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Company No: 06757755 (England and Wales)

EARTH WRIGHTS LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 30 November 2023

EARTH WRIGHTS LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

EARTH WRIGHTS LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mr M T D Jones
Mr M I Renouard
Mrs S E Reynolds
REGISTERED OFFICE Woodlands Yard
Dartington
Totnes
TQ9 6NS
United Kingdom
COMPANY NUMBER 06757755 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
EARTH WRIGHTS LIMITED

DIRECTORS' REPORT

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 30 November 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 November 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was that of the design and construction of community and children's play spaces.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr M T D Jones
Mr M I Renouard
Mrs S E Reynolds

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr M I Renouard
Director

25 March 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EARTH WRIGHTS LIMITED

For the financial year ended 30 November 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EARTH WRIGHTS LIMITED (continued)

For the financial year ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Earth Wrights Limited for the financial year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Earth Wrights Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earth Wrights Limited. You consider that Earth Wrights Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Earth Wrights Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Earth Wrights Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Earth Wrights Limited and state those matters that we have agreed to state to the Board of Directors of Earth Wrights Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earth Wrights Limited and its Board of Directors as a body for our work or for this report.

Francis Clark LLP
Chartered Accountants

Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

25 March 2024

EARTH WRIGHTS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 30 November 2023
Note 2023 2022
£ £
Turnover 1,259,419 1,120,322
Cost of sales ( 1,001,187) ( 820,577)
Gross profit 258,232 299,745
Distribution costs ( 298) ( 1,425)
Administrative expenses ( 238,081) ( 300,929)
Other operating income 0 1,715
Operating profit/(loss) 19,853 ( 894)
Interest receivable and similar income 3 1,527 90
Interest payable and similar expenses 3 ( 6,598) ( 4,444)
Profit/(loss) before taxation 14,782 ( 5,248)
Tax on profit/(loss) ( 2,809) 1,284
Profit/(loss) for the financial year 11,973 ( 3,964)
Retained earnings at the beginning of financial year 464 4,428
Profit/(loss) for the financial year 11,973 ( 3,964)
Retained earnings at the end of financial year 12,437 464
EARTH WRIGHTS LIMITED

BALANCE SHEET

As at 30 November 2023
EARTH WRIGHTS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 7,173 14,015
7,173 14,015
Current assets
Stocks 47,706 47,015
Debtors 6 179,183 51,473
Cash at bank and in hand 37,678 136,095
264,567 234,583
Creditors: amounts falling due within one year 7 ( 201,333) ( 150,158)
Net current assets 63,234 84,425
Total assets less current liabilities 70,407 98,440
Creditors: amounts falling due after more than one year 8 ( 56,596) ( 95,302)
Provision for liabilities ( 1,364) ( 2,664)
Net assets 12,447 474
Capital and reserves
Called-up share capital 9 10 10
Profit and loss account 12,437 464
Total shareholders' funds 12,447 474

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Earth Wrights Limited (registered number: 06757755) were approved and authorised for issue by the Board of Directors on 25 March 2024. They were signed on its behalf by:

Mr M I Renouard
Director
EARTH WRIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Earth Wrights Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodlands Yard, Dartington, Totnes, TQ9 6NS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties and market conditions which may cause doubt on the company's ability to continue as a going concern.

Change in accounting policies

In the comparative accounting period, the company changed its accounting policy on depreciation. In previous years, assets were written off over a 4 year period on a straight line basis. The new policy is to write off assets over a 5 year period on a straight line basis. The policy has been updated to align with an improved maintenance program now being operated by the company and as such the life expectancy of tangible assets is expected to improve.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 15

3. Finance costs (net)

2023 2022
£ £
Interest receivable and similar income 1,527 90
Interest payable and similar expenses ( 6,598) ( 4,444)
(5,071) (4,354)

