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COMPANY REGISTRATION NUMBER: 06885129
EGAN BROTHERS PLASTERING SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
EGAN BROTHERS PLASTERING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
9,578
12,896
CURRENT ASSETS
Debtors
7
1,887
2,941
Cash at bank and in hand
53,263
48,263
--------
--------
55,150
51,204
CREDITORS: amounts falling due within one year
8
25,209
15,979
--------
--------
NET CURRENT ASSETS
29,941
35,225
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
39,519
48,121
PROVISIONS
2,395
2,450
--------
--------
NET ASSETS
37,124
45,671
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
37,024
45,571
--------
--------
SHAREHOLDERS FUNDS
37,124
45,671
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EGAN BROTHERS PLASTERING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mr M N Egan
Mr T P Egan
Director
Director
Company registration number: 06885129
EGAN BROTHERS PLASTERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headland House, I Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
5,000
-------
Amortisation
At 1 July 2022 and 30 June 2023
5,000
-------
Carrying amount
At 30 June 2023
-------
At 30 June 2022
-------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
2,106
20,882
1,200
24,188
-------
--------
-------
--------
Depreciation
At 1 July 2022
1,198
9,136
958
11,292
Charge for the year
140
2,936
242
3,318
-------
--------
-------
--------
At 30 June 2023
1,338
12,072
1,200
14,610
-------
--------
-------
--------
Carrying amount
At 30 June 2023
768
8,810
9,578
-------
--------
-------
--------
At 30 June 2022
908
11,746
242
12,896
-------
--------
-------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
1,540
2,340
Other debtors
347
601
-------
-------
1,887
2,941
-------
-------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,050
2,215
Corporation tax
15,888
10,460
Social security and other taxes
1,772
973
Other creditors
6,499
2,331
--------
--------
25,209
15,979
--------
--------
9. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 30 June 2023 the amount due from the company was £4,474 (2022 - £296).