Epsom Incentives Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03151666 (England and Wales)

EPSOM INCENTIVES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

S J Samuels

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

03151666 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

8,685

7,922

8,685

7,922

CURRENT ASSETS

Debtors

6

216,108

174,259

Cash at bank and in hand

59,575

34,425

275,683

208,684

CREDITORS

Amounts falling due within one year

7

(179,848

)

(127,793

)

NET CURRENT ASSETS

95,835

80,891

TOTAL ASSETS LESS CURRENT LIABILITIES

104,520

88,813

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

104,420

88,713

SHAREHOLDERS' FUNDS

104,520

88,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 December 2020 and were signed by:

S J Samuels - Director

1.	STATUTORY INFORMATION

Epsom Incentives Ltd is a private company, limited by shares registered in England and Wales. The company's registered number is 03151666 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value added tax. Revenue is recognised as follows:

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the goods and collection of the related receivables is anticipated.

Service revenues are recognised as those services are provided to customers.

Intangible assets

Intangible assets relate to franchise fees paid by the company on the acquisition of a trading venture. The amount has been written off over its estimated useful life of five years.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

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 the income statement in the period to which they relate.

Critical accounting estimates and judgements

There are currently no significant judgements and estimates applied by the director which are considered key to the preparation of the financial statements.

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 accounts receivable and payable and loans from banks.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 5 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2019

and 31 January 2020

5,000

AMORTISATION

At 1 February 2019

and 31 January 2020

5,000

NET BOOK VALUE

At 31 January 2020

-

At 31 January 2019

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 February 2019

44,328

Additions

2,300

At 31 January 2020

46,628

DEPRECIATION

At 1 February 2019

36,406

Charge for year

1,537

At 31 January 2020

37,943

NET BOOK VALUE

At 31 January 2020

8,685

At 31 January 2019

7,922

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

186,523

162,628

Other debtors

29,585

11,631

216,108

174,259

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

101,120

82,254

Taxation and social security

54,789

39,116

Other creditors

23,939

6,423

179,848

127,793

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2020 and 31 January 2019:

2020

2019

£

£

S J Samuels

Balance outstanding at start of year

7,888

7,888

Amounts advanced

80,000

80,000

Amounts repaid

(80,000

)

(80,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,888

7,888

This loan is unsecured, interest free and repayable on demand. There were no material advances greater than £10,000 during the year. The highest overdrawn balance in the year was £7,888 (2019 - £7,888).