Esion Acoustics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08803029 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ESION ACOUSTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K R Cranfield

Mr D L Cranfield

Mr S P Smith

Mrs S M Cranfield

SECRETARY:

Mrs S M Cranfield

REGISTERED OFFICE:

Units A-F, School Farm Buildings

School Road

Langham

Colchester

Essex

CO4 5PB

REGISTERED NUMBER:

08803029 (England and Wales)

ACCOUNTANTS:

Knight & Co Accountants Ltd

7 St Peters Walk

Great Totham

Essex

CM9 8XL

FIXED ASSETS

Tangible assets

4

72,865

86,480

CURRENT ASSETS

Stocks

5

46,084

30,616

Debtors

6

695,929

571,244

Cash at bank and in hand

170,975

101,066

912,988

702,926

CREDITORS

Amounts falling due within one year

7

679,327

598,785

NET CURRENT ASSETS

233,661

104,141

TOTAL ASSETS LESS CURRENT LIABILITIES

306,526

190,621

CREDITORS

Amounts falling due after more than one year

8

(80,762

)

(119,569

)

PROVISIONS FOR LIABILITIES

(13,837

)

(16,421

)

NET ASSETS

211,927

54,631

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

211,627

54,331

SHAREHOLDERS' FUNDS

211,927

54,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 19 September 2019 and were signed on its behalf by:

Mr K R Cranfield - Director

Mrs S M Cranfield - Director

Mr D L Cranfield - Director

Mr S P Smith - Director

1.	STATUTORY INFORMATION

Esion Acoustics Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

value added tax and other sales taxes.

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.

Short leasehold

-

20% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of 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 assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company

would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

2,663

117,874

5,906

12,782

139,225

Additions

1,050

1,685

1,240

845

4,820

Disposals

(1,832

)

(2,935

)

(200

)

(1,543

)

(6,510

)

At 31 March 2019

1,881

116,624

6,946

12,084

137,535

DEPRECIATION

At 1 April 2018

1,572

38,244

2,233

10,696

52,745

Charge for year

376

11,861

967

1,912

15,116

Eliminated on disposal

(1,099

)

(695

)

(123

)

(1,274

)

(3,191

)

At 31 March 2019

849

49,410

3,077

11,334

64,670

NET BOOK VALUE

At 31 March 2019

1,032

67,214

3,869

750

72,865

At 31 March 2018

1,091

79,630

3,673

2,086

86,480

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2018

and 31 March 2019

41,150

DEPRECIATION

At 1 April 2018

20,667

Charge for year

3,072

At 31 March 2019

23,739

NET BOOK VALUE

At 31 March 2019

17,411

At 31 March 2018

20,483

5.

STOCKS

31.3.19

31.3.18

£

£

Raw materials

46,084

30,616

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

613,184

487,405

Amounts recoverable on contract

42,300

38,206

Other debtors

25,333

24,360

Prepayments and accrued income

15,112

21,273

695,929

571,244

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other loans (see note 9)

30,986

28,328

Hire purchase contracts

8,500

7,882

Trade creditors

420,371

380,697

Tax

57,909

4,744

Social security and other taxes

13,926

14,803

VAT

76,875

79,410

Pension

1,354

617

Wages control

1

-

Directors' current accounts

58,679

56,855

Accruals and deferred income

10,726

25,449

679,327

598,785

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other loans (see note 9)

80,762

111,748

Hire purchase contracts

-

7,821

80,762

119,569

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

Other loans

30,986

28,328

Amounts falling due between one and two years:

Other loans - 1-2 years

33,892

30,986

Amounts falling due between two and five years:

Other loans - 2-5 years

46,870

80,762