Electrical Steam & Mining Equipment Limited |
Registered number: |
00355909 |
Balance Sheet |
as at 31 March 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
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603,030 |
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615,516 |
Investments |
4 |
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612,077 |
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612,077 |
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1,215,107 |
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1,227,593 |
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Current assets |
Debtors |
5 |
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123,869 |
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123,877 |
Cash at bank and in hand |
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28,205 |
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12,932 |
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152,074 |
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136,809 |
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Creditors: amounts falling due within one year |
6 |
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(12,945) |
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(8,192) |
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Net current assets |
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139,129 |
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128,617 |
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Total assets less current liabilities |
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1,354,236 |
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1,356,210 |
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Provisions for liabilities |
7 |
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(109,039) |
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(102,328) |
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Net assets |
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1,245,197 |
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1,253,882 |
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Capital and reserves |
Called up share capital |
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100,000 |
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100,000 |
Revaluation reserve |
7 |
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449,739 |
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456,814 |
Profit and loss account |
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695,458 |
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697,068 |
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Shareholders' funds |
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1,245,197 |
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1,253,882 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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R A L'Herminier |
Director |
Approved by the board on 21 August 2023 |
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Electrical Steam & Mining Equipment Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax and is derived from rental income. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation, except for investment properties, and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
10% on cost |
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Office equipment and furniture |
20% on cost |
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Investments |
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Investments in subsidiaries are measured at cost less any accumulated impairment losses. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leasing |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Group accounts |
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The accounts of the parent undertaking and its only subsidiary undertaking have not been consolidated, as the directors have taken advantage of the exemption available to groups of companies subject to the small companies regime within Part 15 of the Companies Act 2006. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
Plant and machinery etc |
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Leased assets |
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Total |
£ |
£ |
£ |
£ |
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Cost or valuation |
Fair value |
Cost |
Cost |
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At 1 April 2022 |
560,000 |
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187,763 |
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78,500 |
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826,263 |
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At 31 March 2023 |
560,000 |
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187,763 |
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78,500 |
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826,263 |
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Depreciation |
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At 1 April 2022 |
- |
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132,247 |
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78,500 |
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210,747 |
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Charge for the year |
- |
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12,486 |
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- |
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12,486 |
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At 31 March 2023 |
- |
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144,733 |
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78,500 |
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223,233 |
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Net book value |
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At 31 March 2023 |
560,000 |
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43,030 |
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- |
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603,030 |
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At 31 March 2022 |
560,000 |
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55,516 |
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- |
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615,516 |
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The freehold property was revalued during the year to 31 March 2017. The valuation was on the basis of open market value and was carried out by London Clancy Commercial Property Consultants. In the opinion of the directors this valuation remains representative of current market conditions. |
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The original cost of the freehold property was £38,709. |
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4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 April 2022 |
612,077 |
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At 31 March 2023 |
612,077 |
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The company's investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of ESME Valves Limited, which provides mechanical engineering services. At 31 March 2023 the aggregate of the share capital and reserves of ESME Valves Limited amounted to £672,544 and the profit for the year then ending was £20,561. |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
218 |
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174 |
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Amounts owed by group undertakings |
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123,566 |
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123,101 |
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Other debtors |
85 |
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602 |
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123,869 |
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123,877 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
5,150 |
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3,431 |
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Taxation and social security costs |
4,370 |
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1,636 |
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Other creditors |
3,425 |
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3,125 |
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12,945 |
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8,192 |
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7 |
Revaluation reserve |
2023 |
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2022 |
£ |
£ |
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At 1 April 2022 |
456,814 |
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456,814 |
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Deferred taxation arising on change of rate of taxation |
(7,075) |
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- |
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At 31 March 2023 |
449,739 |
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456,814 |
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8 |
Controlling party |
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The directors, together with other family members, control the company by virtue of their shareholdings. |
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9 |
Statutory information |
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Electrical Steam & Mining Equipment Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Esme House |
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Coronation Road |
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Basingstoke |
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Hampshire |
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RG21 4ET |