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Company registration number: 06674334
ESSEX WHEELS & ENGINEERING LIMITED
Trading as Essex Wheels & Engineering Limited
Unaudited filleted financial statements
31 March 2022
ESSEX WHEELS & ENGINEERING LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
ESSEX WHEELS & ENGINEERING LIMITED
Directors and other information
Director J.R. Rogers
Company number 06674334
Registered office 94 Bodmin Road
Springfield
Chelmsford
CM1 6LL
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
CM2 0LD
ESSEX WHEELS & ENGINEERING LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Essex Wheels & Engineering Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Essex Wheels & Engineering Limited for the year ended 31 March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Essex Wheels & Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Essex Wheels & Engineering Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Essex Wheels & Engineering Limited and its director as a body for our work or for this report.
It is your duty to ensure that Essex Wheels & Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Essex Wheels & Engineering Limited. You consider that Essex Wheels & Engineering Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Essex Wheels & Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
CM2 0LD
4 July 2022
ESSEX WHEELS & ENGINEERING LIMITED
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 8 85,618 66,343
_______ _______
85,618 66,343
Current assets
Stocks 12,000 12,000
Debtors 9 40,200 43,864
Cash at bank and in hand 38,373 54,849
_______ _______
90,573 110,713
Creditors: amounts falling due
within one year 10 ( 51,688) ( 44,978)
_______ _______
Net current assets 38,885 65,735
_______ _______
Total assets less current liabilities 124,503 132,078
Creditors: amounts falling due
after more than one year 11 ( 49,692) ( 55,003)
Provisions for liabilities 12 ( 16,267) ( 12,605)
_______ _______
Net assets 58,544 64,470
_______ _______
Capital and reserves
Called up share capital 14 2 2
Profit and loss account 58,542 64,468
_______ _______
Shareholders funds 58,544 64,470
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 July 2022 , and are signed on behalf of the board by:
J.R. Rogers
Director
Company registration number: 06674334
ESSEX WHEELS & ENGINEERING LIMITED
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 94 Bodmin Road, Springfield, Chelmsford, CM1 6LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. They have been prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2022 2021
£ £
Remuneration 9,540 9,120
_______ _______
6. Tax on profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax income/expense ( 240) 7,649
_______ _______
Deferred tax:
Origination and reversal of timing differences 3,662 12,605
_______ _______
Tax on profit 3,422 20,254
_______ _______
7. Dividends
Equity dividends
2022 2021
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 31,020 35,175
_______ _______
8. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 111,374 4,105 17,021 132,500
Additions 11,318 2,316 29,960 43,594
Disposals - - ( 17,021) ( 17,021)
_______ _______ _______ _______
At 31 March 2022 122,692 6,421 29,960 159,073
_______ _______ _______ _______
Depreciation
At 1 April 2021 50,515 1,536 14,106 66,157
Charge for the year 14,436 976 5,992 21,404
Disposals - - ( 14,106) ( 14,106)
_______ _______ _______ _______
At 31 March 2022 64,951 2,512 5,992 73,455
_______ _______ _______ _______
Carrying amount
At 31 March 2022 57,741 3,909 23,968 85,618
_______ _______ _______ _______
At 31 March 2021 60,859 2,569 2,915 66,343
_______ _______ _______ _______
9. Debtors
2022 2021
£ £
Trade debtors 38,699 42,948
Other debtors 1,501 916
_______ _______
40,200 43,864
_______ _______
10. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 9,600 10,000
Trade creditors 17,523 5,336
Corporation tax - 7,649
Social security and other taxes 4,645 7,844
Other creditors 19,920 14,149
_______ _______
51,688 44,978
_______ _______
Included in other creditors are net obligations under finance leases and hire purchase contracts of £18, 575 (2021 £12,753) which are secured on the assets concerned.
11. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 30,400 38,000
Other creditors 19,292 17,003
_______ _______
49,692 55,003
_______ _______
Included in other creditors are net obligations under finance leases and hire purchase contracts of £19, 292 (2021 £17,003) which are secured on the assets concerned.
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 April 2021 12,605 12,605
Additions 3,662 3,662
_______ _______
At 31 March 2022 16,267 16,267
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 12) 16,267 12,605
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances 16,267 12,605
_______ _______
14. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary A shares shares of £ 1.00 each 1 1 1 1
Ordinary B shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
2 2 2 2
_______ _______ _______ _______