Evans Turner (Finishes) Limited - Accounts to registrar (filleted) - small 23.1.2
Evans Turner (Finishes) Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| FOR |
| EVANS TURNER (FINISHES) LIMITED |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| EVANS TURNER (FINISHES) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Riverside House |
| 40-46 High Street |
| Maidstone |
| Kent |
| ME14 1JH |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| BALANCE SHEET |
| 31 JULY 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Share premium | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by and authorised for issue by the Board of Directors and authorised for issue on |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 1. | STATUTORY INFORMATION |
| Evans Turner (Finishes) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01307491 and registered office address is at Unit 25 Acorn Industrial Park, Crayford Road, Crayford, Kent, DA1 4AL. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the Company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the Company has positive reserves, cash balances and no significant long term liabilities. |
| As the company saw a drop in orders during and immediately post pandemic, there was an associated fall in turnover and profit in the year ending 2021. Year ending 2022 has seen a return to turnover and profit levels enjoyed pre-pandemic. |
| Notwithstanding the increase in turnover, the order book remains strong, as the company is securing significant work to replace that completed. |
| The unprecedented increases in material costs and limited availability post pandemic, seem to have stabilised, which means the risks around pricing have abated somewhat. |
| During this year, the company made a significant investment in a new 4m press, which it was able to fund from cashflow. Presses of this size are not at all common, so it will give the company a strategic edge as well as speeding up production in general. |
| The key management appointments made post pandemic continue to gain experience and be a great asset to the company. The company is looking to recruit more factory labour in the coming months in order to support the strong order book. |
| The directors are very pleased with the bounce-back in turnover and profit, along with the continued strength in new orders. The new plant and proposed new staff will be instrumental in driving continued growth. |
| Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised at the invoice date, following completion of works or a certain stage of a project. |
| Amounts recoverable on long term contracts are valued at anticipated net sales value of work done. |
| Tangible fixed assets |
| Long leasehold | 10% straight line |
| Plant and machinery | 12.5% straight line |
| Motor vehicles | 25% straight line |
| Fixtures & fittings | 10 - 33% straight line |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| The company contributes to personal pension plans on behalf of directors. |
| Government grants |
| Grants relate to amounts received under the government Coronavirus Job Retention Scheme and are accounted for on an accruals basis. These are recognised in the statement of Comprehensive income as other income. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Cash and Equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial reporting standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| - the requirements of Section 7 Statement of Cash Flows; |
| - the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
| - the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
| - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
| - the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| - the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 August 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 July 2022 |
| DEPRECIATION |
| At 1 August 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 59,009 | 144,218 |
| Other creditors |
| Directors' loan accounts | 592,643 | 547,455 |
| Accruals and deferred income |
| EVANS TURNER (FINISHES) LIMITED (REGISTERED NUMBER: 01307491) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Directors have loaned £592,643 (2021 - £547,455) to the company. |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal value: | 2022 | 2021 |
| £ | £ |
| 125 | A Ordinary | £1 | 125 | 125 |
| 125 | B Ordinary | £1 | 125 | 125 |
| 125 | C Ordinary | £1 | 125 | 125 |
| 125 | D Ordinary | £1 | 125 | 125 |
| 62 | E Ordinary | £1 | 62 | 62 |
| 62 | F Ordinary | £1 | 62 | 62 |
| 624 | 624 |
| 9. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 August 2021 | 723,491 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 July 2022 | 899,858 |
| 10. | PENSION COMMITMENTS |
| The company operates a defined contributions 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 £66,213 (2021: £131,419). £556 outstanding liability was payable to the fund at the balance sheet date (2021: £4,725). |
| 11. | RELATED PARTY DISCLOSURES |
| The company is related to Metalcare Engineering Limited by way of Mr P McEntire, a shareholder and director of Evans Turner (Finishes) Limited holding preference shares in Metalcare Engineering Limited, a company of which his father, Mr J McEnitre is the majority shareholder. |
| Mr G Bird and Mr P McEntire are directors and shareholders of the company. All dividends were paid to the directors and other shareholders connected with the directors. Directors have loaned £592,643 (2021 - £547,455) to the company. |
| At the year end, Metalcare Engineering Limited owed Evans Turner (Finishes) Limited £nil (2021 - £6,000). |