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REGISTERED NUMBER: 02623409 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

ETESIA U.K. LIMITED

ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ETESIA U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: L J Malin



SECRETARY: T D James FCA



REGISTERED OFFICE: Blackthorn House
St Paul's Square
Birmingham
B3 1RL



REGISTERED NUMBER: 02623409 (England and Wales)



SENIOR STATUTORY AUDITOR: James Syree Bsc FCA



AUDITORS: Ballards LLP
Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 111,704 90,622

CURRENT ASSETS
Stocks 990,255 860,260
Debtors 5 724,364 535,081
Cash at bank 339,169 353,842
2,053,788 1,749,183
CREDITORS
Amounts falling due within one year 6 2,200,032 1,804,646
NET CURRENT LIABILITIES (146,244 ) (55,463 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(34,540

)

35,159

CREDITORS
Amounts falling due after more than one
year

7

37,311

36,952
NET LIABILITIES (71,851 ) (1,793 )

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Retained earnings (171,851 ) (101,793 )
SHAREHOLDERS' FUNDS (71,851 ) (1,793 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2024 and were signed by:





L J Malin - Director


ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Etesia U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company has sustained operating losses for preceding years. Despite difficult conditions the company has increased its turnover again in the 2023 financial year with the new products being offered. The forecast for the current year is positive with the new products selling well. The director has received confirmation of financial support from the Etesia Group.

On the basis of this support and the plans and forecasts the accounts have been prepared on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover from the sale of goods and services is recognised in the profit and loss account, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when the machinery or parts have been supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and equipment - 33% on cost and 10% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.


ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the period comprises tax. Tax is recognised in the income statement, 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. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 245,990
Additions 59,534
Disposals (36,805 )
At 31 July 2023 268,719
DEPRECIATION
At 1 August 2022 155,368
Charge for year 34,618
Eliminated on disposal (32,971 )
At 31 July 2023 157,015
NET BOOK VALUE
At 31 July 2023 111,704
At 31 July 2022 90,622

ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022 146,508
Additions 47,530
Disposals (36,805 )
Transfer to ownership (29,726 )
At 31 July 2023 127,507
DEPRECIATION
At 1 August 2022 63,040
Charge for year 30,891
Eliminated on disposal (32,971 )
Transfer to ownership (29,726 )
At 31 July 2023 31,234
NET BOOK VALUE
At 31 July 2023 96,273
At 31 July 2022 83,468

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 665,477 462,850
Other debtors 38,782 39,115
704,259 501,965

Amounts falling due after more than one year:
Deferred tax asset 20,105 33,116

Aggregate amounts 724,364 535,081

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 23,565 22,535
Trade creditors 28,481 28,769
Amounts owed to group undertakings 1,916,128 1,551,387
Taxation and social security 182,070 132,238
Other creditors 49,788 69,717
2,200,032 1,804,646

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 37,311 36,952

ETESIA U.K. LIMITED (REGISTERED NUMBER: 02623409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. SECURED DEBTS

The hire purchase liability is secured over the assets to which it relates.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

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

The Report of the Auditors was unqualified.

James Syree Bsc FCA (Senior Statutory Auditor)
for and on behalf of Ballards LLP

We draw your attention to note 2 in the financial statements which indicates that the Company has a net loss before tax of £57,047 (2022 net profit - £80,754) during the year ended 31 July 2023 and, as of that date, the company had net liabilities of £71,851 (2023 - £1,793). These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The company has the support of its parent to enable it to continue as a going concern. Our opinion is not modified in respect of this matter.

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £84,818 (2022 - £134,576).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling entity is Société Elmar Wolf Sas, a company registered in
France.