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2022 7,900 7,900
At 30 November 2023 7,900 7,900
Accumulated amortisation
At 01 December 2022 7,900 7,900
At 30 November 2023 7,900 7,900
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 December 2022 37,143 72,588 17,483 127,214
Disposals 0 ( 13,500) 0 ( 13,500)
At 30 November 2023 37,143 59,088 17,483 113,714
Accumulated depreciation
At 01 December 2022 32,151 66,105 14,943 113,199
Charge for the financial year 998 4,783 1,061 6,842
Disposals 0 ( 13,500) 0 ( 13,500)
At 30 November 2023 33,149 57,388 16,004 106,541
Net book value
At 30 November 2023 3,994 1,700 1,479 7,173
At 30 November 2022 4,992 6,483 2,540 14,015

6. Debtors

2023 2022
£ £
Trade debtors 175,255 22,684
Other debtors 3,928 28,789
179,183 51,473

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 35,445 33,720
Trade creditors 39,756 2,800
Taxation and social security 53,632 37,291
Obligations under finance leases and hire purchase contracts 3,261 4,944
Other creditors 69,239 71,403
201,333 150,158

Bank loans are secured against the company's assets.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 56,596 92,041
Obligations under finance leases and hire purchase contracts 0 3,261
56,596 95,302

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10
EARTH WRIGHTS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 November 2023
2023 2022
£ £
Turnover
Sales 1,259,419 1,120,322
Cost of sales
Opening stock ( 23,000) ( 25,000)
Purchases ( 264,111) ( 166,958)
Closing stock 23,000 23,000
Wages and salaries ( 287,070) ( 262,079)
Pensions ( 2,371) ( 9,174)
Directors' salaries ( 94,347) ( 120,485)
Directors' employers NI ( 10,560) ( 15,432)
Sub contract labour ( 292,552) ( 186,433)
Consultancy fees ( 13,325) ( 11,555)
Equipment hire ( 33,861) ( 41,834)
General ( 2,990) ( 4,627)
(1,001,187) (820,577)
Gross profit 258,232 299,745
Gross profit percentage 20.50% 26.76%
Distribution expenses
General ( 298) ( 1,425)
Administrative expenses
Directors' salaries ( 87,833) ( 107,144)
Directors' employers NI ( 10,866) ( 13,636)
Directors' pensions ( 1,321) ( 7,476)
Staff training and welfare ( 7,433) ( 5,520)
Travel and subsistence ( 24,372) ( 30,959)
Rent ( 21,671) ( 26,638)
Rates ( 3,968) ( 3,368)
Light and heat ( 4,379) ( 5,862)
Cleaning ( 933) ( 1,572)
Computer expenses ( 5,619) ( 5,844)
Internet, telephone and fax ( 5,983) ( 2,295)
Printing, postage and stationery ( 731) ( 466)
Bank charges ( 579) ( 651)
Subscriptions ( 2,428) ( 2,586)
Insurance ( 13,033) ( 13,531)
Depreciation ( 6,842) ( 14,631)
Motor expenses ( 21,641) ( 22,446)
Gain on sale of assets 4,995 0
Repairs and maintenance ( 8,771) ( 12,047)
Accountancy fees ( 4,060) ( 8,525)
Legal and professional fees ( 7,537) ( 6,639)
Advertising and PR ( 2,072) ( 8,225)
Sundry expenses ( 1,004) ( 868)
(238,081) (300,929)
Other operating income
Rent receivable 0 440
Government grants receivable 0 1,275
0 1,715
Operating profit/(loss) 19,853 ( 894)
Interest receivable and similar income
Bank interest receivable 1,273 74
Other loans interest receivable 254 16
1,527 90
Interest payable and similar expenses
Bank interest payable ( 5,522) ( 3,382)
Other loans interest payable 0 ( 21)
Hire purchase interest payable ( 1,076) ( 1,041)
(6,598) (4,444)
Profit/(loss) before taxation 14,782 ( 5,248)