EPD (Whittlesey) Limited Filleted accounts for Companies House (small and micro)

EPD (WHITTLESEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06973056

EPD (Whittlesey) Limited

Filleted Unaudited Financial Statements

for the year ended

30 June 2018

EPD (Whittlesey) Limited

Financial Statements

for the year ended 30th June 2018

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 6

EPD (Whittlesey) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of EPD (Whittlesey) Limited

for the year ended 30th June 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EPD (Whittlesey) Limited for the year ended 30th June 2018, which comprise the statement of financial position and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of EPD (Whittlesey) Limited in accordance with the terms of our engagement letter dated 23rd July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of EPD (Whittlesey) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EPD (Whittlesey) Limited and its director for our work or for this report.

It is your duty to ensure that EPD (Whittlesey) 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 profit of EPD (Whittlesey) Limited. You consider that EPD (Whittlesey) 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 EPD (Whittlesey) 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 THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 25 July 2019

EPD (Whittlesey) Limited

Statement of Financial Position

as at 30 June 2018

	2018		2017
Note	£	£	£	£

Current assets

Stocks	1,470,678	1,406,718
Cash at bank and in hand	5,777	6,497
	------------	------------
	1,476,455	1,413,215

Creditors: amounts falling due within one year	5	1,129,448		971,068
		------------		------------
Net current assets			347,007		442,147
			-----------		-----------
Total assets less current liabilities			347,007		442,147

Creditors: amounts falling due after more than one year	6	532,838	638,281
		-----------	-----------
Net liabilities		( 185,831)	( 196,134)
		-----------	-----------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		( 185,931)	( 196,234)
		-----------	-----------
Shareholders deficit		( 185,831)	( 196,134)
		-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

EPD (Whittlesey) Limited

Statement of Financial Position (continued)

as at 30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 25 July 2019 , and are signed on behalf of the board by:

S. Boon
Director

Company registration number: 06973056

EPD (Whittlesey) Limited

Notes to the Financial Statements

for the year ended 30th June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newark Road, Peterborough, PE1 5YD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, total liabilities exceed total assets by £185,831. This deficit is due to £943,190 being included in creditors due within one year which is due to connected companies. However these creditors have indicated that they will not demand repayment of these liabilities in preference to other creditors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tax on profit/(loss)

Major components of tax expense/(income)

	2018	2017
	£	£

Current tax:

UK current tax expense	210	–
Adjustments in respect of prior periods	–	( 3,473)
	-----------	-----------
Total current tax	210	( 3,473)
	-----------	-----------
	-----------	-----------
Tax on profit/(loss)	210	( 3,473)
	-----------	-----------

5. Creditors: amounts falling due within one year

	2018	2017
	£	£

Bank loans and overdrafts	36,330	35,321
Amounts owed to related parties	943,190	789,479
Accruals and deferred income	2,900	3,500
Corporation tax	613	47,400
Obligations under finance leases and hire purchase contracts	63,842	95,368
Director loan accounts	82,573	–
	------------	-----------
	1,129,448	971,068
	------------	-----------

The bank loan included above and below is secured by both fixed and floating charges over the company's property and the undertakings of the company.

6. Creditors: amounts falling due after more than one year

	2018	2017
	£	£

Bank loans and overdrafts	521,692	559,030
Obligations under finance leases and hire purchase contracts	11,146	79,251
	-----------	-----------
	532,838	638,281
	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £376,373 (2017: £417,744) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

7. Called up share capital

Issued, called up and fully paid

2018		2017
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	-----------	-----------	-----------	-----------