Company registration number 8321510 (England and Wales)
EDGINGTON SPINK & HYNE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EDGINGTON SPINK & HYNE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EDGINGTON SPINK & HYNE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,411
29,765
Current assets
Debtors
5
241,558
348,604
Cash at bank and in hand
140,858
113,146
382,416
461,750
Creditors: amounts falling due within one year
6
(266,899)
(327,932)
Net current assets
115,517
133,818
Total assets less current liabilities
135,928
163,583
Creditors: amounts falling due after more than one year
7
(75,643)
(140,625)
Net assets
60,285
22,958
Capital and reserves
Called up share capital
9
9
Profit and loss reserves
60,276
22,949
Total equity
60,285
22,958
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 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.
The 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 March 2024 and are signed on its behalf by:
Mr R Parsons
Director
Company Registration No. 8321510
EDGINGTON SPINK & HYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Edgington Spink & Hyne Limited is a private company limited by shares incorporated in England and Wales. The registered office is Burnham Yard, London End, Beaconsfield, Bucks, United Kingdom, HP9 2JH.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of 10 years. An addition of goodwill on the acquisition of a business at the end of 2016 is being amortised evenly over its estimated useful life of 6 years.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computer equiptment
20% on cost
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
EDGINGTON SPINK & HYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
652,140
Amortisation and impairment
At 1 January 2023 and 31 December 2023
652,140
Carrying amount
At 31 December 2023
At 31 December 2022
EDGINGTON SPINK & HYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Fixtures and fittings
Computer equiptment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
25,729
67,044
92,773
Depreciation and impairment
At 1 January 2023
19,069
43,939
63,008
Depreciation charged in the year
3,222
6,132
9,354
At 31 December 2023
22,291
50,071
72,362
Carrying amount
At 31 December 2023
3,438
16,973
20,411
At 31 December 2022
6,660
23,105
29,765
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
195,611
309,753
Other debtors
45,947
38,851
241,558
348,604
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
64,982
62,500
Trade creditors
39,975
71,469
Taxation and social security
130,740
132,896
Other creditors
31,202
61,067
266,899
327,932
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
75,643
140,625
EDGINGTON SPINK & HYNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
85,125
27,125