EOS Worldwide UK Ltd - Period Ending 2021-12-31

EOS Worldwide UK Ltd

Contents

Company Information	1
Directors' Report	2
Statement of Income and Retained Earnings	3
Statement of Financial Position	4
Notes to the Financial Statements	5 to 10

EOS Worldwide UK Ltd

Company Information

Directors

K Knight D O Mann P A Mccuiston

Company secretary

Goodwille Limited

Registered office

24 Old Queen Street London SW1H 9HP

Accountants

Harmer Slater Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

EOS Worldwide UK Ltd

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Principal activity

The principal activity of the company is the sale of the EOS software and related products.

Director of the company

The director who held office during the year and up to date of authorisation of this report was as follows:

K Knight

The following directors were appointed after the year end:

D O Mann (appointed 1 August 2022)

P A Mccuiston (appointed 1 August 2022)

Going concern

The directors have considered the financial projections for the company and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 22 December 2022 and signed on its behalf by:
 

......................................... K Knight Director

EOS Worldwide UK Ltd

Statement of Income and Retained Earnings
for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Revenue		82,619	61,062
Cost of sales		(65,331)	(46,431)
Gross profit		17,288	14,631
Administrative expenses		(47,990)	(6,037)
(Loss)/profit before tax		(30,702)	8,594
Taxation	4	1,633	(1,633)
(Loss)/profit for the financial year		(29,069)	6,961
Retained earnings brought forward		6,961	-
Retained earnings carried forward		(22,108)	6,961

Continuing operations
All results are derived wholly from continuing operations.

EOS Worldwide UK Ltd

(Registration number: 11998853)
Statement of Financial Position as at 31 December 2021

	Note	2021 £	2020 £
Current assets
Inventories	5	12,117	9,407
Receivables	6	122,943	23,875
Cash at bank and in hand	7	23,159	92,072
		158,219	125,354
Payables: Amounts falling due within one year	8	(180,326)	(118,392)
Net (liabilities)/assets		(22,107)	6,962
Equity
Called up share capital	9	1	1
Retained earnings	9	(22,108)	6,961
Total Equity		(22,107)	6,962

For the financial year ending 31 December 2021 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of EOS Worldwide UK Ltd were approved and authorised for issue by the Board on 22 December 2022 and signed on its behalf by:
 

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

K Knight
Director

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021

1	General information

EOS Worldwide UK Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

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.

Going concern

The directors have considered the financial projections for the company and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)

2	Accounting policies (continued)

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents is comprised of bank accounts and petty cash.

Receivables

Receivables 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 receivables 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.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)

2	Accounting policies (continued)

Payables

Payables 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.

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

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2020 - 3).

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)

4

Taxation

Tax charged/(credited) in the income statement

	2021 £	2020 £
Current taxation
UK corporation tax	(1,633)	1,633

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of 19% (2020 - 19%).

The differences are reconciled below:

	2021 £	2020 £
(Loss)/profit before tax	(30,702)	8,594
Corporation tax at standard rate	(5,833)	1,633
Effect of tax losses	4,200	-
Total tax (credit)/charge	(1,633)	1,633

5	Inventories

	2021 £	2020 £
Stock - finished goods	12,117	9,407

6	Receivables

	2021 £	2020 £
Trade receivables	18,414	-
Amounts owed by group undertakings	50,870	10,545
Other receivables	1	1
Corporation tax asset	1,633	-
Prepayments and accrued income	52,025	13,329
	122,943	23,875

The amount receivable from group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)

7	Cash and cash equivalents

	2021  £	2020  £
Cash at bank	23,159	92,072

8

Payables

	2021 £	2020 £
Due within one year
Trade payable	13,989	555
Amounts owed to group undertaking	106,404	106,404
Corporation tax	-	1,633
Other payables	5,113	3,923
Accruals and deferred income	54,820	5,877
	180,326	118,392

The amount owed to related party disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other
adjustments.

EOS Worldwide UK Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)

10	Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102- Small Entities not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

11	Parent and ultimate parent undertaking

The company's immediate parent is EOSW International, Inc., incorporated in United States.

 The ultimate parent is EOS HoldCo LLC, incorporated in United States.