Eagle Technical Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04385015 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

EAGLE TECHNICAL PRODUCTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Russell

W Rae

K Rae

V J O'Brien

SECRETARY:

V J O'Brien

REGISTERED OFFICE:

Leltex House

Longley Lane

Sharston

Greater Manchester

M22 4SY

REGISTERED NUMBER:

04385015 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Ernest Booth

AUDITORS:

Moss & Williamson Limited

Chartered Accountants

Statutory Auditors

3 Mellor Road

Cheadle Hulme

Cheadle

Cheshire

SK8 5AT

FIXED ASSETS

Tangible assets

5

43,779

51,869

CURRENT ASSETS

Stocks

639,900

489,458

Debtors

6

512,262

114,206

Investments

-

424,499

Cash at bank and in hand

337,635

279,409

1,489,797

1,307,572

CREDITORS

Amounts falling due within one year

(920,585

)

(674,998

)

NET CURRENT ASSETS

569,212

632,574

TOTAL ASSETS LESS CURRENT LIABILITIES

612,991

684,443

CREDITORS

Amounts falling due after more than one year

-

(100,000

)

PROVISIONS FOR LIABILITIES

(8,089

)

(38,121

)

NET ASSETS

604,902

546,322

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

604,402

545,822

SHAREHOLDERS' FUNDS

604,902

546,322

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 February 2022 and were signed on its behalf by:

V J O'Brien - Director

1.	STATUTORY INFORMATION

Eagle Technical 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors have carefully considered the impact of Covid-19 on the company's financial position, liquidity and future performance. The company has continued to trade strongly throughout the Covid-19 pandemic and the directors believe that it is maintaining their sales and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The smallest group of which the company is a member and which prepares consolidated accounts is the Longworth Limited group , a company registered in England and Wales. Consolidated accounts of the group can be obtained from that company's registered office:

Longworth Limited

Leltex House

Longley Lane

Sharston

Greater Manchester

M22 4SY

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised at the point that goods are despatched.

Tangible fixed assets

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

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2020

and 30 April 2021

170,561

DEPRECIATION

At 1 May 2020

118,692

Charge for year

8,090

At 30 April 2021

126,782

NET BOOK VALUE

At 30 April 2021

43,779

At 30 April 2020

51,869

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

200,000

-

7.	FINANCIAL INSTRUMENTS

The current asset investment comprises a portfolio of shares in unitary funds, measured at fair value through the profit and loss account.

The investment was disposed of during the period at its market value.

The fair value of the current asset investment at 30 April 2021 is £nil [2020 - £424,499].

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Ernest Booth (Senior Statutory Auditor)

for and on behalf of Moss & Williamson Limited

9.	RELATED PARTY DISCLOSURES

During the period the parent company (Longworth Limited) charged interest of £184,550 on the outstanding balance of loans which had been made to the company.

10.	POST BALANCE SHEET EVENTS

During the period the COVID-19 virus spread throughout the world at an extraordinary pace, which required governments to take exceptional measures to provide security and stability to their populations and economies. The restrictions that have been widely implemented across the UK continued to have no material impact on the company's core operations. Covid-19 is regarded as a non-adjusting event for the period ended 30 April 2021 and the directors do not anticipate any impairment charge in the financial year 2022 in respect of COVID-19.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is W Rae.