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Registered number: 01042804
European Process Plant Limited
Financial statements
Information for filing with the registrar
For the year ended 28 February 2021
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European Process Plant Limited
Registered number: 01042804
Balance sheet
As at 28 February 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S C Merritt
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M James
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The notes on pages 3 to 8 form part of these financial statements.
Page 1
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European Process Plant Limited
Statement of changes in equity
For the year ended 28 February 2021
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Comprehensive income for the year
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The notes on pages 3 to 8 form part of these financial statements.
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Statement of changes in equity
For the year ended 29 February 2020
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Comprehensive income for the year
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The notes on pages 3 to 8 form part of these financial statements.
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Share capital
This represents the nominal value of shares that have been issued by the company.
Profit and loss account
The profit and loss account comprises all current and prior period retained profits and losses after
deducting any distributions made to the company’s shareholders. The profit and loss account is fully
distributable at each year end.
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Page 2
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
European Process Plant Limited is a limited liability company registered in in England, company number
01042804. The address of the registered office and principal place of business is EPP House, Unit 8/9
Epsom Business Park, Kiln Lane, Epsom, Surrey, KT17 1JF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest £1.
The following principal accounting policies have been applied:
Since the onset of the Covid-19 pandemic there has been a reduction in the income from some revenue streams, partly offset by a reduction in the related direct costs and increase in other revenue streams. The company has taken advantage of the Government support available, continues to maintain a strong net asset position and continues to exercise stringent control over costs. As a result the directors have adopted the going concern basis of accounting.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
All foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
Page 3
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Cash and cash equivalents
These comprise cash at bank and other short term highly liquid investments that mature in no
more than three months from the date of acquisition.
Debtors
Debtors do not carry any interest and are stated at their transaction price. Appropriate provisions for
estimated irrecoverable amounts are recognised in the profit and loss account where there is objective evidence that the asset is impaired.
Creditors
Short term creditors are not interest bearing and are stated at their transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 22 (2020 - 22).
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Page 5
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
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Dividends paid on ordinary shares
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 6
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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(Accelerated)/decelerated capital allowances
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Allotted, called up and fully paid
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7,000 (2020 - 7,000) Ordinary shares of £1.00 each
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Page 7
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European Process Plant Limited
Notes to the financial statements
For the year ended 28 February 2021
The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £66,696 (2020 - £67,941).
Contributions totalling £nil (2020 - £nil) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 28 February 2021 the Company had future minimum lease payments due under non-cancellable operating leases as follows:
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Total minimum lease payments
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Related party transactions
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The company has taken advantage of the exemption from disclosing related party transactions with its
fellow group members provided by Financial Reporting Standard 102 as it is a wholly owned subsidiary in
the group headed by Somers Hills Limited.
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Ultimate parent undertaking and controlling party
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The company regards Somers Hills Limited, incorporated in England, as its ultimate holding company.
The address of the registered office of Somers Hills Limited is EPP House, 8/9 Epsom Business
Park, Epsom, Surrey, KT17 1JF.
Somers Hills Limited has no controlling shareholders.
Consolidated group accounts are publicly available from the Registrar of Companies.
The auditor's report on the financial statements for the year ended 28 February 2021 was unqualified.
The audit report was signed on 22 October 2021 by Allan Pinner FCCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.
Page 8
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