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REGISTERED NUMBER: 10123950 (England and Wales)









Financial Statements

for the Year Ended 31 October 2023

for

E T M COMMERCIALS LIMITED

E T M COMMERCIALS LIMITED (REGISTERED NUMBER: 10123950)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


E T M COMMERCIALS LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: E T McCormack
A J McCormack
A L McCormack





REGISTERED OFFICE: 81 Hartcliffe Way
Bedminster
Bristol
BS3 5RN





REGISTERED NUMBER: 10123950 (England and Wales)





AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

E T M COMMERCIALS LIMITED (REGISTERED NUMBER: 10123950)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 29,929 30,890
Cash at bank 38,059 7,493
67,988 38,383
CREDITORS
Amounts falling due within one year 5 (12,263 ) (5,507 )
NET CURRENT ASSETS 55,725 32,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,725

32,876

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 55,625 32,776
SHAREHOLDERS' FUNDS 55,725 32,876

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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





E T McCormack - Director


E T M COMMERCIALS LIMITED (REGISTERED NUMBER: 10123950)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

E T M Commercials 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


E T M COMMERCIALS LIMITED (REGISTERED NUMBER: 10123950)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,440 17,438
Amounts owed by group undertakings - 9,344
Other debtors 3,843 4,108
Prepayments 6,646 -
29,929 30,890

E T M COMMERCIALS LIMITED (REGISTERED NUMBER: 10123950)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 7,552 -
VAT 2,711 3,907
Accrued expenses 2,000 1,600
12,263 5,507

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

The Report of the Auditors was unqualified.

Matthew Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited

7. CONTINGENT LIABILITIES

The company is registered with HMRC as a member of a group for VAT purposes and, as a result, is jointly and severally liable on a continuing basis for amounts owing by other members of that VAT group in respect any unpaid VAT. The total value of VAT owed by the group at the year-end was £347,959 (2022 - £408,877).

The company has given a fixed and floating charge over its assets to National Westminster Bank PLC in respect of the borrowings of its parent company. Parent company liabilities to National Westminster Bank PLC amounted to £3,800,000 at the year-end.

8. 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.

During the year, the company charged £3,431 (2022 - £2,923) to ETM Recycling Limited, an 80% subsidiary of the group, in respect of vehicle maintenance services.

9. PARENT UNDERTAKING

The ultimate parent of the smallest group for which consolidated financial statements are drawn up, of which the company is a member, is E T M Construction & Recycling Holdings Limited, whose registered office is 81 Hartcliffe Way, Bristol, England, BS3 5RN.

The ultimate controlling parties are Mr E McCormack and Mrs H McCormack by virtue of their shareholding in E T M Construction & Recycling Holdings Limited.