Essex Abel Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03927752 (England and Wales)

ESSEX ABEL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

J M Oram

I A Grimley

SECRETARY:

Mrs E L Oram

REGISTERED OFFICE:

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

REGISTERED NUMBER:

03927752 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

5,005

8,639

5,005

8,639

CURRENT ASSETS

Debtors

6

478,310

467,028

Cash at bank and in hand

154,015

125,630

632,325

592,658

CREDITORS

Amounts falling due within one year

7

357,483

350,269

NET CURRENT ASSETS

274,842

242,389

TOTAL ASSETS LESS CURRENT LIABILITIES

279,847

251,028

PROVISIONS FOR LIABILITIES

-

1,273

NET ASSETS

279,847

249,755

CAPITAL AND RESERVES

Called up share capital

5,127

5,127

Retained earnings

274,720

244,628

SHAREHOLDERS' FUNDS

279,847

249,755

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 and authorised for issue by the Board of Directors and authorised for issue on 16 August 2023 and were signed on its behalf by:

J M Oram - Director

1.	STATUTORY INFORMATION

Essex Abel 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

- Going concern

The company's forecasts and projections show that the company has adequate reserves and funding to continue in business for the foreseeable future. The directors; therefore, consider it appropriate to prepare the financial statements on a going concern basis.

- Determine whether there are indicators of impairment of the company's tangible assets.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

a) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, maintenance programmes and product life cycles are taken into account by management. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and the estimated disposal values.

b) Current asset provisions

At each reporting date judgement is used by management to establish the net realisable value of various elements of working capital, principally being trade debtors. Provisions are established for net realisable value, bad and doubtful debt risks where appropriate. Provisions made are based on facts available at the time and are applied to trade debtor balances where required.

In estimating the collectability of trade debtors, judgement is required in assessing their likely realisation, including the current creditworthiness of each customer and related ageing of past due balances.

Revenue recognition

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

Revenue represents amounts recoverable from clients for professional services provided during the year. It is measured at the fair value of consideration received or receivable on each client assignment, including expenses and disbursements but excluding Value Added Tax. Revenue is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow.

Revenue recognition occurs in the period in which the services are rendered by reference to the stage of completion, which is assessed on actual services provided as a proportion of total services to be provided.

Unbilled revenue on individual client assignments is included as unbilled amounts for client work within trade receivables. Where individual on-account billings exceed revenue on client assignment, the excess is classified as progress billings for client work within trade and other payables.

Rental income arising from operating leases is accounted for on a straight line basis over the lease term.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

33% on cost, 20% on cost and 10% on cost

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 and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

192,000

AMORTISATION

At 1 April 2022

and 31 March 2023

192,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2022

86,726

Additions

953

Disposals

(2,937

)

At 31 March 2023

84,742

DEPRECIATION

At 1 April 2022

78,087

Charge for year

4,587

Eliminated on disposal

(2,937

)

At 31 March 2023

79,737

NET BOOK VALUE

At 31 March 2023

5,005

At 31 March 2022

8,639

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

419,466

422,210

Other debtors

58,844

44,818

478,310

467,028

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

26,894

21,303

Taxation and social security

242,738

243,438

Other creditors

87,851

85,528

357,483

350,269

8.	LEASING AGREEMENTS

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

2023

2022

£

£

Between one and five years

129,714

185,984

Operating lease agreements where the company is lessor

The company leases surplus office space, which is let to third parties. This non-cancellable lease expires in June 2023. Future minimum rentals receivable under non-cancellable operating leases are £2,406.

At 31 March 2023, the company had no other material off-balance sheet arrangements.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent company and wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jelmo Services Ltd, a company incorporated in England under company number 07722507, whose registered office is at 4 Bank Court, Weldon Road, Loughborough, Leicestershire, LE11 5RF.