Environtec Group Limited - Limited company accounts 20.1
Environtec Group Limited - Limited company accounts 20.1
REGISTERED NUMBER: 11437508 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Period 28 June 2018 to 31 July 2019 |
for |
Environtec Group Limited |
Environtec Group Limited (Registered number: 11437508) |
Contents of the Consolidated Financial Statements |
for the Period 28 June 2018 to 31 July 2019 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Environtec Group Limited |
Company Information |
for the Period 28 June 2018 to 31 July 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Environtec Group Limited (Registered number: 11437508) |
Group Strategic Report |
for the Period 28 June 2018 to 31 July 2019 |
The directors present their strategic report of the company and the group for the period 28 June 2018 to 31 July 2019. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the |
period and its position at the period end. Our review is consistent with the size and non-complex nature of our business |
and is written in the context of the risks and uncertainties we face. |
REVIEW OF BUSINESS |
Environtec Group Limited owns 100% of the share capital of Environtec Limited and performs the role of a holding |
company only. |
As a leading asbestos consultancy we provide the full suite of asbestos services including surveying, laboratory analysis, |
air monitoring, training and consultancy. The company's activities are delivered through our network of regional offices. |
We have added to our core business of asbestos consultancy with the complimentary services of Legionella, Fire and |
Lead contamination consultancy services. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The largest challenge facing the business remains in Human Resources. We have continued to make changes to improve |
employee retention by introducing additional incentive schemes. |
In 2019 our profit on ordinary activities before taxation amounted to £342,070. After taxation, £241,160 has been added |
to reserves from which, a total of £201,000 has been paid in dividends. |
As for many businesses of our size, the business environment in which we operate continues to be challenging. The |
asbestos market in the UK is highly competitive and margins continue to be tight in certain sectors. In 2019 we will |
continue to expand our portfolio of sectors to which we deliver our services. |
ON BEHALF OF THE BOARD: |
Environtec Group Limited (Registered number: 11437508) |
Report of the Directors |
for the Period 28 June 2018 to 31 July 2019 |
The directors present their report with the financial statements of the company and the group for the period 28 June 2018 |
to 31 July 2019. |
INCORPORATION & COMMENCEMENT OF TRADING |
The group was incorporated on 28 June 2018 and took ownership of its subsidiary company on 31 August 2018. |
The wholly owned subsidiary, Environtec Limited, was incorporated and commenced trading in 1994. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of environmental consultancy. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 July 2019 will be £ 201,000 . |
In addition, the subsidiary Environtec Limited voted and paid dividends in the year totalling £47,917, prior to being |
acquired by the group. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 28 June 2018 to the date of this report. |
IMPORTANT EVENTS SINCE THE BALANCE SHEET DATE |
With the risks and uncertainties in mind, we are aware that any plans for the future development of the business may be |
subject to unforeseen future events outside of our control. At this particular time this includes the current uncertainty of |
the full impact which COVID-19 will have on the company, but the directors are continually monitoring the situation in |
the best interest of the company to ensure its trading future. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the |
directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable |
steps for the prevention and detection of fraud and other irregularities. |
Environtec Group Limited (Registered number: 11437508) |
Report of the Directors |
for the Period 28 June 2018 to 31 July 2019 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as |
a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are |
aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Environtec Group Limited |
Opinion |
We have audited the financial statements of Environtec Group Limited (the 'parent company') and its subsidiaries (the |
'group') for the period ended 31 July 2019 which comprise the Consolidated Income Statement, Consolidated Other |
Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in |
Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated |
Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The |
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2019 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the group in accordance with the ethical requirements |
that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have |
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we |
have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Environtec Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the |
Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's |
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease |
operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Environtec Group Limited (Registered number: 11437508) |
Consolidated Income Statement |
for the Period 28 June 2018 to 31 July 2019 |
Notes | £ |
TURNOVER | 12,371,443 |
Cost of sales | 7,287,268 |
GROSS PROFIT | 5,084,175 |
Administrative expenses | 4,704,418 |
OPERATING PROFIT | 4 | 379,757 |
Interest receivable and similar income | 461 |
380,218 |
Interest payable and similar expenses | 5 | 38,148 |
PROFIT BEFORE TAXATION | 342,070 |
Tax on profit | 6 | 100,910 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 241,160 |
