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COMPANY REGISTRATION NUMBER: 01341991
EDWARDS MODULAR CONTROL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2022
EDWARDS MODULAR CONTROL LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
46,749
62,333
Current assets
Stocks
25,603
25,891
Debtors
6
398,632
255,920
Cash at bank and in hand
171,319
203,439
----------
----------
595,554
485,250
Creditors: amounts falling due within one year
7
194,656
155,117
----------
----------
Net current assets
400,898
330,133
----------
----------
Total assets less current liabilities
447,647
392,466
Creditors: amounts falling due after more than one year
8
38,333
50,000
----------
----------
Net assets
409,314
342,466
----------
----------
Capital and reserves
Called up share capital
200
200
Profit and loss account
409,114
342,266
----------
----------
Shareholders funds
409,314
342,466
----------
----------
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 comprehensive income has not been delivered.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EDWARDS MODULAR CONTROL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 13 September 2022 , and are signed on behalf of the board by:
Mr A J Edwards
Director
Company registration number: 01341991
EDWARDS MODULAR CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
During the year, the company continued to make use of the government's Coronavirus Job Retention Scheme and Bounce Back Loan Scheme as a result of the COVID 19 pandemic. The directors have confirmed that, in their opinion, the pandemic will not affect the company's ability to continue trading as a going concern.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2021: 17 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2021 and 31 May 2022
50,348
5,712
146,271
202,331
---------
-------
----------
----------
Depreciation
At 1 June 2021
44,667
4,341
90,990
139,998
Charge for the year
1,420
343
13,821
15,584
---------
-------
----------
----------
At 31 May 2022
46,087
4,684
104,811
155,582
---------
-------
----------
----------
Carrying amount
At 31 May 2022
4,261
1,028
41,460
46,749
---------
-------
----------
----------
At 31 May 2021
5,681
1,371
55,281
62,333
---------
-------
----------
----------
6. Debtors
2022
2021
£
£
Trade debtors
333,430
212,201
Other debtors
65,202
43,719
----------
----------
398,632
255,920
----------
----------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
Trade creditors
126,539
98,900
Corporation tax
28,404
12,941
Social security and other taxes
19,590
32,625
Other creditors
10,123
10,651
----------
----------
194,656
155,117
----------
----------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
38,333
50,000
---------
---------