Company Registration No. 08074012 (England and Wales)
ESHACK LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
ESHACK LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
ESHACK LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ESHACK LIMITED FOR THE YEAR ENDED 31 MAY 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Eshack Limited for the year ended 31 May 2015 set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Eshack Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Eshack Limited and state those matters that we have agreed to state to the Board of Directors of Eshack Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eshack Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Eshack Limited 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 profit of Eshack Limited. You consider that Eshack Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Eshack Limited. 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.
Pearson May
21 January 2016
Chartered Accountants
37 Great Pulteney Street
Bath
BA2 4DA
ESHACK LIMITED
ABBREVIATED BALANCE SHEET
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
499
6,634
Tangible assets
2
40,362
9,530
40,861
16,164
Current assets
Stocks
5,000
200
Debtors
7,590
9,824
Cash at bank and in hand
14,506
2,960
27,096
12,984
Creditors: amounts falling due within one year
(23,324)
(11,073)
Net current assets
3,772
1,911
Total assets less current liabilities
44,633
18,075
Provisions for liabilities
(8,072)
(1,906)
36,561
16,169
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
36,559
16,167
Shareholder's funds
36,561
16,169
ESHACK LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 21 January 2016
J Holden
Mrs E M Holden
Director
Director
Company Registration No. 08074012
ESHACK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Other intangibles
Other intangibles are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer hardware and software
33.3% straight line
Fixtures, fittings & equipment
20% straight line
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
ESHACK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 June 2014
18,406
16,775
35,181
Additions
-
54,081
54,081
Disposals
-
(3,203)
(3,203)
At 31 May 2015
18,406
67,653
86,059
Depreciation
At 1 June 2014
11,772
7,245
19,017
On disposals
-
(1,428)
(1,428)
Charge for the year
6,135
21,474
27,609
At 31 May 2015
17,907
27,291
45,198
Net book value
At 31 May 2015
499
40,362
40,861
At 31 May 2014
6,634
9,530
16,164
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Joint Directors' Loan Account
3.25
1,032
12,372
98
21,728
(8,226)
1,032
12,372
98
21,728
(8,226)
This loan is unsecured
and repayable on demand. The maximum overdrawn balance on this loan during the year was £12,149.