Evans Turner (Finishes) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01307491 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

EVANS TURNER (FINISHES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P R McEntire

REGISTERED OFFICE:

Unit 25

Acorn Industrial Park

Crayford Road

Crayford

Kent

DA1 4AL

REGISTERED NUMBER:

01307491 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

218,796

214,290

CURRENT ASSETS

Stocks

165,000

88,000

Debtors

5

1,944,818

922,440

Cash at bank and in hand

520,015

1,038,575

2,629,833

2,049,015

CREDITORS

Amounts falling due within one year

6

1,959,283

1,333,392

NET CURRENT ASSETS

670,550

715,623

TOTAL ASSETS LESS CURRENT LIABILITIES

889,346

929,913

PROVISIONS FOR LIABILITIES

8

30,996

29,431

NET ASSETS

858,350

900,482

CAPITAL AND RESERVES

Called up share capital

9

510

624

Share premium

10

51,376

51,376

Capital redemption reserve

10

114

-

Retained earnings

10

806,350

848,482

SHAREHOLDERS' FUNDS

858,350

900,482

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 and authorised for issue by the director and authorised for issue on 19 September 2023 and were signed by:

P R McEntire - Director

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

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.

Going concern

Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that they consider that the going concern basis remains appropriate. The director believes that the Company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the Company has positive reserves, cash balances and no significant long term liabilities.

Year ending 2023 has seen another rise in turnover and profit levels, the order book remains strong, as the company is securing significant work to replace that completed.

During the second half of the year, following a lengthy delay, progress on a particularly large project monopolised resources. A committed 'Extension of Time' award from the client on this project did not arrive until just after Year End, hence the significant sums for the award for work expended during the period could not be invoiced within this financial period. However, sums invoiced post year end have been accrued for in the 2023 year, but we are expecting a further sum awarded in 2024.

Continued R&D into our LiftCleanse products will see the launch of LiftCleanse Air during 2024. LiftCleanse Air will join Vee-Fold®, ILLUMAPANEL® and Angel Tape® in our portfolio of products which provide Evans Turner a competitive advantage within architectural finishes.

Thus, the director continues 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

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

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and cash 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.

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 39 (2022 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2022

43,211

292,500

87,441

176,923

600,075

Additions

-

2,013

2,039

65,180

69,232

At 31 July 2023

43,211

294,513

89,480

242,103

669,307

DEPRECIATION

At 1 August 2022

23,313

161,667

73,561

127,244

385,785

Charge for year

3,263

22,631

6,338

32,494

64,726

At 31 July 2023

26,576

184,298

79,899

159,738

450,511

NET BOOK VALUE

At 31 July 2023

16,635

110,215

9,581

82,365

218,796

At 31 July 2022

19,898

130,833

13,880

49,679

214,290

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,582,081

865,020

Other debtors

362,737

57,420

1,944,818

922,440

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

407,434

364,636

Corporation tax

255,376

143,567

Social security and other taxes

42,401

43,633

VAT

147,356

59,009

Other creditors

442,777

50,556

Directors' loan accounts

586,831

592,643

Accruals and deferred income

77,108

79,348

1,959,283

1,333,392

7.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

176,943

176,943

Between one and five years

450,311

627,254

627,254

804,197

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

30,996

29,431

Deferred

tax

£

Balance at 1 August 2022

29,431

Charge to Income Statement during year

1,565

Balance at 31 July 2023

30,996

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

2023

2022

£

£

125

A Ordinary

£1

125

125

72

B Ordinary

£1

72

125

125

C Ordinary

£1

125

125

75

D Ordinary

£1

75

125

62

E Ordinary

£1

62

62

51

F Ordinary

£1

51

62

510

624

During the period, the following shares were repurchased by the company:

53 Ordinary B shares at a nominal value of £1 each

50 Ordinary D shares at a nominal value of £1 each

11 Ordinary F shares at a nominal value of £1 each

10.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 August 2022

848,482

51,376

-

899,858

Profit for the year

920,197

920,197

Dividends

(345,000

)

(345,000

)

Purchase of own shares

(617,329

)

-

114

(617,215

)

At 31 July 2023

806,350

51,376

114

857,840

11.	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 £125,596 (2022: £66,213). £4,947 outstanding liability was payable to the fund at the balance sheet date (2022: £556).

12.	OTHER FINANCIAL COMMITMENTS

There is a commitment for the repurchase of the remaining B, D and F shares post year end spread over three years.

13.	RELATED PARTY DISCLOSURES

During the period, G Bird ceased to be a director. His director loan account balance the company owed him of £417,404 (2022: £203,451) has been transferred to other creditors in the period. Interest has been charged on the loan at 7%, resulting in a charge to the profit and loss account of £19,202 (2022: £12,961). There are no repayment terms attached to the loan.

As at the balance sheet date. the company owed P McEntire £586,831 (2022: £389,192) and the amount has been included in creditors due within one year. Interest has been charged on the loan at 7%, resulting in a charge to the profit and loss account of £30,262 (2022: £22,695). There are no repayment terms attached to the loan.

During the period. dividends of £205,000 (2022: £195,000) were paid to the director and other shareholders connected with the director.

14.

CHARGES

There are a number of charges held against the company at Companies House at the period end. These include;

- a specific equitable charge held over all freehold and leasehold properties and/or the proceeds of sale thereof. Included in this charge is also a fixed and floating charge held over all assets present and future.

- a secured charge for an initial rent deposit deed.

- a secured charge for all amounts present and future that are credited against a specific bank account.