Express Valve Services Limited 31/08/2022 iXBRL

Express Valve Services Limited 31/08/2022 iXBRL

EXPRESS VALVE SERVICES LIMITED - Company Information

Print Friendly Version

4 31/08/2022 2022-08-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 1935013 2021-09-01 2022-08-31 1935013 2022-08-31 1935013 2021-08-31 1935013 2020-09-01 2021-08-31 1935013 2021-08-31 1935013 core:PlantMachinery 2021-09-01 2022-08-31 1935013 core:FurnitureFittingsToolsEquipment 2021-09-01 2022-08-31 1935013 core:MotorVehicles 2021-09-01 2022-08-31 1935013 bus:Director1 2021-09-01 2022-08-31 1935013 core:PlantMachinery 2021-08-31 1935013 core:FurnitureFittingsToolsEquipment 2021-08-31 1935013 core:PlantMachinery 2022-08-31 1935013 core:FurnitureFittingsToolsEquipment 2022-08-31 1935013 core:WithinOneYear 2022-08-31 1935013 core:WithinOneYear 2021-08-31 1935013 core:ShareCapital 2022-08-31 1935013 core:ShareCapital 2021-08-31 1935013 core:CapitalRedemptionReserve 2022-08-31 1935013 core:CapitalRedemptionReserve 2021-08-31 1935013 core:RetainedEarningsAccumulatedLosses 2022-08-31 1935013 core:RetainedEarningsAccumulatedLosses 2021-08-31 1935013 core:BetweenOneFiveYears 2022-08-31 1935013 core:BetweenOneFiveYears 2021-08-31 1935013 core:PlantMachinery 2021-08-31 1935013 core:FurnitureFittingsToolsEquipment 2021-08-31 1935013 bus:SmallEntities 2021-09-01 2022-08-31 1935013 bus:AuditExempt-NoAccountantsReport 2021-09-01 2022-08-31 1935013 bus:FullAccounts 2021-09-01 2022-08-31 1935013 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 1935013 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31
Company registration number: 1935013
Express Valve Services Limited
Unaudited filleted financial statements
31 August 2022
Express Valve Services Limited
Statement of financial position
31 August 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 4,719 8,188
_______ _______
4,719 8,188
Current assets
Stocks 96,624 89,592
Debtors 7 222,008 182,818
Cash at bank and in hand 364,953 234,983
_______ _______
683,585 507,393
Creditors: amounts falling due
within one year 8 ( 202,157) ( 236,447)
_______ _______
Net current assets 481,428 270,946
_______ _______
Total assets less current liabilities 486,147 279,134
Provisions for liabilities ( 684) ( 1,096)
_______ _______
Net assets 485,463 278,038
_______ _______
Capital and reserves
Called up share capital 1 1
Capital redemption reserve 99 99
Profit and loss account 485,363 277,938
_______ _______
Shareholders funds 485,463 278,038
_______ _______
For the year ending 31 August 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2022 , and are signed on behalf of the board by:
J A Burke J W Davies
Director Director
Company registration number: 1935013
Express Valve Services Limited
Notes to the financial statements
Year ended 31 August 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 1st Floor, Huxley House, 11 William Street, Redditch, Worcestershire.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis unless otherwise specified within these accounting policies. The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and market value.
Government grants
Government grants are recognised when receivable.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 6 ).
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2021 and 31 August 2022 6,372 26,643 33,015
_______ _______ _______
Depreciation
At 1 September 2021 6,364 18,463 24,827
Charge for the year - 3,469 3,469
_______ _______ _______
At 31 August 2022 6,364 21,932 28,296
_______ _______ _______
Carrying amount
At 31 August 2022 8 4,711 4,719
_______ _______ _______
At 31 August 2021 8 8,180 8,188
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 191,668 177,489
Other debtors 30,340 5,329
_______ _______
222,008 182,818
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 83,858 147,687
Social security and other taxes 102,796 78,394
Other creditors 15,503 10,366
_______ _______
202,157 236,447
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 17,441 17,441
Later than 1 year and not later than 5 years 14,534 31,975
_______ _______
31,975 49,416
_______ _______
10. Trade debtors
Trade debtors are measured at transaction value, less any impairment for doubtful debts.
11. Trade creditors
Trade creditors are measured at transaction value.