Company Registration No. 08368703 (England and Wales)
ESSOR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
ESSOR LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
ESSOR LTD
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,626
7,161
Investments
5
200
4,626
7,361
Current assets
Debtors
7
59,758
121,344
Cash at bank and in hand
1,684,261
473,739
1,744,019
595,083
Creditors: amounts falling due within one year
8
(622,968)
(376,336)
Net current assets
1,121,051
218,747
Total assets less current liabilities
1,125,677
226,108
Creditors: amounts falling due after more than one year
9
(45,833)
Net assets
1,125,677
180,275
Capital and reserves
Called up share capital
11
185
162
Share premium account
2,035,122
1,035,152
Profit and loss reserves
(909,630)
(855,039)
Total equity
1,125,677
180,275
ESSOR LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2022
31 January 2022
- 3 -
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 January 2022 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.
T
he 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 28 October 2022 and are signed on its behalf by:
Mr N B A Jacquart
Director
Company Registration No. 08368703
The notes on pages 4 to 10 form part of these financial statements
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 4 -
1
Accounting policies
Company information
Essor Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
60 Longley Road, Harrow, England, HA1 4TH.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from
the
provision of
tours is recognised upon the completion of the tour, any amounts received in advance of tours are deferred until the tour has been provided.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
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:
Office equipment
5 years straight line
Computer equipment
3 years straight line
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -
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
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2021
10,124
Disposals
(10,124)
At 31 January 2022
Amortisation and impairment
At 1 February 2021
10,124
Transfers
(10,124)
At 31 January 2022
Carrying amount
At 31 January 2022
At 31 January 2021
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 8 -
4
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 February 2021
12,179
10,035
22,214
Additions
2,014
2,014
At 31 January 2022
14,193
10,035
24,228
Depreciation and impairment
At 1 February 2021
8,684
6,369
15,053
Depreciation charged in the year
1,513
3,036
4,549
At 31 January 2022
10,197
9,405
19,602
Carrying amount
At 31 January 2022
3,996
630
4,626
At 31 January 2021
3,494
3,667
7,161
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
200
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 February 2021
200
Valuation changes
(200)
At 31 January 2022
-
Carrying amount
At 31 January 2022
-
At 31 January 2021
200
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 9 -
6
Subsidiaries
Details of the company's subsidiaries at 31 January 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Essor Inc
USA
Ordinary
100.00
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,670
Other debtors
56,088
121,344
59,758
121,344
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,167
Trade creditors
4,373
3,634
Taxation and social security
11,418
6,504
Other creditors
607,177
362,031
622,968
376,336
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
45,833
10
Financial instruments
Included in the amounts shown as Debtors and Creditors above are financial assets and financial liabilities, the classification of which are further analysed below:
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
200
ESSOR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 10 -
11
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
18,486 Ordinary A (2021 : £16,175 Ordinary A) of 1p each
185
162
12 Ordinary B (2021 : 11 Ordinary B) of 1p each
The company has allotted 2,311 Ordinary A shares at premium and 1 Ordinary B share at par during the year.
12
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:
2022
2021
£
£
21,110
29,555