Ebbfix Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03116406 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

EBBFIX LIMITED

TRADING AS

I.C. SYSTEMS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S N Watts

P Taylor

SECRETARY:

S N Watts

REGISTERED OFFICE:

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

REGISTERED NUMBER:

03116406 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

200,543

334,693

200,543

334,693

CURRENT ASSETS

Stocks

192,614

151,746

Debtors

6

676,769

639,124

869,383

790,870

CREDITORS

Amounts falling due within one year

7

1,012,174

957,234

NET CURRENT LIABILITIES

(142,791

)

(166,364

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,752

168,329

CREDITORS

Amounts falling due after more than one year

8

(114,952

)

(138,429

)

PROVISIONS FOR LIABILITIES

(39,596

)

(57,141

)

NET LIABILITIES

(96,796

)

(27,241

)

CAPITAL AND RESERVES

Called up share capital

10

4,250

4,250

Retained earnings

(101,046

)

(31,491

)

SHAREHOLDERS' FUNDS

(96,796

)

(27,241

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2023 and were signed on its behalf by:

S N Watts - Director

1.	STATUTORY INFORMATION

Ebbfix 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.

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 accounts have been prepared on a going concern basis, the validity of which is dependent upon the continued financial support of the directors. The directors of the company have confirmed that this support will continue.

On the above basis, the directors consider that the going concern basis remains appropriate.

Turnover

Turnover represents net sale of manufactured goods and associated fitting charges recognised at point of delivery, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1995 and a business acquired in 2005, is being written off evenly over its estimated life of ten years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

During the year, the company has implemented automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the profit & loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

75,516

AMORTISATION

At 1 January 2022

and 31 December 2022

75,516

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

985,491

Additions

34,567

Disposals

(140,000

)

At 31 December 2022

880,058

DEPRECIATION

At 1 January 2022

650,798

Charge for year

56,717

Eliminated on disposal

(28,000

)

At 31 December 2022

679,515

NET BOOK VALUE

At 31 December 2022

200,543

At 31 December 2021

334,693

The net book value of tangible fixed assets includes £ 80,532 (2021 - £ 222,302 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

521,453

497,632

Other debtors

155,316

141,492

676,769

639,124

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

90,272

82,785

Hire purchase contracts

38,770

36,927

Trade creditors

269,029

268,049

Taxation and social security

151,081

139,140

Other creditors

463,022

430,333

1,012,174

957,234

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

28,270

38,098

Hire purchase contracts

86,682

100,331

114,952

138,429

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdrafts

80,463

73,231

Hire purchase contracts

125,452

137,258

Factoring loan

383,233

350,267

589,148

560,756

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

4,250

Ordinary

£1

4,250

4,250

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

S N Watts

Balance outstanding at start of year

58,949

56,443

Amounts advanced

48,552

70,506

Amounts repaid

(33,900

)

(68,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

73,601

58,949