Evans Turner (Finishes) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01307491 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

FOR

EVANS TURNER (FINISHES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Bird

P R McEntire

SECRETARY:

Mrs A L Mathews

REGISTERED OFFICE:

Unit 25

Acorn Industrial Park

Crayford Road

Crayford

Kent

DA1 4AL

REGISTERED NUMBER:

01307491 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

153,488

82,232

CURRENT ASSETS

Stocks

105,000

140,000

Debtors

5

993,896

888,664

Cash at bank and in hand

647,072

330,172

1,745,968

1,358,836

CREDITORS

Amounts falling due within one year

6

1,564,351

1,208,361

NET CURRENT ASSETS

181,617

150,475

TOTAL ASSETS LESS CURRENT LIABILITIES

335,105

232,707

CREDITORS

Amounts falling due after more than one year

7

-

(34,193

)

PROVISIONS FOR LIABILITIES

(15,447

)

-

NET ASSETS

319,658

198,514

CAPITAL AND RESERVES

Called up share capital

9

624

52,000

Share premium

10

51,376

-

Retained earnings

10

267,658

146,514

SHAREHOLDERS' FUNDS

319,658

198,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by and authorised for issue by the Board of Directors on 29 April 2019 and were signed on its behalf by:

G P Bird - Director

1.	STATUTORY INFORMATION

Evans Turner (Finishes) Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 01307491 and registered office address is at Unit 25 Acorn Industrial Park,

Crayford Road, Crayford, Kent, DA1 4AL.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Accounting standards require the directors to consider the appropriateness of the going concern basis when

preparing the financial statements. The directors confirm that they consider that the going concern basis remains

appropriate. The directors believe that the Company has sufficient resources to continue in operational existence

for the foreseeable future. The directors believe this to be the case as the Company has positive reserves, cash

balances and no significant long term liabilities. Thus they continue to adopt the going concern basis of

accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised at the invoice date, following completion of works or a certain stage of a project.

Amounts recoverable on long term contracts are valued at anticipated net sales value of work done.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

10% straight line

Plant and machinery

12.5% straight line

Motor vehicles

25% straight line

Fixtures & fittings

10 - 33% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

The company contributes to personal pension plans on behalf of directors.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and Equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known accounts of cash with no significant

risk of change in value.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of the financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic

of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2017 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2017

10,576

191,932

44,368

131,009

377,885

Additions

14,749

61,915

20,205

21,183

118,052

At 31 July 2018

25,325

253,847

64,573

152,192

495,937

DEPRECIATION

At 1 August 2017

6,822

148,739

36,370

103,722

295,653

Charge for year

2,006

16,985

6,616

21,189

46,796

At 31 July 2018

8,828

165,724

42,986

124,911

342,449

NET BOOK VALUE

At 31 July 2018

16,497

88,123

21,587

27,281

153,488

At 31 July 2017

3,754

43,193

7,998

27,287

82,232

The net book value of assets held under finance leases or hire purchase contracts, included above, are as

follows:

2018

2017

£

£

Motor vehicles

Nil

15,280

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

848,137

765,712

Other debtors

145,759

122,952

993,896

888,664

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

37,429

97,265

Hire purchase contracts (see note 8)

-

5,058

Trade creditors

445,399

530,798

Taxation and social security

287,684

213,904

Other creditors

793,839

361,336

1,564,351

1,208,361

Directors have loaned £520,743 (2017 - £228,450) to the company.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

34,193

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

-

5,058

Non-cancellable

operating leases

2018

2017

£

£

In more than five years

1,511,969

1,127,127

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

2018

2017

£

£

125

A Ordinary

£1

125

125

125

B Ordinary

£1

125

125

125

C Ordinary

£1

125

125

125

D Ordinary

£1

125

125

51,500

Preference

£1

-

51,500

62

E Ordinary

£1

62

-

62

F Ordinary

£1

62

-

624

52,000

During the year, the company carried out a reorganisation of its share capital. 51,500 £1 preference shares

were re designated £1 ordinary E and F shares, with 25,750 preference shares being redesignated into 62 £1

ordinary E shares and 25,750 preference shares being redesignated into 62 £1 ordinary F shares. As a result,

these shares were fully paid at a premium of £413.32 per share. Newly issued shares do not confer any voting

rights, but rank pari passu in all other respects.

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 August 2017

146,514

-

146,514

Profit for the year

635,094

635,094

Dividends

(513,950

)

(513,950

)

Share issue

-

51,376

51,376

At 31 July 2018

267,658

51,376

319,034

11.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately

from those of the company in an independently administered fund. The pension cost charge represents

contributions payable by the company to the fund and amounted to £83,888 (2017 - £74,440).

12.	RELATED PARTY DISCLOSURES

The company is related to Metalcare Engineering Limited by way of Mr P McEntire, a shareholder and director of

Evans Turner (Finishes) Limited holding preference shares in Metalcare Engineering Limited, a company of

which his father, Mr J McEnitre is the majority shareholder.

The company occupies the same building as Metalcare Engineering Limited. There was purchases from

Metalcare Engineering Limited during the period worth of £528 (2017 - Nil) and a management charge to

Metalcare Engineering Limited of £10,000 (2017 - £10,000).

Mr G Bird and Mr P McEntire are directors and shareholders of the company. All dividends were paid to the

directors and other shareholders. Directors have loaned £520,743 (2017 - £228,450) to the company.

At the year end, Metalcare Engineering Limited owed Evans Turner (Finishes) Limited £3,000 (2017 - £3,000).