EDP Consulting Engineers Limited - Period Ending 2017-09-30
EDP Consulting Engineers Limited - Period Ending 2017-09-30
Registration number:
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EDP Consulting Engineers Limited
for the Year Ended 30 September 2017
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX
EDP Consulting Engineers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
EDP Consulting Engineers Limited
Company Information
Directors |
Mr K Courtney Mr C D Kelly |
Registered office |
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Accountants |
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EDP Consulting Engineers Limited
(Registration number: SC347910)
Balance Sheet as at 30 September 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
Page 2 |
EDP Consulting Engineers Limited
(Registration number: SC347910)
Balance Sheet as at 30 September 2017
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
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 presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration derived from that of engineering services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Page 4 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. 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.
Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
33% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Page 5 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
15 Years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Page 6 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Staff numbers |
The average number of persons employed by the company (including the directors) during the year was 9 (2016 - 9).
Page 7 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Disposals |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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Eliminated on disposal |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Page 8 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Stocks |
2017 |
2016 |
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Work in progress |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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990 |
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990 |
Dividends |
Final dividends paid
Page 9 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
2017 |
2016 |
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Final dividend of £44.78 (2016 - £26.87) per each |
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Page 10 |
EDP Consulting Engineers Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Related party transactions |
Summary of transactions with key management
(Director)
During the year the company operated a loan account with Mr C Kelly. At the balance sheet date, the amount due to Mr C Kelly was £47,975 (2016 - £49,252). There are no fixed repayment terms and no interest is charged.
Mr K Courtney
(Director)
During the year the company operated a loan account with Mr K Courtney. At the balance sheet date, the amount due to Mr K Courtney was £26,477 (2016 - £42,135). There are no fixed repayment terms and no interest is charged.
Transactions with directors |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Summary of transactions with other related parties
During they year the company rented an office from EDP Property Letting Partnership. The total rent paid at the balance sheet date was £37,893 (2016: £19,340)
During the year the company also operated a loan account with EDP Property Letting Partnership. At the balance sheet date, the company was due EDP Property letting Partnership £752 (2016 - £nil). There is no interest charge and no fixed repayment terms.
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