Company Registration No. 08074012 (England and Wales)
ESHACK LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
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 2016
- 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 2016 set out on pages 3 to 11 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.
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 ICAEW Technical Release 07/16 AAF. 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
16 December 2016
Chartered Accountants
37 Great Pulteney Street
Bath
BA2 4DA
ESHACK LIMITED
ABBREVIATED BALANCE SHEET
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
499
Tangible assets
2
36,515
40,362
36,515
40,861
Current assets
Stocks
10,100
5,000
Debtors
45,798
7,590
Cash at bank and in hand
35,640
14,506
91,538
27,096
Creditors: amounts falling due within one year
(34,599)
(23,324)
Net current assets
56,939
3,772
Total assets less current liabilities
93,454
44,633
Provisions for liabilities
(7,303)
(8,072)
86,151
36,561
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
86,149
36,559
Shareholder's funds
86,151
36,561
ESHACK LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 2016 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 for issue on 9 December 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 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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 2016
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 June 2015
18,406
67,653
86,059
Additions
-
20,574
20,574
At 31 May 2016
18,406
88,227
106,633
Depreciation
At 1 June 2015
17,907
27,291
45,198
Charge for the year
499
24,421
24,920
At 31 May 2016
18,406
51,712
70,118
Net book value
At 31 May 2016
-
36,515
36,515
At 31 May 2015
499
40,362
40,861
3
Share capital
2016
2015
£
£
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
£
£
£
£
£
Mr and Mrs J Holden
3.00
(8,226)
67,280
644
27,250
32,448
(8,226)
67,280
644
27,250
32,448
This loan is unsecured
and repayable on demand. The maximum overdrawn balance on this loan during the year was £37,497.