Registered number
04154700
ESME Valves Limited
Filleted Accounts
31 March 2023
ESME Valves Limited
Registered number: 04154700
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 422 528
Current assets
Stocks 285,535 257,609
Debtors 4 268,440 181,343
Cash at bank and in hand 390,496 393,434
944,471 832,386
Creditors: amounts falling due within one year 5 (272,349) (180,931)
Net current assets 672,122 651,455
Net assets 672,544 651,983
Capital and reserves
Called up share capital 612,077 612,077
Profit and loss account 60,467 39,906
Shareholders' funds 672,544 651,983
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.
R A L'Herminier
Director
Approved by the board on 21 August 2023
ESME Valves Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 20% on cost
Plant and machinery 10% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is determined using the first in first out method and includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Debtors
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.
Creditors
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.
Taxation
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.
Provision for liabilities
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are charged to the profit and loss account on a straight line basis over the lease term.
Pensions
Contributions in respect of the Company's defined contribution pension schemes are charged to the profit and loss account in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Office equipment Plant and machinery Total
£ £ £
Cost
At 1 April 2022 24,031 2,965 26,996
At 31 March 2023 24,031 2,965 26,996
Depreciation
At 1 April 2022 24,031 2,437 26,468
Charge for the year - 106 106
At 31 March 2023 24,031 2,543 26,574
Net book value
At 31 March 2023 - 422 422
At 31 March 2022 - 528 528
4 Debtors 2023 2022
£ £
Trade debtors 258,938 170,316
Prepayments 2,709 2,709
Other debtors 6,793 8,318
268,440 181,343
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 109,219 38,724
Amounts owed to group undertakings 123,566 123,101
Taxation and social security costs 5,597 -
Other creditors 33,967 19,106
272,349 180,931
6 Controlling party
The Company is a wholly owned subsidiary undertaking of Electrical Steam & Mining Equipment Limited, a company incorporated in England and Wales. The registered office is the same as its subsidiary.
The directors regard Electrical Steam & Mining Equipment Limited as the Company's ultimate parent company.
7 Other information
ESME Valves Limited is a private company limited by shares and incorporated in England. Its registered office is:
Esme House
Coronation Road
Basingstoke
Hampshire
RG21 4ET
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