| ETP (UK) Limited |
| Auditors' Report |
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| Independent Auditor’s Report to the Members of |
| ETP (UK) Limited |
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| Opinion |
| We have audited the financial statements of ETP (UK) Ltd (the ‘company’) for the year ended 31st January 2023 which comprise the Profit & Loss account, Balance Sheet and accompanying notes to the accounts and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). |
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| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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| Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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| Other information |
| The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report4. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
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| We have nothing to report in this regard. |
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| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
• the information given in the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
• the directors’ report have been prepared in accordance with applicable legal
requirements. |
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| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. |
| We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us toreport to you if, in our opinion: |
| • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| • the financial statements are not in agreement with the accounting records and returns; or |
| • certain disclosures of directors’ remuneration specified by law are not made; or |
| • we have not received all the information and explanations we require for our audit [; or |
| • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
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| Responsibilities of directors |
| As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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| In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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| Auditor responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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| The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
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| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including audit evidence sufficient and appropriate to provide a basis for our opinion. |
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| We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The main law and regulation we considered in this context was The Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102). We assessed the required compliance with these as part of our audit procedures on the related financial statement items. |
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| We also considered the opportunities and incentives that may exist within the company for fraud. Auditing standards limit the required audit procedures to identify non-compliance. |
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| We identified the greatest risk of impact on the financial statements from irregularities, including fraud, to be within the recording of income, particularly year end debtors, and the override of controls by management. Our audit procedures to respond to these risks included additional work reviewing year end debtors and enquiries of management and analytical review procedures. |
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| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. |
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| A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
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| Use of our report |
| This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. |
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| David Watts (Senior Statutory Auditor) |
| For and on behalf of Newton & Garner Ltd, Statutory Auditor |
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| Newton & Garner Ltd |
| 47 Topsfield Parade |
| Crouch End |
| London |
| N8 8PT |
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| 26th January 2024 |
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| ETP (UK) Limited |
| Notes to the Accounts |
| for the year ended 31 January 2023 |
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| 1 |
Accounting policies |
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General information and basis of preparation |
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ETP (UK) Limited is a company limited by shares incorporated in England within the United |
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Kingdom. The address of the registered office is given in the company information on page 3 of |
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these financial statements. |
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The financial statements are presented in sterling which is the functional currency of the company. |
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The significant accounting policies applied in the preparation of these financial statements are |
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set out below. These policies have been consistently applied to all years presented unless |
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otherwise stated. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
0 |
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Firm: |
United Accountancy & Co Ltd, T/A Certax Accounting |
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Date of audit report: |
26 January 2024 |
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| 3 |
Employees |
2023 |
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2022 |
| Number |
Number |
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Average number of persons employed by the company |
12 |
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11 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 February 2022 |
100,470 |
|
8,290 |
|
108,760 |
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Additions |
8,750 |
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- |
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8,750 |
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At 31 January 2023 |
109,220 |
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8,290 |
|
117,510 |
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Depreciation |
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At 1 February 2022 |
72,733 |
|
4,793 |
|
77,526 |
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Charge for the year |
7,297 |
|
874 |
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8,171 |
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At 31 January 2023 |
80,030 |
|
5,667 |
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85,697 |
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Net book value |
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At 31 January 2023 |
29,190 |
|
2,623 |
|
31,813 |
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At 31 January 2022 |
27,737 |
|
3,497 |
|
31,234 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 31 January 2023 |
- |
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Historical cost |
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At 1 February 2022 |
100 |
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| 6 |
Debtors |
2023 |
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2022 |
| £ |
£ |
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Trade debtors |
215,191 |
|
160,888 |
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Other debtors |
186,447 |
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610,456 |
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401,638 |
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771,344 |
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The directors loan has been cleared by way of issuing dividend for year ending 31st January 2023. The Section 455 tax paid up to Y/E 31 January 2022 for the value of £129,068.89 being claimed back from HMRC. |
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| 7 |
Investments held as current assets |
2023 |
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2022 |
| £ |
£ |
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Fair value |
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Unlisted investments |
- |
|
100 |
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| 8 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
| £ |
£ |
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Trade creditors |
142,493 |
|
115,876 |
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Taxation and social security costs |
34,556 |
|
88,004 |
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Other creditors |
54,633 |
|
20,358 |
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231,682 |
|
224,238 |
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| 9 |
Controlling party |
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Mr Hasan Turk, a company director controls the company by virtue of 70% of the issued share capital. The remaining 30% of shares held by Mr Aziz Yildiz who is not a director. |
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| 10 |
Other information |
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ETP (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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9 Colman Parade |
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Southbury Road |
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Enfield |
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EN1 1YY |
