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Registration number: 00990082

Thomas Ellis Engineering Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Thomas Ellis Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Thomas Ellis Engineering Ltd

Company Information

Directors

Mr Richard P Moor

Mr Nicholas Parks

Mr Bjorn Jenkinson

Registered office

Plough Road
Great Bentley
Colchester
CO7 8LG

Accountants

Aims Accountants
4 Southgate House
Plough Road Centre
Great Bentley
Essex
CO7 8LG

 

Thomas Ellis Engineering Ltd

(Registration number: 00990082)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

845,247

899,338

Current assets

 

Stocks

5

306,160

331,684

Debtors

6

1,411,246

1,619,017

Cash at bank and in hand

 

1,109,678

1,188,864

 

2,827,084

3,139,565

Creditors: Amounts falling due within one year

7

(645,396)

(968,118)

Net current assets

 

2,181,688

2,171,447

Total assets less current liabilities

 

3,026,935

3,070,785

Creditors: Amounts falling due after more than one year

7

(328,713)

(408,553)

Net assets

 

2,698,222

2,662,232

Capital and reserves

 

Called up share capital

8

4,405

4,405

Capital redemption reserve

1,000

1,000

Other reserves

3,995

3,995

Retained earnings

2,688,822

2,652,832

Shareholders' funds

 

2,698,222

2,662,232

For the financial year ending 31 October 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

 

Thomas Ellis Engineering Ltd

(Registration number: 00990082)
Balance Sheet as at 31 October 2023

.........................................
Mr Richard P Moor
Director

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Plough Road
Great Bentley
Colchester
CO7 8LG

The principal place of business is:
Beaver House
Plough Road
Great Bentley
Colchester
CO7 8LG

These financial statements were authorised for issue by the Board on 31 January 2024.

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.

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.

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Plant & Machinery

25% Reducing Balance Basis

Office Equipment

25% Reducing Balance Basis

Motor Vehicles

25% Reducing Balance Basis

Property

2% Straight Line Basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

929,719

1,504,301

209,961

2,643,981

Additions

-

9,000

-

9,000

At 31 October 2023

929,719

1,513,301

209,961

2,652,981

Depreciation

At 1 November 2022

199,369

1,443,381

101,893

1,744,643

Charge for the year

18,594

17,480

27,017

63,091

At 31 October 2023

217,963

1,460,861

128,910

1,807,734

Carrying amount

At 31 October 2023

711,756

52,440

81,051

845,247

At 31 October 2022

730,350

60,920

108,068

899,338

Included within the net book value of land and buildings above is £711,756 (2022 - £730,350) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

306,160

331,684

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

869,241

1,065,854

Amounts owed by related parties

517,675

550,275

Prepayments

 

24,330

2,888

   

1,411,246

1,619,017

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

99,737

113,037

Trade creditors

 

157,793

496,936

Taxation and social security

 

322,746

354,704

Accruals and deferred income

 

61,370

-

Other creditors

 

3,750

3,441

 

645,396

968,118

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

328,713

408,553

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

4,405

4,405

4,405

4,405

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

328,713

374,737

Hire purchase contracts

-

33,816

328,713

408,553

 

Thomas Ellis Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,921

62,314

Hire purchase contracts

33,816

50,723

99,737

113,037