Corrosion Engineering Solutions Limited 07726421 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is provider of corrosion control products and services. Digita Accounts Production Advanced 6.30.9574.0 true true 07726421 2022-09-01 2023-08-31 07726421 2023-08-31 07726421 bus:OrdinaryShareClass1 2023-08-31 07726421 bus:OrdinaryShareClass2 2023-08-31 07726421 bus:OrdinaryShareClass3 2023-08-31 07726421 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-08-31 07726421 core:CurrentFinancialInstruments 2023-08-31 07726421 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07726421 core:FurnitureFittingsToolsEquipment 2023-08-31 07726421 bus:SmallEntities 2022-09-01 2023-08-31 07726421 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 07726421 bus:FullAccounts 2022-09-01 2023-08-31 07726421 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 07726421 bus:RegisteredOffice 2022-09-01 2023-08-31 07726421 bus:Director1 2022-09-01 2023-08-31 07726421 bus:Director2 2022-09-01 2023-08-31 07726421 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 07726421 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 07726421 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 07726421 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07726421 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 07726421 countries:EnglandWales 2022-09-01 2023-08-31 07726421 2022-08-31 07726421 core:FurnitureFittingsToolsEquipment 2022-08-31 07726421 2021-09-01 2022-08-31 07726421 2022-08-31 07726421 bus:OrdinaryShareClass1 2022-08-31 07726421 bus:OrdinaryShareClass2 2022-08-31 07726421 bus:OrdinaryShareClass3 2022-08-31 07726421 core:CurrentFinancialInstruments 2022-08-31 07726421 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 07726421 core:FurnitureFittingsToolsEquipment 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07726421

Corrosion Engineering Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Corrosion Engineering Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Corrosion Engineering Solutions Limited

Company Information

Directors

Richard Edwards

Christopher Wozencroft

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Corrosion Engineering Solutions Limited

(Registration number: 07726421)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,331

4,757

Other financial assets

5

63,500

60,000

 

69,831

64,757

Current assets

 

Debtors

6

47,660

64,086

Cash at bank and in hand

 

230,097

99,947

 

277,757

164,033

Creditors: Amounts falling due within one year

7

(97,048)

(50,823)

Net current assets

 

180,709

113,210

Net assets

 

250,540

177,967

Capital and reserves

 

Called up share capital

8

159

159

Share premium reserve

10,846

10,846

Profit and loss account

239,535

166,962

Shareholders' funds

 

250,540

177,967

 

Corrosion Engineering Solutions Limited

(Registration number: 07726421)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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 14 November 2023 and signed on its behalf by:
 

.........................................
Richard Edwards
Director

.........................................
Christopher Wozencroft
Director

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 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:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

The principal place of business is:
Unit S1
64-66 Akeman Street
Tring
Hertfordshire
HP23 6AF

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.

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

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

Fixtures, fittings and equipment

25% 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.

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

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.

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 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.

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

15,109

15,109

Additions

3,684

3,684

At 31 August 2023

18,793

18,793

Depreciation

At 1 September 2022

10,352

10,352

Charge for the year

2,110

2,110

At 31 August 2023

12,462

12,462

Carrying amount

At 31 August 2023

6,331

6,331

At 31 August 2022

4,757

4,757

5

Other financial assets (current and non-current)

FA Investment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2022

60,000

60,000

Additions

3,500

3,500

At 31 August 2023

63,500

63,500

Impairment

Carrying amount

At 31 August 2023

63,500

63,500

The market value of the investment at 31 August 2022 was £52,384 (2021 - £58,118).

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

40,147

60,904

Prepayments

7,310

2,979

Other debtors

203

203

 

47,660

64,086

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,468

5,704

Taxation and social security

67,444

34,374

Other creditors

10,936

7,545

Accruals and deferred income

3,200

3,200

97,048

50,823

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

25

25

25

25

Ordinary C shares of £1 each

34

34

34

34

 

159

159

159

159

 

Corrosion Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

9

Related party transactions

During the year, the Company incurred directors remunerations and their pension contributions totalled £28,192 (2022 - £28,898). The directors were the company's shareholders.