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Registration number: 08778304

Epraise Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Thompson Jenner LLP
Chartered Accountant
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Epraise Limited
(Registration number: 08778304)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Epraise Limited
(Registration number: 08778304)

Company Information

Directors

Mrs L Dunford

Mr B Dunford

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountant
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Epraise Limited
(Registration number: 08778304)

Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

20,000

40,000

Tangible assets

5

2,796

2,857

 

22,796

42,857

Current assets

 

Debtors

6

26,339

5,301

Cash at bank and in hand

 

134,767

93,479

 

161,106

98,780

Creditors: Amounts falling due within one year

7

(122,490)

(102,522)

Net current assets/(liabilities)

 

38,616

(3,742)

Total assets less current liabilities

 

61,412

39,115

Provisions for liabilities

(531)

(571)

Net assets

 

60,881

38,544

Capital and reserves

 

Called up share capital

100

1

Profit and loss account

60,781

38,543

Total equity

 

60,881

38,544

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Epraise Limited
(Registration number: 08778304)

Balance Sheet as at 31 December 2017

Approved and authorised by the Board on 14 June 2018 and signed on its behalf by:
 

.........................................

Mr B Dunford

Director

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Office equipment

33.3% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2017

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2016 - 4).

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2017

100,000

100,000

At 31 December 2017

100,000

100,000

Amortisation

At 1 January 2017

60,000

60,000

Amortisation charge

20,000

20,000

At 31 December 2017

80,000

80,000

Carrying amount

At 31 December 2017

20,000

20,000

At 31 December 2016

40,000

40,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2017

10,457

10,457

Additions

2,429

2,429

At 31 December 2017

12,886

12,886

Depreciation

At 1 January 2017

7,600

7,600

Charge for the year

2,490

2,490

At 31 December 2017

10,090

10,090

Carrying amount

At 31 December 2017

2,796

2,796

At 31 December 2016

2,857

2,857

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2017

6

Debtors

2017
£

2016
£

Trade debtors

24,346

3,311

Other debtors

1,920

1,920

Prepayments and accrued income

73

70

Total current trade and other debtors

26,339

5,301

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

8

1,179

1,626

Taxation and social security

 

19,197

12,876

Accrued expenses

 

120

120

Deferred income

 

101,994

87,900

 

122,490

102,522

8

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Other borrowings

1,179

1,626

9

Related party transactions

Transactions with directors

2017

Advances to directors
£

Repayments by director
£

At 31 December 2017
£

Mr B Dunford

Interest free loan, repayable on demand

114

(114)

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