1 26 March 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02060506 2023-01-01 2023-12-31 02060506 2023-12-31 02060506 2022-12-31 02060506 2022-01-01 2022-12-31 02060506 2022-12-31 02060506 2021-12-31 02060506 bus:Director3 2023-01-01 2023-12-31 02060506 core:WithinOneYear 2023-12-31 02060506 core:WithinOneYear 2022-12-31 02060506 core:ShareCapital 2023-12-31 02060506 core:ShareCapital 2022-12-31 02060506 core:RetainedEarningsAccumulatedLosses 2023-12-31 02060506 core:RetainedEarningsAccumulatedLosses 2022-12-31 02060506 core:BetweenOneFiveYears 2022-12-31 02060506 bus:SmallEntities 2023-01-01 2023-12-31 02060506 bus:Audited 2023-01-01 2023-12-31 02060506 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02060506 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02060506 bus:AbridgedAccounts 2023-01-01 2023-12-31 02060506 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02060506 core:PlantMachinery 2023-01-01 2023-12-31 02060506 core:FurnitureFittings 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02060506
EWAB Engineering Limited
Filleted Abridged Financial Statements
31 December 2023
EWAB Engineering Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
663
404,855
Current assets
Debtors
363,982
24,903
Cash at bank and in hand
9,093
24,414
---------
--------
373,075
49,317
Creditors: amounts falling due within one year
101,955
183,146
---------
---------
Net current assets/(liabilities)
271,120
( 133,829)
---------
---------
Total assets less current liabilities
271,783
271,026
---------
---------
Net assets
271,783
271,026
---------
---------
Capital and reserves
Called up share capital
350,000
350,000
Profit and loss account
( 78,217)
( 78,974)
---------
---------
Shareholder funds
271,783
271,026
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
Mr C R Bates
Director
Company registration number: 02060506
EWAB Engineering Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
(c) Going concern
The company has undergone significant restructuring in recent years, which has seen its activities become more service based and return to profitability. Whilst the profit and loss reserve remains negative, this position is expected to improve over forthcoming years. Furthermore, given the level of net assets and potential for working capital support from the group if required, the director is able to conclude that the company is in a position to continue as a going concern for the foreseeable future.
(d) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(e) Revenue recognition
Turnover represents the value of work done on contracts to the extent that they have reached a stage where the outcome can be reasonably foreseen. Where cumulative turnover on a partly completed contract exceeds the amount invoiced, the excess has been classified as amounts recoverable under contracts and is separately disclosed within debtors.
(f) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(h) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10 - 25% straight line
Fixture and fittings
-
5 - 25% straight line, life of the lease
(i) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
(j) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(k) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
£
Cost
At 1 January 2023
473,390
Disposals
( 468,084)
---------
At 31 December 2023
5,306
---------
Depreciation
At 1 January 2023
68,535
Charge for the year
7,855
Disposals
( 71,747)
---------
At 31 December 2023
4,643
---------
Carrying amount
At 31 December 2023
663
---------
At 31 December 2022
404,855
---------
6. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
3,312
7,316
Later than 1 year and not later than 5 years
3,312
-------
--------
3,312
10,628
-------
--------
7. Summary audit opinion
The auditor's report dated 26 March 2024 was unqualified .
The senior statutory auditor was Christopher Morris BSc FCA , for and on behalf of Muras Baker Jones Limited .
8. Related party transactions
The company has taken advantage of the exemption allowed by FRS 102 (Section 1A) "Related Party Transactions", not to disclose any transactions with entities that are included in the consolidated financial statements of the ultimate parent undertaking.
9. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10. Controlling party
The ultimate parent company is EWAB International AG, a company registered in Switzerland .