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COMPANY REGISTRATION NUMBER: 03557223
Enveco Limited
Filleted Unaudited Financial Statements
30 June 2023
Enveco Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
179,423
222,484
Tangible assets
6
1,795,694
1,891,463
------------
------------
1,975,117
2,113,947
Current assets
Stocks
1,459,599
1,674,977
Debtors
7
1,550,030
1,499,010
Cash at bank and in hand
478,329
350,430
------------
------------
3,487,958
3,524,417
Creditors: amounts falling due within one year
8
3,421,025
3,480,656
------------
------------
Net current assets
66,933
43,761
------------
------------
Total assets less current liabilities
2,042,050
2,157,708
Creditors: amounts falling due after more than one year
9
219,284
354,581
Provisions
99,786
132,035
------------
------------
Net assets
1,722,980
1,671,092
------------
------------
Capital and reserves
Called up share capital
720,820
720,820
Share premium account
711,320
711,320
Revaluation reserve
363,592
371,974
Profit and loss account
( 72,752)
( 133,022)
------------
------------
Shareholders funds
1,722,980
1,671,092
------------
------------
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 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 .
Enveco Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
P Shah
Director
Company registration number: 03557223
Enveco 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 registered office address and the trading address of the company is Sunrose Place, Michigam Drive, Milton Keynes, Tongwell, MK15 8HQ.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Going concern
The directors' believe that due to the availability of reserves, there are no material uncertainties about the company's ability to continue for at least the next 12 months from the date of this report.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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 tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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
-
straight line basis over 20 years
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:
Freehold property
-
2% straight line
Plant & machinery
-
10% to 25% straight line or reducing balance
Fixtures and fittings
-
10% to 25% straight line
Motor vehicles
-
25% 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. 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 41 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
861,229
---------
Amortisation
At 1 July 2022
638,745
Charge for the year
43,061
---------
At 30 June 2023
681,806
---------
Carrying amount
At 30 June 2023
179,423
---------
At 30 June 2022
222,484
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
1,489,915
1,510,470
137,766
28,934
3,167,085
Additions
52,433
1,097
53,530
Disposals
( 109,995)
( 28,934)
( 138,929)
------------
------------
---------
--------
------------
At 30 June 2023
1,489,915
1,452,908
138,863
3,081,686
------------
------------
---------
--------
------------
Depreciation
At 1 July 2022
95,798
1,075,316
75,574
28,934
1,275,622
Charge for the year
19,321
66,755
12,068
98,144
Disposals
( 58,840)
( 28,934)
( 87,774)
------------
------------
---------
--------
------------
At 30 June 2023
115,119
1,083,231
87,642
1,285,992
------------
------------
---------
--------
------------
Carrying amount
At 30 June 2023
1,374,796
369,677
51,221
1,795,694
------------
------------
---------
--------
------------
At 30 June 2022
1,394,117
435,154
62,192
1,891,463
------------
------------
---------
--------
------------
Tangible assets held at valuation
On transition to FRS 102, the company elected to use a revaluation undertaken in 2015 of its freehold property as its deemed cost.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 June 2023
Aggregate cost
1,082,658
Aggregate depreciation
(86,449)
------------
Carrying value
996,209
------------
At 30 June 2022
Aggregate cost
1,082,658
Aggregate depreciation
(70,711)
------------
Carrying value
1,011,947
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 June 2023
100,028
---------
At 30 June 2022
159,637
---------
7. Debtors
2023
2022
£
£
Trade debtors
1,530,006
1,469,884
Other debtors
20,024
29,126
------------
------------
1,550,030
1,499,010
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,184,345
1,156,085
Trade creditors
1,201,629
1,258,485
Amounts owed to group undertakings and undertakings in which the company has a participating interest
559,000
559,000
Corporation tax
37,543
24,256
Social security and other taxes
99,855
61,957
Other creditors
338,653
420,873
------------
------------
3,421,025
3,480,656
------------
------------
Included within bank loans and overdrafts is an amount for the sum of £1,116,950 (2022: £1,106,085) which is secured.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
169,702
254,007
Other creditors
49,582
100,574
---------
---------
219,284
354,581
---------
---------
Included within bank loans and overdrafts is an amount for the sum of £73,869 (2022: £108,174) which is secured.
10. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
12,431
12,431
Later than 1 year and not later than 5 years
9,323
21,754
--------
--------
21,754
34,185
--------
--------
11. Contingencies
Fixed cumulative dividends amounting to £35,000 (2022: £35,000) in respect to the current financial year were not paid to the preference shareholders. Dividend arrears of £315,000 (2022: £280,000) are expected to be paid from the company's future reserves.
12. Related party transactions
As the company is a wholly owned subsidiary, the company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group. At the balance sheet, the company owed £ 294,587 (2022: £334,587) to the directors.