Environtec Group Limited (Registered number: 11437508) |
Consolidated Other Comprehensive Income |
for the Period 28 June 2018 to 31 July 2019 |
Notes | £ |
PROFIT FOR THE PERIOD | 241,160 |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
241,160 |
Total comprehensive income attributable to: |
Owners of the parent | 241,160 |
Environtec Group Limited (Registered number: 11437508) |
Consolidated Balance Sheet |
31 July 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 1,823,312 |
Tangible assets | 10 | 273,466 |
Investments | 11 | - |
2,096,778 |
CURRENT ASSETS |
Debtors | 12 | 3,460,456 |
Cash at bank and in hand | 24,126 |
3,484,582 |
CREDITORS |
Amounts falling due within one year | 13 | 2,957,434 |
NET CURRENT ASSETS | 527,148 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,623,926 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(1,310,763 |
) |
PROVISIONS FOR LIABILITIES | 18 | (43,003 | ) |
NET ASSETS | 1,270,160 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 10,000 |
Share premium | 20 | 1,220,000 |
Retained earnings | 20 | 40,160 |
SHAREHOLDERS' FUNDS | 1,270,160 |
The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2020 and were |
signed on its behalf by: |
P R Shaw - Director | D McGuire - Director |
R Price - Director |
Environtec Group Limited (Registered number: 11437508) |
Company Balance Sheet |
31 July 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 158,789 |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
Environtec Group Limited (Registered number: 11437508) |
Consolidated Statement of Changes in Equity |
for the Period 28 June 2018 to 31 July 2019 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | 10,000 | - | 1,220,000 | 1,230,000 |
Dividends | - | (201,000 | ) | - | (201,000 | ) |
Total comprehensive income | - | 241,160 | - | 241,160 |
Balance at 31 July 2019 | 10,000 | 40,160 | 1,220,000 | 1,270,160 |
Environtec Group Limited (Registered number: 11437508) |
Company Statement of Changes in Equity |
for the Period 28 June 2018 to 31 July 2019 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 July 2019 | ( |
) |
Environtec Group Limited (Registered number: 11437508) |
Consolidated Cash Flow Statement |
for the Period 28 June 2018 to 31 July 2019 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,458,643 |
Interest paid | (38,148 | ) |
Tax paid | (172,692 | ) |
Net cash from operating activities | 2,247,803 |
Cash flows from investing activities |
Purchase of fixed asset investments | (4,000,000 | ) |
Purchase of tangible fixed assets | (43,617 | ) |
Sale of tangible fixed assets | 9,920 |
Interest received | 461 |
Net cash from investing activities | (4,033,236 | ) |
Cash flows from financing activities |
New loans in year | 600,000 |
Loan repayments in year | (128,997 | ) |
Amount introduced by directors | 329,049 |
Share issue | 10,000 |
Share premium | 1,220,000 |
Cash introduced | 28,424 |
Equity dividends paid | (248,917 | ) |
Net cash from financing activities | 1,809,559 |
Increase in cash and cash equivalents | 24,126 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
24,126 |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Cash Flow Statement |
for the Period 28 June 2018 to 31 July 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 342,070 |
Depreciation charges | 281,365 |
Loss on disposal of fixed assets | 17,083 |
Finance costs | 38,148 |
Finance income | (461 | ) |
678,205 |
Increase in trade and other debtors | (565,886 | ) |
Increase in trade and other creditors | 2,346,324 |
Cash generated from operations | 2,458,643 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Period ended 31 July 2019 |
31.7.19 | 28.6.18 |
£ | £ |
Cash and cash equivalents | 24,126 | - |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements |
for the Period 28 June 2018 to 31 July 2019 |
1. | STATUTORY INFORMATION |
Environtec Group Limited is a |
company's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover includes revenue earned from the sale of goods and from the rendering of services. |
Sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership |
of the goods has transferred to the buyer. |
Rendering of services.Turnover from the rendering of services is recognised by reference to the stage of |
completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred |
for work performed to date to the total estimated contract costs. Turnover is only recognised to the |
extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. |
Goodwill |
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated |
useful lives, using the straight-line method.The amortisation period is calculated based upon the anticipated |
period over which it will generate probable future economic benefits. If there is an indication that there has been |
a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised |
prospectively to reflect the new expectations. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that |
are payable or receivable within one year, typically trade payables or receivables, are measured, initially and |
subsequently, at the discounted amount of the cash or other consideration expected to be paid or received. |
However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a |
trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in |
case of an outright short term loan not at market rate, the financial asset or liability is measured, initially and |
subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
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 and loss. |
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 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 period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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 |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme |
are charged to profit or loss in the period to which they relate. |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has |
adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
However, at this uncertain time the full impact of COVID-19 is unknown and the adoption of the going concern |
basis is formed on the assumption that the company will be able to continue to trade through this difficult period |
of time. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Directors | 4 |
Management | 24 |
Operations | 148 |
Administration | 59 |
£ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
£ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill on consolidation amortisation |
Auditors' remuneration |
Formation costs | 180 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest |
Interest on overdue taxation |
Other loan interest |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
8. | DIVIDENDS |
£ |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
on |
consolidation |
£ |
COST |
Additions |
At 31 July 2019 |
AMORTISATION |
Amortisation for period |
At 31 July 2019 |
NET BOOK VALUE |
At 31 July 2019 |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Motor |
Totals | property | machinery | fittings | vehicles |
£ | £ | £ | £ | £ |
COST |
At 28 June 2018 | 1,258,643 | 95,747 | 537,128 | 333,810 | 291,958 |
Additions | 43,617 | - | 38,992 | 4,625 | - |
Disposals | (75,039 | ) | - | - | - | (75,039 | ) |
At 31 July 2019 | 1,227,221 | 95,747 | 576,120 | 338,435 | 216,919 |
DEPRECIATION |
At 28 June 2018 | 903,830 | 61,586 | 405,228 | 274,316 | 162,700 |
Charge for period | 97,361 | 9,564 | 39,837 | 16,122 | 31,838 |
Eliminated on disposal | (47,436 | ) | - | - | - | (47,436 | ) |
At 31 July 2019 | 953,755 | 71,150 | 445,065 | 290,438 | 147,102 |
NET BOOK VALUE |
At 31 July 2019 | 273,466 | 24,597 | 131,055 | 47,997 | 69,817 |
At 27 June 2018 | 354,813 | 34,161 | 131,900 | 59,494 | 129,258 |
11. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
Additions |
At 31 July 2019 |
NET BOOK VALUE |
At 31 July 2019 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Subsidiaries |
Registered office: Environtec House, The Street, Hatfield Peverel, Essex, CM3 2EJ |
Nature of business: |
% |
Class of shares: | holding |
31.7.19 |
£ |
Aggregate capital and reserves |
Profit for the period |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Environtec House, The Street, Hatfield Peverel, Essex, CM3 2EJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Environtec House, The Street, Hatfield Peverel, Essex, CM3 2EJ |
Nature of business: |
% |
Class of shares: | holding |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Trade debtors | 3,211,749 |
Other debtors | 16,292 |
Directors' current accounts | 244 |
Prepayments | 232,171 |
3,460,456 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 15) | 146,822 |
Trade creditors | 1,064,766 |
Amounts owed to group undertakings | - |
Tax | 123,798 |
Social security and other taxes | 157,329 |
VAT | 253,768 | - |
Other creditors | 1,043,150 |
Directors' current accounts | 33,150 | - |
Accrued expenses | 134,651 |
2,957,434 |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
£ | £ |
Bank loans (see note 15) | 324,181 |
Other creditors | 470,091 |
Other creditors over 5 years | 516,491 | 516,491 |
1,310,763 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year or on |
demand: |
Bank loans | 146,822 |
Amounts falling due between one and two |
years: |
Bank loans - 1-2 years | 152,424 |
Amounts falling due between two and five |
years: |
Bank loans - 2-5 years | 171,757 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non- |
cancellable |
operating leases |
£ |
Within one year | 569,644 |
Between one and five years | 556,536 |
1,126,180 |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
£ |
Bank loans | 471,003 |
Advances from discounters | 884,576 |
1,355,579 |
Advances from discounters are secured on the company trade debtors. |
The directors of the company have provided the company bankers with a limited guarantee with regard to a loan |
facility. |
18. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax |
Accelerated capital allowances | 43,003 |
Group |
Deferred |
tax |
£ |
Credit to Income Statement during period | (12,697 | ) |
Balance at 31 July 2019 | (12,697 | ) |
19. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
Ordinary Shares | £1 | 10,000 |
10,000 Ordinary shares of £1 were issued during the period |
20. | RESERVES |
Group |
Retained | Share |
Totals | earnings | premium |
£ | £ | £ |
Profit for the period | 241,160 | 241,160 |
Dividends | (201,000 | ) | (201,000 | ) |
Cash share issue | 1,220,000 | - | 1,220,000 |
At 31 July 2019 | 1,260,160 | 40,160 | 1,220,000 |
Environtec Group Limited (Registered number: 11437508) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28 June 2018 to 31 July 2019 |
20. | RESERVES - continued |
Company |
Retained | Share |
Totals | earnings | premium |
£ | £ | £ |
Profit for the period |
Dividends | ( |
) | ( |
) |
Cash share issue | 1,220,000 | - | 1,220,000 |
At 31 July 2019 | 1,177,789 | ( |
) |
21. | PENSION COMMITMENTS |
The company operates a defined contribution Pension Scheme which is available to directors and employees. |
The assets of the scheme are held separately from those of the company in an independently administered fund. |
The pension charge representing contributions payable by the company to the fund amounted to £106,600. In |
addition, the company made contributions in the sum of £18,438 in respect of Directors. |
22. | POST BALANCE SHEET EVENTS |
As detailed within the Directors Report, since the Balance Sheet date but prior to the approval of the financial |
statements, the company's ability to trade at previous levels has been severely affected by the Coronavirus. The |
Directors have assessed the impact of COVID-19 on the company and its financial situation, and have concluded |
that the going concern basis of accounting remains appropriate. |