| Envirotec Services Ltd |
| Registered number: |
04078707 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,550,000 |
|
|
1,515,000 |
|
|
|
|
1,550,000 |
|
|
1,515,000 |
|
| Current assets |
| Debtors |
4 |
|
5,176 |
|
|
3,287 |
| Cash at bank and in hand |
|
|
30,786 |
|
|
4,472 |
|
|
|
35,962 |
|
|
7,759 |
|
| Creditors: amounts falling due within one year |
5 |
|
(622,308) |
|
|
(611,797) |
|
| Net current liabilities |
|
|
|
(586,346) |
|
|
(604,038) |
|
| Total assets less current liabilities |
|
|
|
963,654 |
|
|
910,962 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(937,223) |
|
|
(894,369) |
|
| Provisions for liabilities |
|
|
|
(12,215) |
|
|
(5,495) |
|
| Net assets |
|
|
|
14,216 |
|
|
11,098 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Non-distributable fair value reserve |
|
|
|
124,867 |
|
|
96,216 |
| Profit and loss account |
|
|
|
(110,652) |
|
|
(85,119) |
|
| Shareholders' funds |
|
|
|
14,216 |
|
|
11,098 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| L Wheeler |
| Director |
| Approved by the board on 13 December 2022 |
|
| Envirotec Services Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going Concern |
|
At 31 March 2022, the company had net current liabilities of £586,346 (2021: £604,038). The company is funded by external loans and intercompany loans from its parent Company. As a result of this ongoing support, the directors consider the going concern basis appropriate for the Company. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of properties to third parties. Turnover from the rental of properties is recognised by reference to the rental period.
Income from the sale of properties is recognised when the significant risks and rewards of ownership of the property have transferred to the buyer and is recorded as a profit on diposal of a fixed asset. |
|
|
Investment Property |
|
Investment Properties are included at fair value. Changes in fair value are recognised in the profit and loss account. Deferred tax is provided on any gains or losses at the rate expected to apply when the property is sold. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Related party disclosures |
|
The company is a wholly owned subsidiary of Melinda Property Services Limited. The company has therefore taken advantage of the exemption in Financial Reporting Standard 102 (as applied to small entities by Section 1A of the standard) from the requirement to disclose transactions with other wholly owned subsidiaries in the Group and the parent company. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment Properties |
| £ |
|
Valuation |
|
At 1 April 2021 |
1,515,000 |
|
Surplus on revaluation |
35,371 |
|
Disposals |
(371) |
|
At 31 March 2022 |
1,550,000 |
|
|
|
|
|
|
|
|
|
|
In accordance with FRS 102, the directors have assessed the fair value of the properties held by the company. The assessment has resulted in a change in value for the year ended 31 March 2022 of £35,371 (2021: £10,000).
The directors do not hold a relevant professional qualification but have in excess of 20 years of property experience. The directors have used their judgement of the property market, including their experience of recent transactions involving similar properties to determine the fair value at the balance sheet date. |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
1,818 |
|
3,049 |
|
Other debtors |
3,358 |
|
238 |
|
|
|
|
|
|
5,176 |
|
3,287 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts (see note 7) |
607,270 |
|
597,835 |
|
Trade creditors |
1,943 |
|
1,539 |
|
Taxation and social security costs |
- |
|
260 |
|
Other creditors |
13,095 |
|
12,163 |
|
|
|
|
|
|
622,308 |
|
611,797 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
937,223 |
|
894,369 |
|
|
|
|
|
|
937,223 |
|
894,369 |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. For the year ended 31 March 2022, the amounts owed to group undertakings have been classified as falling due after one year as the parent company has confirmed it will not seek repayment within 12 months. |
|
|
| 7 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
607,270 |
|
597,835 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured by way of a fixed and floating charge over the freehold properties held by the company. Interest is charged at base rate plus 4.19% and the facility expires in February 2023. |
|
|
| 8 |
Controlling party |
|
|
The immediate parent undertaking is Melinda Property Services Limited. The ultimate controlling parties are L Wheeler and C Williams by virtue of their majority shareholdings in Melinda Property Services Limited. |
|
|
| 9 |
Other information |
|
|
Envirotec Services Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
9 Park Place |
|
Newdigate Road |
|
Harefield |
|
Middlesex |
|
UB9 6EJ |
