Esse Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06568876 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

ESSE ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Ashby

M Ashby

M S Blewitt

M C Nutter

R Ashby

P Ashby

SECRETARY:

Mrs A L Ashby

REGISTERED OFFICE:

Ouzledale Foundry

Long Ing Lane

Barnoldswick

Lancashire

BB18 6BJ

REGISTERED NUMBER:

06568876 (England and Wales)

AUDITORS:

Ainsworths Limited

Chartered Accountants

and Statutory Auditors

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

242,696

240,611

242,696

240,611

CURRENT ASSETS

Stocks

1,062,675

853,335

Debtors

6

2,240,386

1,605,950

Cash at bank and in hand

1,360,324

1,516,371

4,663,385

3,975,656

CREDITORS

Amounts falling due within one year

7

2,468,911

2,106,765

NET CURRENT ASSETS

2,194,474

1,868,891

TOTAL ASSETS LESS CURRENT LIABILITIES

2,437,170

2,109,502

PROVISIONS FOR LIABILITIES

56,078

41,471

NET ASSETS

2,381,092

2,068,031

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

2,381,091

2,068,030

SHAREHOLDERS' FUNDS

2,381,092

2,068,031

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 16th November 2023 and were signed on its behalf by:

J Ashby - Director

R Ashby - Director

P Ashby - Director

1.	STATUTORY INFORMATION

Esse Engineering 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.

Related party exemption

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 wholly owned subsidiaries within the group.

The company's ultimate parent company is Ouzledale Foundry Company Limited whose registered office is Ouzledale Foundry, Long Ing Lane, Barnoldswick, England, BB18 6BJ.

Significant judgements and estimates

Preparation of the financial statements requires management to consider any significant judgements and estimates. There are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

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 will only be recognised when significant risks and rewards have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect to the transaction can be measured reliably.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 etc

-

25% on cost, 20% on cost and 20% to 33.33% on cost

Tangible fixed assets are initially recognised at cost. In addition to the above depreciation provisions an annual impairment review of assets is undertaken.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 51 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st July 2022

and 30th June 2023

25,000

AMORTISATION

At 1st July 2022

and 30th June 2023

25,000

NET BOOK VALUE

At 30th June 2023

-

At 30th June 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2022

1,082,058

Additions

84,807

At 30th June 2023

1,166,865

DEPRECIATION

At 1st July 2022

841,447

Charge for year

82,722

At 30th June 2023

924,169

NET BOOK VALUE

At 30th June 2023

242,696

At 30th June 2022

240,611

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

769,074

579,967

Amounts owed by group undertakings

1,248,464

873,513

Other debtors

222,848

152,470

2,240,386

1,605,950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade creditors

325,783

575,671

Amounts owed to group undertakings

1,607,683

1,106,195

Taxation and social security

111,173

29,395

Other creditors

424,272

395,504

2,468,911

2,106,765

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Sunter FCA (Senior Statutory Auditor)

for and on behalf of Ainsworths Limited