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Registration number: 11343464

Extraction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Extraction Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Extraction Limited

Company Information

Directors

Mrs Karin Marie Heseltine

Mr Robert James Heseltine

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Extraction Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Karin Marie Heseltine

Mr Robert James Heseltine

Principal activity

The principal activity of the company is that of the servicing of extraction and plant equipment.

Small companies provision statement

This report has 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.

Approved by the Board on 15 February 2024 and signed on its behalf by:

.........................................
Mr Robert James Heseltine
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Extraction Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Extraction Limited for the year ended 31 May 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Extraction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Extraction Limited and state those matters that we have agreed to state to the Board of Directors of Extraction Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Extraction Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Extraction 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 accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

15 February 2024

 

Extraction Limited

(Registration number: 11343464)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

179,056

141,650

Current assets

 

Stocks

6

9,000

9,000

Debtors

7

196,407

258,244

Cash at bank and in hand

 

85,445

45,411

 

290,852

312,655

Creditors: Amounts falling due within one year

8

(179,945)

(150,551)

Net current assets

 

110,907

162,104

Total assets less current liabilities

 

289,963

303,754

Creditors: Amounts falling due after more than one year

8

(157,598)

(118,351)

Provisions for liabilities

(20,574)

(28,180)

Net assets

 

111,791

157,223

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

111,789

157,221

Shareholders' funds

 

111,791

157,223

For the financial year ending 31 May 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.

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 

.........................................
Mr Robert James Heseltine
Director

 

Extraction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 and deferred 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.

 

Extraction Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Motor vehicles

25% reducing balance

Office equipment

3 & 4 years straight line

Plant & machinery

25% reducing balance

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.

 

Extraction Limited

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

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.

 

Extraction Limited

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 8 (2022 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

39,540

27,734

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

12,109

175,084

2,200

189,393

Additions

818

79,500

144

80,462

Disposals

-

(7,500)

-

(7,500)

At 31 May 2023

12,927

247,084

2,344

262,355

Depreciation

At 1 June 2022

5,883

41,723

138

47,744

Charge for the year

3,220

35,774

545

39,539

Eliminated on disposal

-

(3,984)

-

(3,984)

At 31 May 2023

9,103

73,513

683

83,299

Carrying amount

At 31 May 2023

3,824

173,571

1,661

179,056

At 31 May 2022

6,226

133,361

2,063

141,650

6

Stocks

2023
£

2022
£

Other inventories

9,000

9,000

 

Extraction Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

175,278

228,521

Prepayments

6,129

11,257

Other debtors

15,000

18,466

196,407

258,244

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

30,526

25,886

Trade creditors

 

25,670

27,668

Taxation and social security

 

116,709

85,340

Other creditors

 

7,040

11,657

 

179,945

150,551

Due after one year

 

Loans and borrowings

9

157,598

118,351

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,566

31,294

Hire purchase contracts

136,032

87,057

157,598

118,351

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

20,526

15,886

30,526

25,886

 

Extraction Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £1 each

1

1

1

1

 

2

2

2

2

11

Government grants

During the period the company received government grants in support for the pandemic Covid-19. The amount of grants recognised in the financial statements was £nil (2022 - £4,688).

12

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to directors
£

Repayments by directors
£

At 31 May 2023
£

Loans to directors

(3,635)

317,347

(314,428)

(716)

         
       

 

2022

At 1 June 2021
£

Advances to directors
£

Repayments by directors
£

At 31 May 2022
£

Loans to directors

(4,753)

297,503

(296,385)

(3,635)

         
       

 

The loan was interest free up to £10,000 then incurred interest at a rate of 2% and 2.25% on balances in excess of £10,000. The loan is repayable on demand.