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Registered Number: 01898360
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

EXPRESS SERVICE ENGINEERING LIMITED

 

 
Notes

 
2023
£

  2022
£
(as restated)
Fixed assets      
Tangible fixed assets 4 168,290    746,172 
168,290    746,172 
Current assets      
Stocks 5 518,832    605,072 
Debtors 6 977,857    713,360 
Cash at bank and in hand 1,209,838    355,957 
2,706,527    1,674,389 
Creditors: amount falling due within one year (654,523)   (650,133)
Net current assets 2,052,004    1,024,256 
 
Total assets less current liabilities 2,220,294    1,770,428 
Creditors: amount falling due after more than one year (43,056)   (144,629)
Provisions for liabilities 7 (29,978)   (42,470)
Net assets 2,147,260    1,583,329 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 2,147,160    1,583,229 
Shareholder's funds 2,147,260    1,583,329 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 August 2023 and were signed on its behalf by:


-------------------------------
Jaimie Heanue
Director
1
General Information
Express Service Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 01898360, registration address 75 Garfield Avenue, Litchard, Bridgend, Mid Glamorgan, CF31 1QB.

The presentation currency is £ sterling.
1.

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.
Restatement of comparatives
During the year an amendment to the 2022 Corporation Tax Return was made for a Research and Development claim. The result of this was a decrease in the Corporation Tax liability for 2022 of £26,932. The overall effect on the Balance Sheet profit and loss account reserves is an increase of £26,932 in 2022. There is also an increase in the profit for the 2022 financial year of £26,932.
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 companys 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.
Operating lease rentals
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.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Taxation
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.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.



Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.



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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Dividend distribution to the companys 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.
Tangible fixed 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:

Land and buildings 0%, 2% and 10% straight line basis
Plant and machinery, Fixtures and fittings and Motor vehicles 15% and 25% straight line basis
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.
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 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.
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees

Average number of employees during the year was 33 (2022 : 30).
3.

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 £382,819 (2022 - £27,207).

4.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 April 2022 683,741    869,078    1,552,819 
Additions   19,343    19,343 
Disposals (683,741)   (95,766)   (779,507)
At 31 March 2023   792,655    792,655 
Depreciation
At 01 April 2022 172,282    634,365    806,647 
Charge for year   63,422    63,422 
On disposals (172,282)   (73,422)   (245,704)
At 31 March 2023   624,365    624,365 
Net book values
Closing balance as at 31 March 2023   168,290    168,290 
Opening balance as at 01 April 2022 511,459    234,713    746,172 

Included within the net book value of land and buildings above is £0 (2022 - £511,429) in respect of freehold land and buildings.

5.

Stocks

2023
£
  2022
£
Finished Goods 338,950    309,886 
Work in Progress 179,882    295,186 
518,832    605,072 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 502,186    692,455 
Other Debtors 475,671    20,905 
977,857    713,360 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 29,978    42,470 
29,978    42,470 

8.

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,305 (2022 - £44,233).
9.

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20,621 (2022 - £144,629).
2