordinary A shares of £1 each
50
-
50 (2019: 0) Ordinary B shares of £1 each
50
-
10 (2019: 0) T1 Ordinary shares of £1 each
10
-
10 (2019: 0) T2 Ordinary shares of £1 each
10
-
10 (2019: 0) T3 Ordinary shares of £1 each
10
-
130
100
On 19 February 2020 100 Ordinary shares were subdivided into 50 A Ordinary shares and 50 B Ordinary shares.
On 19 February 2020 10 T1 Ordinary shares of £1 each were issued for cash at par.
On 19 February 2020 10 T2 Ordinary shares of £1 each were issued for cash at par.
On 19 February 2020 10 T3 Ordinary shares of £1 each were issued for cash at par.
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.50
-
47,778
51
(43,689)
4,140
Loan
2.50
-
47,777
51
(43,688)
4,140
-
95,555
102
(87,377)
8,280
Loans due from directors incur interest at a rate of 2.5% per annum and are repayable on demand.