ESCENDENCY_LIMITED - Accounts

ESCENDENCY LIMITED - Company Information

Print Friendly Version

Company Registration No. 05053362 (England and Wales)

ESCENDENCY LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

ESCENDENCY LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

ESCENDENCY LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ESCENDENCY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Escendency Limited for the year ended 31 December 2014 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Escendency Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Escendency Limited and state those matters that we have agreed to state to the Board of Directors of Escendency Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Escendency Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Escendency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Escendency Limited. You consider that Escendency Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Escendency Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore and Smalley LLP

Chartered Accountants

Priory Close

St Marys Gate

Lancaster

LA1 1XB

30 September 2015

ESCENDENCY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 2 -

2014

2013

Notes

Fixed assets

Intangible assets

4,607

41,858

Tangible assets

238

4,634

42,096

Current assets

Debtors

186,461

180,096

186,461

180,096

Creditors: amounts falling due within one year

(148,451)

(144,381)

Net current liabilities

38,010

35,715

Total assets less current liabilities

42,644

77,811

Creditors: amounts falling due after more than one year

(111,714)

(109,362)

(69,070)

(31,551)

Capital and reserves

Called up share capital

276,250

259,311

Share premium account

269,737

249,919

Profit and loss account

(615,057)

(540,781)

Shareholders' funds

(69,070)

(31,551)

ESCENDENCY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 3 -

For the financial year ended 31 December 2014 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 financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 September 2015

Mr M E Robinson

Director

Company Registration No. 05053362

ESCENDENCY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

At the period end the balance sheet is £69,070 in deficit. The directors' have confirmed their continuing support of the company and therefore believe that it is appropriate for the financial statements to be prepared on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

The expenditure on the development software is treated as an intangible fixed asset and amortised in equal instalments over its useful economic of 5 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

3 years straight line

Fixtures, fittings & equipment

5 years straight line

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ESCENDENCY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 5 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2014

355,870

16,415

372,285

Additions

5,760

At 31 December 2014

361,630

16,415

378,045

Depreciation

At 1 January 2014

314,012

16,177

330,189

Charge for the year

43,011

211

43,222

At 31 December 2014

357,023

16,388

373,411

Net book value

At 31 December 2014

4,607

4,634

At 31 December 2013

41,858

238

42,096

Share capital

2014

2013

Allotted, called up and fully paid

276,250 Ordinary shares of £1 each

276,250

259,311

During the year 16,939 ordinary shares (2013: 24,428 shares) were issued at a premium of £1.17 (2013: £1.17) per share. This resulted in a premium on shares issued during the year of £19,819 (2013: £28,581)

Directors' benefits: Advances, credits and guarantees

Mr M E Robinson has a loan account with the company against which personal expenditure and drawings may be charged. The loan account with the company was overdrawn at 1 January 2014 by £59,688 and £61,448 on 31 December 2014. During this period cash advances totalling £1,760 were made to Mr M E Robinson. The maximum overdrawn balance on the loan during the year was £61,478.

This loan was unsecured and no interest was charged by the company on this advance.