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Registration number: 02875563

Eagle Structural Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Eagle Structural Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Eagle Structural Limited

Company Information

Directors

G D Locking

B Locking-Sharpe

P J Locking

Company secretary

J H Locking

Registered office

Lordship Road
Great Carlton
Louth
Lincolnshire
LN11 8JS

 

Eagle Structural Limited

(Registration number: 02875563)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

848,194

797,527

Current assets

 

Stocks

5

40,000

40,000

Debtors

6

1,096,955

1,056,946

Cash at bank and in hand

 

163,612

14,841

 

1,300,567

1,111,787

Creditors: Amounts falling due within one year

7

(797,078)

(913,480)

Net current assets

 

503,489

198,307

Total assets less current liabilities

 

1,351,683

995,834

Creditors: Amounts falling due after more than one year

7

(111,060)

(121,556)

Provisions for liabilities

(63,666)

(59,721)

Net assets

 

1,176,957

814,557

Capital and reserves

8

Called up share capital

5,508

5,508

Capital redemption reserve

5,500

5,500

Profit and loss account

1,165,949

803,549

Shareholders' funds

 

1,176,957

814,557

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
G D Locking
Director

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02875563.

The address of its registered office is:
Lordship Road
Great Carlton
Louth
Lincolnshire
LN11 8JS

These financial statements were authorised for issue by the Board on 2 October 2023.

These financial statements cover the individual entity, Eagle Structural Limited.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets other than Land and buildings are stated in the statement of financial position 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.

Land and buildings are included in the statement of financial position at fair value. Fair value is reviewed annually by the Directors. There is no independent professional valuation.

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

Plant and machinery

15% on reducing balance

Motor vehicles

15% on reducing balance

Computer equipment

10% on reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 obligations

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 Directors) during the year, was 20 (2022 - 19).

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

385,967

709,550

340,369

1,435,886

Additions

-

-

123,574

123,574

At 30 June 2023

385,967

709,550

463,943

1,559,460

Depreciation

At 1 July 2022

-

419,979

218,380

638,359

Charge for the year

-

42,400

30,507

72,907

At 30 June 2023

-

462,379

248,887

711,266

Carrying amount

At 30 June 2023

385,967

247,171

215,056

848,194

At 30 June 2022

385,967

289,571

121,989

797,527

5

Stocks

2023
£

2022
£

Other inventories

40,000

40,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

470,555

544,437

Prepayments

15,550

16,219

Other debtors

610,850

496,290

 

1,096,955

1,056,946

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

50,000

182,116

HP and finance lease liabilities

9

84,211

65,930

Trade creditors

 

415,750

479,309

Taxation and social security

 

147,757

82,378

Other creditors

 

99,360

103,747

 

797,078

913,480

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Bank loans

9

45,834

95,833

HP and finance lease liabilities

 

65,226

25,723

 

111,060

121,556

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

Ordinary A shares of £1 each

1,004

1,004

1,004

1,004

Ordinary B share of £1 each

1

1

1

1

Ordinary C share of £1 each

1

1

1

1

Ordinary D share of £1 each

1

1

1

1

Ordinary E share of £1 each

1

1

1

1

 

11,008

11,008

11,008

11,008

 

Eagle Structural Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loans

45,834

95,833

Hire purchase contracts

65,226

25,723

111,060

121,556

Bank borrowings totalling £45,834 (2022: £95,833) are secured against the assets of the company.

Hire purchase contracts totalling £65,226 (2022: £25,723) are secured against the assets acquired.

2023
£

2022
£

Current loans and borrowings

Bank loans

50,000

50,000

Bank overdrafts

-

132,116

HP and finance lease liabilities

84,211

65,930

Other borrowings

78,811

91,202

213,022

339,248

Bank borrowings totalling £50,000 (2022: £182,116) are secured against the assets of the company.

Hire purchase contracts totalling £84,211 (2022: £65,930) are secured against the assets acquired.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £13,222 (2022 - £18,806).