Ethically Sourced Products Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04024969 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

ETHICALLY SOURCED PRODUCTS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R D Olley

REGISTERED OFFICE:

Black and Yellow Building

Unit 1

30 Stonebridge Street

Leicester

LE5 3PA

REGISTERED NUMBER:

04024969 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,162,355

2,185,252

CURRENT ASSETS

Stocks

9,500

9,500

Debtors

5

258,518

79,370

Cash at bank

51,626

102,144

319,644

191,014

CREDITORS

Amounts falling due within one year

6

895,814

885,798

NET CURRENT LIABILITIES

(576,170

)

(694,784

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,586,185

1,490,468

CREDITORS

Amounts falling due after more than one year

7

(1,084,832

)

(1,181,663

)

PROVISIONS FOR LIABILITIES

(110,915

)

(109,668

)

NET ASSETS

390,438

199,137

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

390,338

199,037

390,438

199,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2023 and were signed by:

Mr R D Olley - Director

1.	STATUTORY INFORMATION

Ethically Sourced 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company supplies products to customers under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets

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

Long leasehold

-

equal instalments over the lease period

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

Straight line over 3 years

Motor vehicles

-

25% on reducing balance

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Government grants

During the year the company received monies under the Coronavirus Job Retention Scheme. The amounts received are included within the accounts on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2021 - 60 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2021

2,111,473

349,194

95,941

12,875

2,569,483

Additions

-

18,058

6,922

16,250

41,230

At 30 June 2022

2,111,473

367,252

102,863

29,125

2,610,713

DEPRECIATION

At 1 July 2021

82,508

207,105

85,138

9,480

384,231

Charge for year

14,076

32,030

13,110

4,911

64,127

At 30 June 2022

96,584

239,135

98,248

14,391

448,358

NET BOOK VALUE

At 30 June 2022

2,014,889

128,117

4,615

14,734

2,162,355

At 30 June 2021

2,028,965

142,089

10,803

3,395

2,185,252

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

253,404

49,623

Other debtors

5,114

29,747

258,518

79,370

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

80,786

39,606

Taxation and social security

145,991

106,704

Other creditors

659,037

729,488

895,814

885,798

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

30,494

40,000

Other creditors

1,054,338

1,141,663

1,084,832

1,181,663

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

-

940,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

20,000

20,000

Between one and five years

80,000

80,000

In more than five years

2,160,000

2,180,000

2,260,000

2,280,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R D Olley by virtue of his majority shareholding in the company.