E S B Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02567981 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

E S B Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G M McCarthy

P J McCarthy

SECRETARY:

G M McCarthy

REGISTERED OFFICE:

Thames House

Longreach Road

Barking

Essex

IG11 0JR

REGISTERED NUMBER:

02567981 (England and Wales)

FIXED ASSETS

Tangible assets

4

81,888

79,027

Investment property

5

88,799

88,799

170,687

167,826

CURRENT ASSETS

Stocks

3,000

3,000

Debtors

6

813,997

763,682

Cash at bank and in hand

2,098

2,098

819,095

768,780

CREDITORS

Amounts falling due within one year

7

531,909

502,111

NET CURRENT ASSETS

287,186

266,669

TOTAL ASSETS LESS CURRENT LIABILITIES

457,873

434,495

CREDITORS

Amounts falling due after more than one year

8

6,376

-

NET ASSETS

451,497

434,495

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

10,135

10,135

Retained earnings

11

441,262

424,260

SHAREHOLDERS' FUNDS

451,497

434,495

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 14 December 2020 and were signed on its behalf by:

P J McCarthy - Director

1.	STATUTORY INFORMATION

E S B Services 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist. The directors consider the budgeted income, expenditure and cash flows to be sufficient with the level of reserves for the company to be able to continue as a going concern.

The directors have assessed to the best of their abilities the current and potential future impact of the COVID-19 pandemic, to ensure that the company can maintain it's day to day activities. The directors will take whatever measures they consider to be required during this time to enable the company to continue its operations.

TURNOVER

Turnover represents revenue due from construction contracts which is accounted for as noted under Construction contracts below.

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.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on cost and 15% on reducing balance

Motor vehicles

-

15% on reducing balance

INVESTMENT PROPERTY

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. No depreciation is provided on these properties.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

The fair value valuations are determined by the directors with the benefit of external professionals and available data on current market rents and rental yields for comparable local properties adjusted for any difference in nature, location or condition of the specific property.

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Cash and cash equivalents

These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception of the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest element. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line over the lease term.

Where they have entered into sale and leaseback transactions that results in a finance lease the sale and repurchase of the asset are not recognised in the accounts.Any difference between the sales price and the carrying amount received is amortised over the term of the lease. The related financing is accounted for as for finance leases above..

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CONSTRUCTION CONTRACTS

Where the outcome of a construction contract can be estimated reliably, revenue costs are recognised by reference to the stage of completion of the contract activity at he reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for the work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EMPLOYEE BENEFITS

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cosy of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

277,768

Additions

16,350

At 31 December 2019

294,118

DEPRECIATION

At 1 January 2019

198,741

Charge for year

13,489

At 31 December 2019

212,230

NET BOOK VALUE

At 31 December 2019

81,888

At 31 December 2018

79,027

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

Plant and

machinery

etc

£

COST

Additions

16,350

At 31 December 2019

16,350

DEPRECIATION

Charge for year

1,635

At 31 December 2019

1,635

NET BOOK VALUE

At 31 December 2019

14,715

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

and 31 December 2019

88,799

NET BOOK VALUE

At 31 December 2019

88,799

At 31 December 2018

88,799

Fair value at 31 December 2019 is represented by:

£

Valuation in 2017

10,135

Cost

78,664

88,799

The property has been valued at fair value using the method referred to in the accounting policies.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

300,372

142,140

Other debtors

513,625

621,542

813,997

763,682

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

174,016

184,829

Hire purchase contracts

4,874

-

Trade creditors

306,133

284,664

Taxation and social security

20,929

8,754

Other creditors

25,957

23,864

531,909

502,111

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

6,376

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank overdrafts

174,016

184,829

The bank overdraft is secured by a debenture over the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

80

Ordinary A

£1

80

80

20

Ordinary B

£1

20

20

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2019

424,260

10,135

434,395

Profit for the year

17,002

17,002

At 31 December 2019

441,262

10,135

451,397

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Dividends totalling £Nil (2018: £16,000) were paid to a director.