Company No:
Contents
DIRECTORS | Mr M T D Jones |
Mr M I Renouard | |
Mrs S E Reynolds |
REGISTERED OFFICE | Woodlands Yard |
Dartington | |
Totnes | |
TQ9 6NS | |
United Kingdom |
COMPANY NUMBER | 06757755 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Sigma House | |
Oak View Close | |
Edginswell Park | |
Torquay | |
TQ2 7FF |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 November 2023.
PRINCIPAL ACTIVITIES
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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Approved by the Board of Directors and signed on its behalf by:
Mr M I Renouard
Director |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Earth Wrights Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earth Wrights Limited. You consider that Earth Wrights Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Earth Wrights 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 financial statements.
Chartered Accountants
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
Note | 2023 | 2022 | ||
£ | £ | |||
Turnover |
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Cost of sales | (
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Gross profit |
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Distribution costs | (
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Administrative expenses | (
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Other operating income |
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Operating profit/(loss) |
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Interest receivable and similar income | 3 |
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Interest payable and similar expenses | 3 | (
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Profit/(loss) before taxation |
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Tax on profit/(loss) | (
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Profit/(loss) for the financial year |
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Retained earnings at the beginning of financial year |
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Profit/(loss) for the financial year |
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Retained earnings at the end of financial year |
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Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 5 |
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7,173 | 14,015 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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264,567 | 234,583 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 63,234 | 84,425 | ||
Total assets less current liabilities | 70,407 | 98,440 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Earth Wrights Limited (registered number:
Mr M I Renouard
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Earth Wrights Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Woodlands Yard, Dartington, Totnes, TQ9 6NS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties and market conditions which may cause doubt on the company's ability to continue as a going concern.
In the comparative accounting period, the company changed its accounting policy on depreciation. In previous years, assets were written off over a 4 year period on a straight line basis. The new policy is to write off assets over a 5 year period on a straight line basis. The policy has been updated to align with an improved maintenance program now being operated by the company and as such the life expectancy of tangible assets is expected to improve.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Other intangible assets |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2023 | 2022 | ||
£ | £ | ||
Interest receivable and similar income |
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Interest payable and similar expenses | (
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(5,071) | (4,354) |
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated amortisation | |||
At 01 December 2022 |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 December 2022 |
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Disposals |
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At 30 November 2023 |
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Accumulated depreciation | |||||||
At 01 December 2022 |
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Charge for the financial year |
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Disposals |
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At 30 November 2023 |
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Net book value | |||||||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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2023 | 2022 | ||
£ | £ | ||
Turnover | |||
Sales |
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Cost of sales | |||
Opening stock | (
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Purchases | (
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Closing stock |
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Wages and salaries | (
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Pensions | (
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Directors' salaries | (
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Directors' employers NI | (
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Sub contract labour | (
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Consultancy fees | (
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Equipment hire | (
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General | (
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(1,001,187) | (820,577) | ||
Gross profit |
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Gross profit percentage | 20.50% | 26.76% | |
Distribution expenses | |||
General | (
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Administrative expenses | |||
Directors' salaries | (
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Directors' employers NI | (
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Directors' pensions | (
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Staff training and welfare | (
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Travel and subsistence | (
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Rent | (
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Rates | (
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Light and heat | (
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Cleaning | (
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Computer expenses | (
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Internet, telephone and fax | (
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Printing, postage and stationery | (
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Bank charges | (
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Subscriptions | (
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Insurance | (
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Depreciation | (
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Motor expenses | (
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Gain on sale of assets |
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Repairs and maintenance | (
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Accountancy fees | (
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Legal and professional fees | (
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Advertising and PR | (
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Sundry expenses | (
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(238,081) | (300,929) | ||
Other operating income | |||
Rent receivable |
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Government grants receivable |
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0 | 1,715 | ||
Operating profit/(loss) |
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Interest receivable and similar income | |||
Bank interest receivable |
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Other loans interest receivable |
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1,527 | 90 | ||
Interest payable and similar expenses | |||
Bank interest payable | (
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Other loans interest payable |
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Hire purchase interest payable | (
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(6,598) | (4,444) | ||
Profit/(loss) before taxation |
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