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COMPANY REGISTRATION NUMBER: 523942
E E Ulph & Company Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 July 2023
E E Ulph & Company Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
238,556
247,280
Current Assets
Stocks
17,993
21,390
Debtors
6
6,226
22,774
Cash at bank and in hand
854
802
---------
---------
25,073
44,966
Creditors: amounts falling due within one year
7
49,423
62,588
---------
---------
Net Current Liabilities
24,350
17,622
----------
----------
Total Assets Less Current Liabilities
214,206
229,658
----------
----------
Net Assets
214,206
229,658
----------
----------
E E Ulph & Company Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
5,105
5,105
Share premium account
3,219
3,219
Profit and loss account
205,882
221,334
----------
----------
Shareholders Funds
214,206
229,658
----------
----------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
A. W. U. Scobie
Director
Company registration number: 523942
E E Ulph & Company Limited
Notes to the Financial Statements
Year Ended 31st July 2023
1. General Information
The company is a private company limited by shares, registered in England. The address of the registered office is Whites Farm, White Colne, Essex.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Not depreciated
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible Assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st August 2022
227,791
124,879
23,126
375,796
Additions
670
670
----------
----------
---------
----------
At 31st July 2023
227,791
125,549
23,126
376,466
----------
----------
---------
----------
Depreciation
At 1st August 2022
13,783
97,484
17,249
128,516
Charge for the year
1,101
6,759
1,534
9,394
----------
----------
---------
----------
At 31st July 2023
14,884
104,243
18,783
137,910
----------
----------
---------
----------
Carrying amount
At 31st July 2023
212,907
21,306
4,343
238,556
----------
----------
---------
----------
At 31st July 2022
214,008
27,395
5,877
247,280
----------
----------
---------
----------
6. Debtors
2023
2022
£
£
Trade debtors
4,329
3,042
Other debtors
1,897
19,732
-------
---------
6,226
22,774
-------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,344
32,233
Trade creditors
1,723
10,312
Social security and other taxes
3,292
975
Other creditors
19,064
19,068
---------
---------
49,423
62,588
---------
---------