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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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Embedded It Limited |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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FOR |
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Embedded It Limited |
Embedded It Limited (Registered number: 09054394) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Embedded It Limited |
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COMPANY INFORMATION |
for the Year Ended 31 May 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Webb House |
20 Bridge Road |
Park Gate |
Southampton |
Hampshire |
SO31 7GE |
Embedded It Limited (Registered number: 09054394) |
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BALANCE SHEET |
31 May 2020 |
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31.5.20 | 31.5.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Embedded It Limited (Registered number: 09054394) |
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BALANCE SHEET - continued |
31 May 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Embedded It Limited (Registered number: 09054394) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2020 |
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1. | STATUTORY INFORMATION |
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Embedded It Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern & Coronavirus |
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As at the company's year-end, 31 May 2020, the UK had passed through what was considered to be the peak of |
the Coronavirus pandemic and lockdown restrictions were starting to ease. The director does not consider that |
any adjustments are necessary to the financial statements as a result of the existence of the Covid-19 virus. |
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Where necessary staff were placed on furlough under the Coronavirus Job Retention Scheme. |
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The director believes that the company will continue to trade profitably beyond the current crisis with contracts |
continuing for the foreseeable future. Together with the Government's measures under the Covid-19: Support for |
Business initiatives the company has appropriate resources to sustain any short term economic impact. |
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Over the next 12 months the Director expects to see income generated from web platforms which should expand |
over the next financial year to increase the profitability generated by this part of the business. |
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Revenue recognition |
Revenue - described as turnover - is the value of work (net of VAT) performed during the year with respect to |
services plus any expenses reimbursed by customers. |
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Tangible fixed assets |
The cost of tangible fixed assets includes only expenditure directly incurred in bringing the assets into working |
condition for their intended use. Both the cost of replacing major components and the cost of major inspections |
are capitalised. Borrowing costs are not capitalised. Depreciation is provided at the following annual rates in |
order to allocate the depreciable amount of each asset over its estimated useful life. |
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Plant & Machinery - 33% on cost |
Fixtures and fittings - 25% on cost |
Computer equipment - 33% on cost |
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Assets held under finance leases are depreciated in the same way as owned assets. |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine |
whether there is any indication that any items have sufferer an impairment loss. If any such indication exists, the |
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. |
Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable |
amount of the cash-generating unit to which the asset belongs. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
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Embedded It Limited (Registered number: 09054394) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the |
balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where |
material, provisions are calculated on a discounted basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Embedded It Limited (Registered number: 09054394) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Bank loans |
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Other creditors |
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Embedded It Limited (Registered number: 09054394) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.20 | 31.5.19 |
£ | £ |
Other loans |
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The loan that was outstanding in the prior year was secured by way of personal guarantee provided by the |
director, Mr PR Clark. This loan was refinanced during the year via a Government Bounce Back loan. |
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The loan outstanding at 31 May 2020 is a Government backed Bounce Back loan. Repayments commence in |
May 2021. |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2020 and |
31 May 2019: |
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31.5.20 | 31.5.19 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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