Company registration number 11652581 (England and Wales)
EWS GROUP UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EWS GROUP UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
EWS GROUP UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
68,606
89,792
Current assets
Stocks
16,824
1,088
Debtors
5
178,502
321,928
Cash at bank and in hand
276,167
38,854
471,493
361,870
Creditors: amounts falling due within one year
6
(734,619)
(580,948)
Net current liabilities
(263,126)
(219,078)
Total assets less current liabilities
(194,520)
(129,286)
Creditors: amounts falling due after more than one year
7
(18,078)
(65,811)
Net liabilities
(212,598)
(195,097)
Capital and reserves
Called up share capital
8
100
100
Capital contribution account
75,000
75,000
Profit and loss reserves
(287,698)
(270,197)
Total equity
(212,598)
(195,097)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 August 2024
Jouke Nieuwenhuizen
Director
Company registration number 11652581 (England and Wales)
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
EWS Group UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 Kinsbourne Farm, Buryend, Stagsden, Bedfordshire, MK43 8TS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director hatrues a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. The company is financially supported by its parent company, Eco Worlwide Solutions Holding B.V. who have undertaken to provide such support for a period of at least twelve months from the date of signing the audited accounts.
It is expected that all financial assistance required can be provided in full by the support from its parent, this will allow the company to continue and cover ongoing costs in relation to the business for the foreseeable future until the entity is able to financially support itself.
The director therefore considers that there are no adjustments required to the accounts and that the company continues to be a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5 years Straight Line
Fixtures and fittings
20% Reducing Balance
Computers
3 years Straight Line
Motor vehicles
25% Reducing Balance
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
179,816
Depreciation and impairment
At 1 January 2023
90,024
Depreciation charged in the year
21,186
At 31 December 2023
111,210
Carrying amount
At 31 December 2023
68,606
At 31 December 2022
89,792
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
122,351
254,693
Other debtors
45,135
12,933
Prepayments and accrued income
11,016
54,302
178,502
321,928
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,920
72,576
Amounts owed to group undertakings
637,381
329,762
Taxation and social security
18,624
40,735
Other creditors
59,694
137,875
734,619
580,948
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
18,078
65,811
The obligations under finance leases of £40,277, £22,199 of which is shown within current liabilities (2022: £65,811) is secured by a fixed charge over the leased assets.
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
Qualified opinion on financial statements.
We have audited the financial statements of EWS Group UK Ltd (the 'company') for the year ended 31 December 2023 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were unable to obtain all the information and explanations in relation to our work on the value of the CIS debtor of £33,827 at 31 December 2023 that we considered necessary for the purpose of our audit. Supporting documentation in relation to the CIS debtor was not provided casting doubt over the accuracy of the amount.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Senior Statutory Auditor:
Sarah Squires BEng FCA
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
6 August 2024
10
Financial commitments, guarantees and contingent liabilities
At the year end the amount of £427 (2022: £981) was outstanding and due to be paid to pension provider.
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
12,800
32,000
12
Parent company
Eco Worldwide Solutions Holding B.V. (incorporated in the Netherlands) is regarded by the director as the immediate parent company.
PPD Invest B.V. (incorporated in the Netherlands) is regarded by the director as being the company's ultimate parent company and which heads the smallest and largest group for which consolidated accounts are prepared that include the company.
Copies of the consolidated accounts can be obtained from the registered office at Tol 14, 4251PX Werkendam, Netherlands
13
Prior period adjustment
At 31 December 2022, an error was made in relation to trade debtors, prepayments, other debtors, trade creditors, amounts due to the parent undertaking and deferred income. The comparative amounts for 2022 have been restated. The effect of the restatement on the financial statement is summarised below.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
310,845
11,083
321,928
Creditors due within one year
Other creditors
(427,239)
14,752
(412,487)
Deferred income
-
(127,726)
(127,726)
Net assets
(93,206)
(101,891)
(195,097)
Capital and reserves
Profit and loss reserves
(168,306)
(101,891)
(270,197)
EWS GROUP UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Prior period adjustment
(Continued)
- 8 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
648,898
(100,207)
548,691
Cost of sales
(396,424)
95,122
(301,302)
Administrative expenses
(330,551)
(78,308)
(408,859)
Interest payable and similar expenses
(1,248)
(18,498)
(19,746)
Loss for the financial period
(79,325)
(101,891)
(181,216)
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
(Decease)/Increase in other expenses
-
(30,772)
(Decease)/Increase in cost of sales
-
29,088
(Decrease)/Increase in revenue
-
(100,207)
Total adjustments
-
(101,891)
Equity as previously reported
-
(93,206)
Equity as adjusted
-
(195,097)
Analysis of the effect upon equity
Profit and loss reserves
-
(101,891)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
(Decease)/Increase in other expenses
(30,772)
(Decease)/Increase in cost of sales
29,088
(Decrease)/Increase in revenue
(100,207)
Total adjustments
(101,891)
Loss as previously reported
(79,325)
Loss as adjusted
(181,216)
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