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COMPANY REGISTRATION NUMBER: 06159618
Environmental Asbestos Solutions Limited
Filleted Unaudited Financial Statements
30 September 2023
Environmental Asbestos Solutions Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Environmental Asbestos Solutions Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
245,339
226,637
Current assets
Stocks
15,000
15,000
Debtors
6
375,788
503,265
Cash at bank and in hand
77,800
155,307
---------
---------
468,588
673,572
Creditors: amounts falling due within one year
7
237,276
410,995
---------
---------
Net current assets
231,312
262,577
---------
---------
Total assets less current liabilities
476,651
489,214
Creditors: amounts falling due after more than one year
8
291,963
66,623
Provisions
Taxation including deferred tax
50,763
62,569
---------
---------
Net assets
133,925
360,022
---------
---------
Capital and reserves
Called up share capital
9
566
1,110
Profit and loss account
133,359
358,912
---------
---------
Shareholders funds
133,925
360,022
---------
---------
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 comprehensive income has not been delivered.
For the 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Environmental Asbestos Solutions Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr L Smoker
Director
Company registration number: 06159618
Environmental Asbestos Solutions Limited
Notes to the Financial Statements
Year ended 30 September 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 Unit 8 Taber Place, Crittall Road, Witham, Essex, CM8 3YP, United Kingdom.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 17 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
161,578
28,656
270,098
460,332
Additions
1,214
822
84,411
86,447
Disposals
( 44,919)
( 44,919)
---------
--------
---------
---------
At 30 September 2023
162,792
29,478
309,590
501,860
---------
--------
---------
---------
Depreciation
At 1 October 2022
114,875
19,419
99,401
233,695
Charge for the year
10,902
2,138
44,708
57,748
Disposals
( 34,922)
( 34,922)
---------
--------
---------
---------
At 30 September 2023
125,777
21,557
109,187
256,521
---------
--------
---------
---------
Carrying amount
At 30 September 2023
37,015
7,921
200,403
245,339
---------
--------
---------
---------
At 30 September 2022
46,703
9,237
170,697
226,637
---------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
227,122
340,759
Prepayments and accrued income
37,617
34,112
Amounts owed by related undertakings
104,404
71,987
Other debtors
6,645
56,407
---------
---------
375,788
503,265
---------
---------
Included in other debtors is an amount £ Nil (2022: £13,371) which represents amounts recoverable under contracts.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,910
10,648
Trade creditors
98,557
271,417
Accruals and deferred income
77,031
26,410
Social security and other taxes
18,680
76,393
Obligations under finance leases and hire purchase contracts
24,497
26,114
Director loan accounts
601
13
---------
---------
237,276
410,995
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
232,179
26,588
Obligations under finance leases and hire purchase contracts
59,784
40,035
---------
--------
291,963
66,623
---------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
566
566
1,110
1,110
----
----
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
14,290
14,290
Later than 1 year and not later than 5 years
3,572
17,862
--------
--------
17,862
32,152
--------
--------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Directors loan account
( 601)
( 13)
Other related parties
(22,500)
(37,551)
104,794
71,987
--------
--------
---------
--------