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 2020

FOR

ESION ACOUSTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K R 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

116,116

72,865

CURRENT ASSETS

Stocks

5

44,423

46,084

Debtors

6

646,066

695,929

Cash at bank and in hand

316,350

170,975

1,006,839

912,988

CREDITORS

Amounts falling due within one year

7

716,284

679,327

NET CURRENT ASSETS

290,555

233,661

TOTAL ASSETS LESS CURRENT LIABILITIES

406,671

306,526

CREDITORS

Amounts falling due after more than one year

8

(77,578

)

(80,762

)

PROVISIONS FOR LIABILITIES

(22,057

)

(13,837

)

NET ASSETS

307,036

211,927

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

306,736

211,627

SHAREHOLDERS' FUNDS

307,036

211,927

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 15 December 2020 and were signed on its behalf by:

Mr K R Cranfield - Director

Mrs S M 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 (2019 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

1,881

116,624

6,946

12,084

137,535

Additions

10,000

61,827

1,510

795

74,132

Disposals

-

(11,987

)

(13

)

(729

)

(12,729

)

At 31 March 2020

11,881

166,464

8,443

12,150

198,938

DEPRECIATION

At 1 April 2019

849

49,410

3,077

11,334

64,670

Charge for year

2,376

18,070

1,075

482

22,003

Eliminated on disposal

-

(3,604

)

(7

)

(240

)

(3,851

)

At 31 March 2020

3,225

63,876

4,145

11,576

82,822

NET BOOK VALUE

At 31 March 2020

8,656

102,588

4,298

574

116,116

At 31 March 2019

1,032

67,214

3,869

750

72,865

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

Plant and

machinery

£

COST

At 1 April 2019

41,150

Additions

49,495

At 31 March 2020

90,645

DEPRECIATION

At 1 April 2019

23,739

Charge for year

10,036

At 31 March 2020

33,775

NET BOOK VALUE

At 31 March 2020

56,870

At 31 March 2019

17,411

5.

STOCKS

31.3.20

31.3.19

£

£

Raw materials

44,423

46,084

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

565,956

613,184

Amounts recoverable on contract

38,133

42,300

Other debtors

14,000

25,333

Prepayments and accrued income

27,977

15,112

646,066

695,929

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other loans (see note 9)

33,892

30,986

Hire purchase contracts

16,037

8,500

Trade creditors

492,694

420,371

Tax

34,816

57,909

Social security and other taxes

16,685

13,926

VAT

55,138

76,875

Pension

2,345

1,354

Wages control

-

1

Directors' current accounts

60,503

58,679

Accruals and deferred income

4,174

10,726

716,284

679,327

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other loans (see note 9)

46,870

80,762

Hire purchase contracts

30,708

-

77,578

80,762

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due within one year or on demand:

Other loans

33,892

30,986

Amounts falling due between one and two years:

Other loans - 1-2 years

37,071

33,892

Amounts falling due between two and five years:

Other loans - 2-5 years

9,799

46,870

10.	POST BALANCE SHEET EVENTS

Following the outbreak of COVID 19 the company had to furlough most of the workforce and reschedule the orders.The workforce has since returned and following the resignation of Mr D Cranfield, the company has carried out and implemented a management restructure.

The directors have continued to obtain customer orders and with the management restructure believe the company will be able to operate more efficiently in the future.