REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2023 |
FOR |
ESC TRADING COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2023 |
FOR |
ESC TRADING COMPANY LIMITED |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
ESC TRADING COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Directors: |
Registered office: |
Registered number: |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
BALANCE SHEET |
31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Share premium |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | Statutory information |
ESC Trading Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. |
Depreciation is provided at the following rates on the straight line method in order to write off each asset over its estimated useful life: |
Improvements to property | 10 year write off |
Plant & machinery | 10% - 33% |
Equipment & fixtures | 20% |
Motor vehicles | 20% |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | Accounting policies - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the 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. |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | Accounting policies - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities. |
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
3. | Employees (including officers) |
The average number of employees during the year was |
4. | Tangible fixed assets |
Leasehold | Plant & | Equip & | Motor |
improvements | machinery | fixtures | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | Tangible fixed assets - continued |
The net book value of tangible fixed assets includes £ 55,125 (2022 - £ 79,063 ) in respect of assets held under hire purchase contracts. |
5. | Stocks |
31.12.23 | 31.12.22 |
£ | £ |
Goods for resale |
6. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related parties |
Other debtors | 10,646 | 21,201 |
Corporation Tax | - | 89,989 |
Prepayments & accrued income |
7. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts (see note 9) |
Payments on account & deferred income |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 16,667 | 16,667 |
Corporation tax |
Social security & other taxes |
Other creditors |
Directors' loan accounts | 68,138 | 68,138 |
8. | Creditors: amounts falling due after more than one year |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts (see note 9) |
Amounts owed to related parties | 149,583 | 139,583 |
Directors' loan accounts | 373,484 | 403,484 |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
10. | Provisions for liabilities |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 33,800 | 44,900 |
Deferred tax |
£ |
Balance at 1st January 2023 |
Utilised during year | ( |
) |
Balance at 31st December 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary A shares | £0.01 | 100 | 100 |
Ordinary B shares | £0.01 | 100 | 100 |
Ordinary C shares | £0.01 | 100 | 100 |
300 | 300 |
ESC TRADING COMPANY LIMITED (REGISTERED NUMBER: 11080169) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
12. | Contingent liabilities |
There were no contingent liabilities as at 31st December 2023. |
13. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries withing the group. |
The following transactions with related parties, on normal commercial terms, took place during the year: |
Rent | Purchases | Sales | Balance |
£ | £ | £ | £ |
Related parties | 35,875 | 2,724 | 4,361 | 99,855 |
Associated companies | - | - | - | 16,667 |
The directors |
During the year, the directors used a current account with the company, to record amounts due to them and amounts drawn by them. The balance at the year end was £441,622 (2022: £471,622) owed by the company, of which £68,138 is due in one year and £373,484 due in more than one year. |
During the year, interest has been charged by the directors totalling £11,275 (2022: £6,427). |
14. | Ultimate controlling party |
The company is controlled by Wye Vale Investments Limited, which is the ultimate holding company (registered office: Unit 1, Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF, company registration no: 12347401). |