ESP Scotland Limited Filleted accounts for Companies House (small and micro)

ESP SCOTLAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC355740

ESP Scotland Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2022

ESP Scotland Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	5	3,220	4,828
Tangible assets	6	41,937	38,535
Investments	7	152,410	152,410
		----------	----------
		197,567	195,773

Current assets

Stocks		387,657	205,791
Debtors	8	874,765	519,073
Cash at bank and in hand		1,053,239	988,676
		-------------	-------------
		2,315,661	1,713,540

Creditors: amounts falling due within one year	9	1,592,286		1,063,686
		-------------		-------------
Net current assets			723,375		649,854
			----------		----------
Total assets less current liabilities			920,942		845,627

Creditors: amounts falling due after more than one year	10		133,333		173,333

Provisions

Taxation including deferred tax	6,298	3,500
	----------	----------
Net assets	781,311	668,794
	----------	----------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	780,311	667,794
	----------	----------
Shareholders funds	781,311	668,794
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

ESP Scotland Limited

Statement of Financial Position (continued)

31 March 2022

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:

Mr A Wood

Director

Company registration number: SC355740

ESP Scotland Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 272 Bath Street, Glasgow, G2 4JR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Revenue recognition Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably (c) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. (d) Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease . (e) Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

(f) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intellectual Property	-	20% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	20% reducing balance
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

(i) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(j) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(k) Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

(l) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(m) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(n) Financial instruments

Financial instruments are classified as accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 51 (2021: 45 ).

5. Intangible assets

	Goodwill	Intellectual property	Total
	£	£	£
Cost
At 1 April 2021 and 31 March 2022	2	40,000	40,002
	----	--------	--------
Amortisation
At 1 April 2021	–	35,174	35,174
Charge for the year	–	1,608	1,608
	----	--------	--------
At 31 March 2022	–	36,782	36,782
	----	--------	--------
Carrying amount
At 31 March 2022	2	3,218	3,220
	----	--------	--------
At 31 March 2021	2	4,826	4,828
	----	--------	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	10,380	3,300	34,800	32,075	80,555
Additions	15,939	–	–	15,157	31,096
Disposals	–	–	( 28,000)	–	( 28,000)
	--------	-------	--------	--------	--------
At 31 March 2022	26,319	3,300	6,800	47,232	83,651
	--------	-------	--------	--------	--------
Depreciation
At 1 April 2021	7,743	2,324	14,158	17,795	42,020
Charge for the year	1,336	216	4,885	5,500	11,937
Disposals	–	–	( 12,243)	–	( 12,243)
	--------	-------	--------	--------	--------
At 31 March 2022	9,079	2,540	6,800	23,295	41,714
	--------	-------	--------	--------	--------
Carrying amount
At 31 March 2022	17,240	760	–	23,937	41,937
	--------	-------	--------	--------	--------
At 31 March 2021	2,637	976	20,642	14,280	38,535
	--------	-------	--------	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	152,410
	----------
Impairment
At 1 April 2021 and 31 March 2022	–
	----------

Carrying amount
At 31 March 2022	152,410
	----------
At 31 March 2021	152,410
	----------

8. Debtors

	2022	2021
	£	£
Trade debtors	447,860	295,875
Other debtors	426,905	223,198
	----------	----------
	874,765	519,073
	----------	----------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans	40,000	26,667
Trade creditors	1,104,672	719,781
Corporation tax	25,785	10,311
Social security and other taxes	242,240	77,232
Director loan accounts	6,641	19,155
Other creditors	172,948	210,540
	-------------	-------------
	1,592,286	1,063,686
	-------------	-------------

Bank loans are secured against the associated assets to which they relate .

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans	133,333	173,333
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £13,334) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans are secured against the associated assets to which they relate.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	74,427	69,804
Later than 1 year and not later than 5 years	39,287	82,126
	----------	----------
	113,714	151,930
	----------	----------

12. Events after the end of the reporting period

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs S Holly	–	–	–	–
	----	----	----	----

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs S Holly	7,129	23,716	( 50,000)	( 19,155)
	-------	--------	--------	--------

Interest has been charged on the loan to the director at the HMRC average rate of interest for beneficial loans applicable to the period covered.

14. Related party transactions

During the year the director made available loans to the company. These loans were repayable on demand. The balance owed to the director at the year end was £ 6,641 (2021: £ 19,155 ).