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Registration number: 02514548

Edgar And Wood Mechanical Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

Edgar And Wood Mechanical Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Edgar And Wood Mechanical Services Limited

Company Information

Directors

Mr Aaron Christopher Wood

Mr David Brian Wood

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Edgar And Wood Mechanical Services Limited

(Registration number: 02514548)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

13,216

17,583

Current assets

 

Stocks

5

17,500

25,000

Debtors

6

468,883

132,909

Cash at bank and in hand

 

454,415

331,736

 

940,798

489,645

Creditors: Amounts falling due within one year

7

(390,103)

(186,670)

Net current assets

 

550,695

302,975

Total assets less current liabilities

 

563,911

320,558

Creditors: Amounts falling due after more than one year

7

(9,184)

(10,774)

Provisions for liabilities

(3,106)

(3,341)

Net assets

 

551,621

306,443

Capital and Reserves

 

Called up share capital

111

111

Profit and loss account

551,510

306,332

Total equity

 

551,621

306,443

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.

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 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 20 October 2023 and signed on its behalf by:
 

 

Edgar And Wood Mechanical Services Limited

(Registration number: 02514548)
Balance Sheet as at 31 March 2023

.........................................
Mr Aaron Christopher Wood
Director

.........................................
Mr David Brian Wood
Director

 
     
 

Edgar And Wood Mechanical Services Limited

Notes to the Unaudited 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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
United Kingdom

These financial statements were authorised for issue by the Board on 20 October 2023.

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.

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.

 

Edgar And Wood Mechanical Services Limited

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

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.

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

Plant and machinery

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on 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.

 

Edgar And Wood Mechanical Services Limited

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

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.

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.

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.

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.

 

Edgar And Wood Mechanical Services Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Production

2

2

Administration and support

1

1

3

3

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

7,909

36,155

2,018

46,082

Additions

250

-

-

250

Disposals

(3,632)

-

(2,018)

(5,650)

At 31 March 2023

4,527

36,155

-

40,682

Depreciation

At 1 April 2022

7,275

19,208

2,016

28,499

Charge for the year

378

4,237

2

4,617

Eliminated on disposal

(3,632)

-

(2,018)

(5,650)

At 31 March 2023

4,021

23,445

-

27,466

Carrying amount

At 31 March 2023

506

12,710

-

13,216

At 31 March 2022

634

16,947

2

17,583

5

Stocks

2023
 £

2022
 £

Work in progress

7,500

16,000

Other inventories

10,000

9,000

17,500

25,000

 

Edgar And Wood Mechanical Services Limited

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

6

Debtors

Current

2023
£

2022
£

Trade Debtors

374,136

82,334

Prepayments

2,559

7,935

Other debtors

92,188

42,640

 

468,883

132,909

 

Edgar And Wood Mechanical Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

2,969

36,655

Trade Creditors

 

164,124

47,479

Social security and other taxes

 

143,756

51,939

Other payables

 

945

-

Accrued expenses

 

2,055

1,950

Corporation tax liability

76,254

48,647

 

390,103

186,670

Due after one year

 

Loans and borrowings

8

9,184

10,774

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

9,184

10,774

8

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

9,184

10,774

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

2,969

2,936

Other borrowings

-

33,719

2,969

36,655

 

Edgar And Wood Mechanical Services Limited

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

9

Related party transactions

Loans to related parties

2023

Key management
£

Advanced

8,964

Terms of loans to related parties

During the year the company made funds available to the directors. The loans were interest free, unsecured, and repayable on demand.
 

Loans from related parties

2023

Key management
£

At start of period

29,936

Advanced

342

Repaid

(29,552)

At end of period

726

2022

Key management
£

Total
£

At start of period

29,928

29,928

Advanced

8

8

At end of period

29,936

29,936

Terms of loans from related parties

During the year the directors made funds available to the company to assist with the provision of working capital. The loans were interest free, unsecured, and repayable on demand.