EDM Spanwall Facades Limited - Period Ending 2021-01-31
EDM Spanwall Facades Limited - Period Ending 2021-01-31
Registration number:
EDM Spanwall Facades Limited
for the Period from 1 January 2020 to 31 January 2021
EDM Spanwall Facades Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
EDM Spanwall Facades Limited
Company Information
Directors |
Mr Philip West Mr Keith Toner Mrs Frances Morgan Mr Michael Hamilton Irvine |
Registered office |
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Solicitors |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of EDM Spanwall Facades Limited
For the Period Ended 31 January 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of EDM Spanwall Facades Limited for the period ended 31 January 2021 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the Code of Ethics for Members published by the Institute relating to members undertaking the compilation of financial statements.
This report is made solely to the Board of Directors of EDM Spanwall Facades Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Board of Directors, as a body, for our work, or for this report.
You have acknowledged on the balance sheet for the financial period ended 31 January 2021 your duty under the Companies Act 2006 to ensure that the company has kept adequate accounting records and prepared financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial period and of its profit or loss for that financial period and otherwise comply with the provisions of the Companies Act 2006 relating to financial statements so far as they are applicable to the company. You consider that the company is exempt from the statutory requirement for an audit for the financial period.
We have not been instructed to carry out an audit or a review of the accounts of EDM Spanwall Facades Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
Belfast
BT9 6BS
EDM Spanwall Facades Limited
(Registration number: NI014380)
Balance Sheet as at 31 January 2021
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2021 |
2019 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
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EDM Spanwall Facades Limited
(Registration number: NI014380)
Balance Sheet as at 31 January 2021
For the financial period ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
10% straight line |
Fixtures, fittings and equipment |
25% straight line |
Motor vehicles |
20% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
2 |
Accounting policies (continued) |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
5% straight line |
Goodwill |
5% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions acquired separately |
- |
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At 31 January 2021 |
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Amortisation |
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At 1 January 2020 |
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Amortisation charge |
- |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
- |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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Disposals |
( |
( |
( |
( |
At 31 January 2021 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 December 2019 |
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EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
Stocks |
2021 |
2019 |
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Raw materials and consumables |
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Work in progress |
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Debtors |
Note |
2021 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments and accrued income |
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Other debtors |
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EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
Creditors |
Note |
2021 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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HP and finance lease liabilities |
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Trade creditors |
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Corporation tax liability |
- |
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Taxation and social security |
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Other creditors |
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Loans from directors |
- |
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Accruals and deferred income |
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Due after one year |
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Obligations under finance leases |
- |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2019 |
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No. |
£ |
No. |
£ |
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3,000,002 |
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3,000,002 |
Loans and borrowings |
2021 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
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Finance lease liabilities |
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EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
10 |
Loans and borrowings (continued) |
2021 |
2019 |
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Non-current loans and borrowings |
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Finance lease liabilities |
- |
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EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
2021 |
2019 |
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Remuneration |
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Summary of transactions with parent
Summary of transactions with other related parties
EDM Spanwall Facades Limited had previously provided an interest free loan to EDM-CECO Investments (No.2) Limited, this was repaid in full during the financial period.
Income and receivables from related parties
2021 |
Other related parties |
Sale of goods |
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Receipt of services |
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2019 |
Other related parties |
Sale of goods |
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Receipt of services |
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Expenditure with and payables to related parties
EDM Spanwall Facades Limited
Notes to the Unaudited Financial Statements
For the Period from 1 January 2020 to 31 January 2021
11 |
Related party transactions (continued) |
2021 |
Other related parties |
Leases |
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2019 |
Other related parties |
Leases |
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Loans to related parties
2021 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
2019 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Loans from related parties
2021 |
Parent |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2019 |
Parent |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Parent and ultimate parent undertaking |
The ultimate controlling party is