EARLYWORLD LIMITED
Company Registration No. 02681662 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
EARLYWORLD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EARLYWORLD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,845,551
1,861,369
Current assets
Debtors
4
1,882,411
1,787,612
Cash at bank and in hand
416,418
285,688
2,298,829
2,073,300
Creditors: amounts falling due within one year
5
(504,753)
(498,224)
Net current assets
1,794,076
1,575,076
Total assets less current liabilities
3,639,627
3,436,445
Provisions for liabilities
(44,143)
(44,035)
Net assets
3,595,484
3,392,410
Capital and reserves
Called up share capital
6
1,497,695
1,497,695
Profit and loss reserves
2,097,789
1,894,715
Total equity
3,595,484
3,392,410
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
EARLYWORLD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 June 2018 and are signed on its behalf by:
Mr P A Edwards
Director
Company Registration No. 02681662
EARLYWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Earlyworld Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earlyworld House, 7 Darwin Court, Oxon Business Park, Shrewsbury, Shropshire, SY3 5AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Nil
Land and buildings Leasehold
Straight line 10-15 years
Plant and machinery
Between 20% and 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered 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).
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EARLYWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 124 (2017 - 135).
EARLYWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
2,640,309
409,465
3,049,774
Additions
1,481
26,062
27,543
Disposals
(139,796)
(12,509)
(152,305)
At 31 March 2018
2,501,994
423,018
2,925,012
Depreciation and impairment
At 1 April 2017
808,808
379,597
1,188,405
Depreciation charged in the year
28,779
14,582
43,361
Eliminated in respect of disposals
(139,796)
(12,509)
(152,305)
At 31 March 2018
697,791
381,670
1,079,461
Carrying amount
At 31 March 2018
1,804,203
41,348
1,845,551
At 31 March 2017
1,831,501
29,868
1,861,369
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
7,055
8,304
Other debtors
1,875,356
1,779,308
1,882,411
1,787,612
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
206,542
196,269
Corporation tax
102,279
111,296
Other taxation and social security
28,504
27,164
Other creditors
167,428
163,495
504,753
498,224
EARLYWORLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,497,695 Ordinary shares of £1 each
1,497,695
1,497,695
1,497,695
1,497,695
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
4,098
5,100
8
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Kingsland Estates UK Limited - interest free loan of £1,863,321 (2017: £1,773,321).
Sports Car Hire Limited - interest free loan of £6,183 (2017: £nil).
The shareholders and directors of Earlyworld Limited have a participating interest in Kingsland Estates UK Limited and Sports Car Hire Limited.