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Company No: 06757755 (England and Wales)

EARTH WRIGHTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

EARTH WRIGHTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

EARTH WRIGHTS LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
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
EARTH WRIGHTS LIMITED

BALANCE SHEET

As at 30 November 2023
EARTH WRIGHTS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 7,173 14,015
7,173 14,015
Current assets
Stocks 47,706 47,015
Debtors 5 179,183 51,473
Cash at bank and in hand 37,678 136,095
264,567 234,583
Creditors: amounts falling due within one year 6 ( 201,333) ( 150,158)
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 7 ( 56,596) ( 95,302)
Provision for liabilities ( 1,364) ( 2,664)
Net assets 12,447 474
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 12,437 464
Total shareholders' funds 12,447 474

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Earth Wrights Limited (registered number: 06757755) were approved and authorised for issue by the Board of Directors on 25 March 2024. They were signed on its behalf by:

Mr M I Renouard
Director
EARTH WRIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
EARTH WRIGHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Change in accounting policies

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 creditors: amounts falling due within one year.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 15

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2022 7,900 7,900
At 30 November 2023 7,900 7,900
Accumulated amortisation
At 01 December 2022 7,900 7,900
At 30 November 2023 7,900 7,900
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 December 2022 37,143 72,588 17,483 127,214
Disposals 0 ( 13,500) 0 ( 13,500)
At 30 November 2023 37,143 59,088 17,483 113,714
Accumulated depreciation
At 01 December 2022 32,151 66,105 14,943 113,199
Charge for the financial year 998 4,783 1,061 6,842
Disposals 0 ( 13,500) 0 ( 13,500)
At 30 November 2023 33,149 57,388 16,004 106,541
Net book value
At 30 November 2023 3,994 1,700 1,479 7,173
At 30 November 2022 4,992 6,483 2,540 14,015

5. Debtors

2023 2022
£ £
Trade debtors 175,255 22,684
Other debtors 3,928 28,789
179,183 51,473

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 35,445 33,720
Trade creditors 39,756 2,800
Taxation and social security 53,632 37,291
Obligations under finance leases and hire purchase contracts 3,261 4,944
Other creditors 69,239 71,403
201,333 150,158

Bank loans are secured against the company's assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 56,596 92,041
Obligations under finance leases and hire purchase contracts 0 3,261
56,596 95,302

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10