Esion Acoustics Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 08803029 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ESION ACOUSTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S P Smith

Mrs S M Cranfield

SECRETARY:

Mrs S M Cranfield

REGISTERED OFFICE:

Units A-F, School Farm Buildings

School Road

Langham

Colchester

Essex

CO4 5PB

REGISTERED NUMBER:

08803029 (England and Wales)

ACCOUNTANTS:

Knight & Co Accountants Ltd

7 St Peters Walk

Great Totham

Essex

CM9 8XL

FIXED ASSETS

Tangible assets

4

139,896

96,119

CURRENT ASSETS

Stocks

5

95,930

72,965

Debtors

6

1,355,497

853,363

Cash at bank and in hand

469,285

443,940

1,920,712

1,370,268

CREDITORS

Amounts falling due within one year

7

1,152,614

928,758

NET CURRENT ASSETS

768,098

441,510

TOTAL ASSETS LESS CURRENT LIABILITIES

907,994

537,629

CREDITORS

Amounts falling due after more than one year

8

(33,579

)

(2,942

)

PROVISIONS FOR LIABILITIES

(26,580

)

(18,263

)

NET ASSETS

847,835

516,424

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

847,535

516,124

SHAREHOLDERS' FUNDS

847,835

516,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 15 August 2023 and were signed on its behalf by:

Mrs S M Cranfield - Director

Mr S P Smith - Director

1.	STATUTORY INFORMATION

Esion Acoustics 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

11,881

185,918

8,493

14,114

220,406

Additions

-

69,589

20

1,868

71,477

At 31 March 2023

11,881

255,507

8,513

15,982

291,883

DEPRECIATION

At 1 April 2022

7,671

97,708

5,710

13,198

124,287

Charge for year

2,210

23,669

560

1,261

27,700

At 31 March 2023

9,881

121,377

6,270

14,459

151,987

NET BOOK VALUE

At 31 March 2023

2,000

134,130

2,243

1,523

139,896

At 31 March 2022

4,210

88,210

2,783

916

96,119

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2022

59,890

Additions

49,920

At 31 March 2023

109,810

DEPRECIATION

At 1 April 2022

21,983

Charge for year

13,174

At 31 March 2023

35,157

NET BOOK VALUE

At 31 March 2023

74,653

At 31 March 2022

37,907

5.

STOCKS

31.3.23

31.3.22

£

£

Raw materials

95,930

72,965

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,130,983

743,385

Amounts recoverable on contract

192,022

80,754

Other debtors

14,000

14,000

Prepayments and accrued income

18,492

15,224

1,355,497

853,363

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other loans (see note 9)

-

25,742

Hire purchase contracts

17,770

17,558

Trade creditors

776,501

681,351

Tax

73,875

33,438

Social security and other taxes

35,191

22,324

VAT

109,155

90,579

Pension

5,838

3,722

Directors' current accounts

3,312

2,208

Accruals and deferred income

130,972

51,836

1,152,614

928,758

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

33,579

2,942

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.23

31.3.22

£

£

Amounts falling due within one year or on demand:

Other loans

-

25,742