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Registration number: 08778304

Epraise Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

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

Mr Ben Dunford

Mrs L 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 2016

Note

2016
£

2015
£

Fixed assets

 

Intangible assets

4

40,000

60,000

Tangible assets

5

2,857

4,302

 

42,857

64,302

Current assets

 

Debtors

6

5,301

7,220

Cash at bank and in hand

 

93,479

15,799

 

98,780

23,019

Creditors: Amounts falling due within one year

7

(102,522)

(69,534)

Net current liabilities

 

(3,742)

(46,515)

Total assets less current liabilities

 

39,115

17,787

Provisions for liabilities

(571)

(861)

Net assets

 

38,544

16,926

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

38,543

16,925

Total equity

 

38,544

16,926

For the financial year ending 31 December 2016 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 2016

Approved and authorised by the Board on 10 September 2017 and signed on its behalf by:
 

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

Mr Ben Dunford

Director

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2016

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

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 2016

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 2016

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 (2015 - 3).

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2016

100,000

100,000

At 31 December 2016

100,000

100,000

Amortisation

At 1 January 2016

40,000

40,000

Amortisation charge

20,000

20,000

At 31 December 2016

60,000

60,000

Carrying amount

At 31 December 2016

40,000

40,000

At 31 December 2015

60,000

60,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2016

8,445

8,445

Additions

2,012

2,012

At 31 December 2016

10,457

10,457

Depreciation

At 1 January 2016

4,143

4,143

Charge for the year

3,457

3,457

At 31 December 2016

7,600

7,600

Carrying amount

At 31 December 2016

2,857

2,857

At 31 December 2015

4,302

4,302

 

Epraise Limited
(Registration number: 08778304)

Notes to the Financial Statements for the Year Ended 31 December 2016

6

Debtors

2016
£

2015
£

Trade debtors

3,311

4,369

Other debtors

1,920

2,779

Prepayments and accrued income

70

72

Total current trade and other debtors

5,301

7,220

7

Creditors

Note

2016
£

2015
£

Due within one year

 

Loans and borrowings

8

1,626

786

Taxation and social security

 

12,876

5,741

Accrued expenses

 

120

120

Deferred income

 

87,900

62,887

 

102,522

69,534

8

Loans and borrowings

2016
£

2015
£

Current loans and borrowings

Other borrowings

1,626

786

9

Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under previous UK GAAP were for the year ended 31 December 2015 and the date of transition to FRS 102 was 1 January 2015. The changes in accounting policies brought about through the transition from UK GAAP as previously reported to FRS 102 have had no effect on the profit for the year to 31 December 2015 or total equity as at 1 January 2015 and 31 December 2015.