Ethically Sourced Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04024969 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

ETHICALLY SOURCED PRODUCTS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R D Olley

REGISTERED OFFICE:

5 Homestead Farm

Ratcliffe Road

Thrussington

Leicester

Leicestershire

LE7 4UF

REGISTERED NUMBER:

04024969 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,287,129

1,682,918

CURRENT ASSETS

Stocks

9,968

9,968

Debtors

5

109,430

119,021

Cash at bank

6,960

47,542

126,358

176,531

CREDITORS

Amounts falling due within one year

6

1,004,697

969,819

NET CURRENT LIABILITIES

(878,339

)

(793,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,408,790

889,630

CREDITORS

Amounts falling due after more than one year

7

(1,306,324

)

(794,730

)

PROVISIONS FOR LIABILITIES

(84,680

)

(40,000

)

NET ASSETS

17,786

54,900

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

17,686

54,800

17,786

54,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 March 2020 and were signed by:

Mr R D Olley - Director

1.	STATUTORY INFORMATION

Ethically Sourced Products 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.

The company supplies products to customers under standard terms and conditions. In all cases revenue is

recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the

goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

equal instalments over the lease period

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

Straight line over 3 years

Motor vehicles

-

25% on reducing balance

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.

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.

Debtors

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

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2018 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2018

1,675,903

122,315

14,244

12,875

1,825,337

Additions

436,281

199,550

50,427

-

686,258

At 30 June 2019

2,112,184

321,865

64,671

12,875

2,511,595

DEPRECIATION

At 1 July 2018

40,574

83,158

13,858

4,829

142,419

Charge for year

14,081

47,741

18,214

2,011

82,047

At 30 June 2019

54,655

130,899

32,072

6,840

224,466

NET BOOK VALUE

At 30 June 2019

2,057,529

190,966

32,599

6,035

2,287,129

At 30 June 2018

1,635,329

39,157

386

8,046

1,682,918

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

94,702

67,889

Other debtors

14,728

51,132

109,430

119,021

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

62,378

340,777

Taxation and social security

68,202

51,228

Other creditors

874,117

577,814

1,004,697

969,819

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

1,306,324

794,730

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

963,312

465,672

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

76,808

20,000

Between one and five years

344,175

80,000

In more than five years

984,902

2,780,000

1,405,885

2,880,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R D Olley by virtue of his majority shareholding in the company.