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Registration number: 00852666

E.G. Martin Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

E.G. Martin Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

E.G. Martin Limited

(Registration number: 00852666)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

417,996

331,041

Current assets

 

Stocks

5

172,213

332,099

Debtors

6

272,256

368,511

Cash at bank and in hand

 

1,896,698

2,031,181

 

2,341,167

2,731,791

Creditors: Amounts falling due within one year

7

(677,409)

(1,078,830)

Net current assets

 

1,663,758

1,652,961

Total assets less current liabilities

 

2,081,754

1,984,002

Provisions for liabilities

(32,372)

(14,744)

Net assets

 

2,049,382

1,969,258

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,049,282

1,969,158

Shareholders' funds

 

2,049,382

1,969,258

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

E.G. Martin Limited

(Registration number: 00852666)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 August 2023
 

.........................................
J E G Martin
Director

 

E.G. Martin Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
44 Victory Road
West Wilts Trading Estate
Westbury
Wiltshire
BA13 4JL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

E.G. Martin Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Computers

50% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

E.G. Martin Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 11).

 

E.G. Martin Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Plant and machinery etc
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

316,121

198,113

539,700

1,053,934

Additions

-

10,584

140,020

150,604

Disposals

-

(5,000)

(7,625)

(12,625)

At 31 March 2023

316,121

203,697

672,095

1,191,913

Depreciation

At 1 April 2022

66,109

191,048

465,736

722,893

Charge for the year

5,208

4,542

53,782

63,532

Eliminated on disposal

-

(4,939)

(7,569)

(12,508)

At 31 March 2023

71,317

190,651

511,949

773,917

Net book value

At 31 March 2023

244,804

13,046

160,146

417,996

At 31 March 2022

250,012

7,065

73,964

331,041

5

Stocks

2023
£

2022
£

Stock

172,213

332,099

6

Debtors

2023
£

2022
£

Trade debtors

170,623

245,775

Other debtors

83,901

108,484

Prepayments

17,732

14,252

272,256

368,511

 

E.G. Martin Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

627,877

921,398

Taxation and social security

15,598

56,064

Accruals and deferred income

4,694

3,689

Other creditors

9,303

16,807

Corporation tax

19,937

80,872

677,409

1,078,830