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REGISTERED NUMBER: 06315565 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

EMEX CONTROL SYSTEMS LIMITED

EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EMEX CONTROL SYSTEMS LIMITED

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: Mr N Ross
Mr P F Holmes





SECRETARY: Mr N Ross





REGISTERED OFFICE: 1 Hadrian Road
Thurmaston
Leicestershire
LE4 8DU





REGISTERED NUMBER: 06315565 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 46,638 75,029

CURRENT ASSETS
Stocks 21,512 51,759
Debtors 5 378,708 469,458
Cash at bank and in hand 1,120,031 908,715
1,520,251 1,429,932
CREDITORS
Amounts falling due within one year 6 (422,213 ) (466,335 )
NET CURRENT ASSETS 1,098,038 963,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,144,676

1,038,626

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,144,576 1,038,526
1,144,676 1,038,626

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2024 and were signed on its behalf by:





Mr N Ross - Director


EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023


1. STATUTORY INFORMATION

Emex Control Systems Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is 1 Hadrian Road, Thurmaston, Leicester, LE4 8DU.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence. These demonstrate that the company has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold33.3% straight line
Plant and machinery20% straight line
Fixtures, fittings & equipment15% straight line
Motor vehicles20% - 33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

EMEX CONTROL SYSTEMS LIMITED (REGISTERED NUMBER: 06315565)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


4. TANGIBLE FIXED ASSETS
Land & Fixtures,
buildings Plant and fittings Motor
leasehold machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 September 2022 30,682 20,229 34,628 163,510 249,049
Additions - - 3,419 - 3,419
At 31 August 2023 30,682 20,229 38,047 163,510 252,468
DEPRECIATION
At 1 September 2022 30,682 11,541 32,214 99,583 174,020
Charge for year - 1,767 1,123 28,920 31,810
At 31 August 2023 30,682 13,308 33,337 128,503 205,830
NET BOOK VALUE
At 31 August 2023 - 6,921 4,710 35,007 46,638
At 31 August 2022 - 8,688 2,414 63,927 75,029

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 304,128 334,563
Gross amounts due from contract customers 36,194 122,152
Other debtors - 201
Prepayments and accrued income 38,386 12,542
378,708 469,458

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 265,852 166,441
Corporation tax 70,834 22,267
Other taxation and social security 9,213 8,876
VAT 1,116 24,713
Other creditors 14,356 28,423
Directors' current accounts 35,155 75,128
Accruals and deferred income 25,687 140,487
422,213 466,335

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

8. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Operating lease commitments not included in the balance sheet amount to £22,000 (2022 - £46,000).