Company No:
Contents
DIRECTOR |
T J Woolf |
REGISTERED OFFICE | 35 Catherine Place |
London | |
England | |
SW1E 6DY | |
United Kingdom | |
COMPANY NUMBER | 07880016(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that EdAid Ltd 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 loss of EdAid Ltd. You consider that EdAid Ltd is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of EdAid Ltd. 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.
Accountant
London
EC4A 3HQ
United Kingdom
2019 | 2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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8,191 | 29,734 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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250,919 | 83,621 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 74,074 | 78,691 | ||
Total assets less current liabilities | 82,265 | 108,425 | ||
Net assets | 82,265 | 108,425 | ||
Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's funds | 82,265 | 108,425 |
Director's responsibilities:
The financial statements of EdAid Ltd (registered number:
T J Woolf
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
EdAid Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Catherine Place, London, England, SW1E 6DY, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of EdAid Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The director continues to monitor the impact of the virus on the business as more information about the pandemic emerges. The director has continued to provide monetary support to the Company and has introduced capital since the year-end to support working capital, consistent with prior years, and is able to introduce further funding as and when the company requires it. As a result of this, at the time of signing the director does not consider COVID-19 to impact the Company’s ability to continue as a going concern.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. Based on this ongoing financial support the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible fixed asset costs relate to website development. Research expenditure is written off as incurred. Development expenditure is also written off as incurred, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is five years. Amortisation does not begin until the asset is completed and ready for use. Provision is made for any impairment.
Capitalised development costs are not treated as a realised loss for the purpose of determining the Company's distributable profits as the costs meet the conditions requiring them to be treated as an asset in accordance with FRS 102 Section 18.
Office Equipment - 5 years
Leasehold Improvements - 5 years
Motor Vehicles - 5 Years
Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying value. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of the impairment loss is recognised immediately in profit or loss.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including director |
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Other intangible assets | Total | |
£ | £ | |
Cost | ||
At 01 January 2019 |
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At 31 December 2019 |
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Accumulated amortisation | ||
At 01 January 2019 |
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Charge for the financial year |
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At 31 December 2019 |
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Net book value | ||
At 31 December 2019 |
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At 31 December 2018 |
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Leasehold improvements | Vehicles | Office equipment | Total | |
£ | £ | £ | £ | |
Cost/Valuation | ||||
At 01 January 2019 |
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Additions |
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Disposals | (
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At 31 December 2019 |
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Accumulated depreciation | ||||
At 01 January 2019 |
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Charge for the financial year |
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Disposals | (
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At 31 December 2019 |
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Net book value | ||||
At 31 December 2019 |
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At 31 December 2018 |
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2019 | 2018 | |
£ | £ | |
Trade debtors |
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Other debtors |
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2019 | 2018 | |
£ | £ | |
Trade creditors |
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Amounts owed by directors |
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Other creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2019 | 2018 | |
£ | £ | |
- within one year |
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- between two and five years |
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No remuneration was paid to the director (2018: £Nil). The director is the only key management personnel of this Company.
During the year, EdAid Limited, a company registered in the United States which is also controlled by T J Woolf, provided services to the company at arm's length. These services amounted to a cost of £29,725 (2018: £Nil).
Included within other debtors (2018: other creditors) is an unsecured director's loan of £738 owed by (2018: £629 owed to) T J Woolf. The loan is interest-free and is repayable on demand.
Included within other debtors is an unsecured loan of £Nil (2018: £21,233) owed by EdAid Limited, a company registered in the United States which is also controlled by T J Woolf. The loan is interest free and repayable on demand. During the year, an amount of £190,308 owing from EdAid Limited to EdAid Ltd was written off.
Included within other debtors is an unsecured loan of £56,471 (2018: £Nil) owed by EdAid PTY, a company registered in Australia which is also controlled by T J Woolf. The loan is interest free and repayable on demand.
Included within other debtors is an unsecured loan of £16,761 (2018: £Nil) owed by EdAid Dubai, a company registered in the United Arab Emirates which is also controlled by T J Woolf. The loan is interest free and repayable on demand.
Included within other creditors (2018: other debtors) is an unsecured loan of £52,500 owed to (2018: £3,360 owed by) EdAid Foundation, a company also controlled by T J Woolf. The loan is interest-free and is repayable on demand.