Company Registration No. 03512128 (England and Wales)
ETS TRUCKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
BH23 1EF
ETS TRUCKS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
ETS TRUCKS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. C Gale
Mr. D Gale
Mrs. L Gale
Secretary
Mrs. S Gale
Company number
03512128
Registered office
6 Witney Road
Nuffield Industrial Estate
Poole
Dorset
United Kingdom
BH17 0GH
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
ETS TRUCKS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,380,056
1,376,353
Current assets
Stocks
198,140
251,048
Debtors
5
731,718
652,446
Cash at bank and in hand
482,552
312,787
1,412,410
1,216,281
Creditors: amounts falling due within one year
6
(728,544)
(705,230)
Net current assets
683,866
511,051
Total assets less current liabilities
2,063,922
1,887,404
Creditors: amounts falling due after more than one year
7
(551,573)
(623,507)
Provisions for liabilities
(34,618)
(37,596)
Net assets
1,477,731
1,226,301
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,477,631
1,226,201
Total equity
1,477,731
1,226,301
ETS TRUCKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Mr. C Gale
Mr. D Gale
Director
Director
Company Registration No. 03512128
The notes on pages 4 to 10 form part of these financial statements
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
ETS Trucks Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Witney Road, Nuffield Industrial Estate, Poole, Dorset, United Kingdom, BH17 0GH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue 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 of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill purchased from on acquisition of a local business - amortised fully over a period of 5 years
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold Land and buildings
No depreciation
Plant and machinery
20% straight line
Equipment
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 7 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
28
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
25,002
Amortisation and impairment
At 1 March 2022 and 28 February 2023
25,002
Carrying amount
At 28 February 2023
At 28 February 2022
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
4
Tangible fixed assets
Freehold Land and buildings
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
1,213,715
553,777
75,100
221,493
2,064,085
Additions
2,161
61,122
63,283
Disposals
(69,501)
(69,501)
At 28 February 2023
1,213,715
553,777
77,261
213,114
2,057,867
Depreciation and impairment
At 1 March 2022
470,404
69,533
147,795
687,732
Depreciation charged in the year
25,695
5,043
26,459
57,197
Eliminated in respect of disposals
(67,118)
(67,118)
At 28 February 2023
496,099
74,576
107,136
677,811
Carrying amount
At 28 February 2023
1,213,715
57,678
2,685
105,978
1,380,056
At 28 February 2022
1,213,715
83,373
5,567
73,698
1,376,353
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
720,844
637,157
Other debtors
10,874
15,289
731,718
652,446
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
60,686
63,954
Obligations under hire purchase agreements
9,908
18,891
Trade creditors
370,735
351,257
Other taxation and social security
260,137
256,294
Other creditors
4,926
4,262
Accruals and deferred income
22,152
10,572
728,544
705,230
The aggregate amount of creditors for which security has been given amounted to £60,594 (2022 - £72,845 ).
The hire purchase liabilities are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
551,573
613,599
Obligations under hire purchase agreements
9,908
551,573
623,507
The aggregate amount of creditors for which security has been given amounted to £527,674 (2022 - £590,174 ).
The hire purchase liabilities are secured on the assets to which they relate.
ETS TRUCKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
40 Ordinary A shares of £1 each
40
40
40 Ordinary B shares of £1 each
40
40
20 Ordinary C shares of £1 each
20
20
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
83,333
133,333
2023-02-282022-03-01false09 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr. C GaleMr. D GaleMrs. L GaleMrs. S Gale035121282022-03-012023-02-2803512128bus:Director12022-03-012023-02-2803512128bus:Director22022-03-012023-02-2803512128bus:Director32022-03-012023-02-2803512128bus:CompanySecretary12022-03-012023-02-2803512128bus:RegisteredOffice2022-03-012023-02-28035121282023-02-28035121282022-02-2803512128core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-2803512128core:PlantMachinery2023-02-2803512128core:ComputerEquipment2023-02-2803512128core:MotorVehicles2023-02-2803512128core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2803512128core:PlantMachinery2022-02-2803512128core:ComputerEquipment2022-02-2803512128core:MotorVehicles2022-02-2803512128core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2803512128core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2803512128core:CurrentFinancialInstruments2023-02-2803512128core:CurrentFinancialInstruments2022-02-2803512128core:Non-currentFinancialInstruments2023-02-2803512128core:Non-currentFinancialInstruments2022-02-2803512128core:ShareCapital2023-02-2803512128core:ShareCapital2022-02-2803512128core:RetainedEarningsAccumulatedLosses2023-02-2803512128core:RetainedEarningsAccumulatedLosses2022-02-2803512128core:ShareCapitalOrdinaryShares2023-02-2803512128core:ShareCapitalOrdinaryShares2022-02-2803512128core:Goodwill2022-03-012023-02-2803512128core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-2803512128core:PlantMachinery2022-03-012023-02-2803512128core:ComputerEquipment2022-03-012023-02-2803512128core:MotorVehicles2022-03-012023-02-28035121282021-03-012022-02-2803512128core:NetGoodwill2022-02-2803512128core:NetGoodwill2023-02-2803512128core:NetGoodwill2022-02-2803512128core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2803512128core:PlantMachinery2022-02-2803512128core:ComputerEquipment2022-02-2803512128core:MotorVehicles2022-02-28035121282022-02-2803512128bus:OrdinaryShareClass12022-03-012023-02-2803512128bus:OrdinaryShareClass22022-03-012023-02-2803512128bus:OrdinaryShareClass32022-03-012023-02-2803512128bus:OrdinaryShareClass12023-02-2803512128bus:OrdinaryShareClass22023-02-2803512128bus:OrdinaryShareClass32023-02-2803512128bus:PrivateLimitedCompanyLtd2022-03-012023-02-2803512128bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2803512128bus:FRS1022022-03-012023-02-2803512128bus:AuditExemptWithAccountantsReport2022-03-012023-02-2803512128bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP