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Filleted

Registration number: 07268993

Enclosure Tec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Enclosure Tec Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Enclosure Tec Limited

Company Information

Directors

Mr Philip Lewis

Mr K Benger

Mrs N Lewis

Company secretary

Mrs N Benger

Registered office

Enclosure Tec
Rainbows End
Shands Road
Ammanford
SA18 3QU

 

Enclosure Tec Limited

(Registration number: 07268993)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

218,049

195,102

Current assets

 

Stocks

7

156,962

180,000

Debtors

8

661,334

608,951

Cash at bank and in hand

 

727,232

421,247

 

1,545,528

1,210,198

Creditors: Amounts falling due within one year

9

(397,233)

(358,863)

Net current assets

 

1,148,295

851,335

Total assets less current liabilities

 

1,366,344

1,046,437

Creditors: Amounts falling due after more than one year

9

(69,836)

(43,857)

Net assets

 

1,296,508

1,002,580

Capital and reserves

 

Called up share capital

103

103

Profit and loss account

1,296,405

1,002,477

Total equity

 

1,296,508

1,002,580

For the financial year ending 30 September 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 9 April 2024 and signed on its behalf by:
 

.........................................
Mr K Benger
Director

   
     
 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Enclosure Tec
Rainbows End
Shands Road
Ammanford
SA18 3QU

These financial statements were authorised for issue by the Board on 9 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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 and machinery

15% on reducing balance

Office equipment

25% straight line basis

Motor vehicles

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

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.

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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.

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 42 (2022 - 46).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

35,754

38,155

Amortisation expense

-

2,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

20,000

20,000

At 30 September 2023

20,000

20,000

Amortisation

At 1 October 2022

20,000

20,000

At 30 September 2023

20,000

20,000

Carrying amount

At 30 September 2023

-

-

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

323,305

14,881

86,468

424,654

Additions

19,400

879

38,422

58,701

At 30 September 2023

342,705

15,760

124,890

483,355

Depreciation

At 1 October 2022

163,967

9,007

56,578

229,552

Charge for the year

25,355

2,187

8,212

35,754

At 30 September 2023

189,322

11,194

64,790

265,306

Carrying amount

At 30 September 2023

153,383

4,566

60,100

218,049

At 30 September 2022

159,338

5,874

29,890

195,102

7

Stocks

2023
£

2022
£

Work in progress

156,962

180,000

8

Debtors

2023
£

2022
£

Trade debtors

590,787

579,517

Other debtors

70,547

29,434

661,334

608,951

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

13,888

13,554

Trade creditors

 

148,018

191,509

Taxation and social security

 

115,628

114,543

Other related parties

 

1,123

1,123

Outstanding defined contribution pension costs

 

3,836

3,935

Corporation tax liability

 

113,065

32,410

Other creditors

 

1,675

1,789

 

397,233

358,863

Due after one year

 

Loans and borrowings

11

69,836

43,857

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

2

2

2

2

Ordinary B shares of £1 each

1

1

1

1

 

103

103

103

103

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

69,836

43,857

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

13,888

13,554

 

Enclosure Tec Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

12

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr K Benger

Interest free loan repayable on demand

6,613

26,126

32,739

       
     

Mrs N Lewis

Interest free loan repayable on demand

(1,123)

-

(1,123)

       
     

Mr Philip Lewis

Interest free loan repayable on demand

22,820

15,486

38,306

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

Mr K Benger

Interest free loan repayable on demand

6,613

-

6,613

       
     

Mrs N Lewis

Interest free loan repayable on demand

(1,123)

-

(1,123)

       
     

Mr Philip Lewis

Interest free loan repayable on demand

19,483

3,337

22,820