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Registration number: 12468218

Eternal Exteriors Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Eternal Exteriors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Eternal Exteriors Limited

Company Information

Director

Mr Robert Peter Wilson

Registered office

Unit 13 Mosquito Way
Avro Business Park
Christchurch
England
BH23 4FN

Accountants

Prescient Accounting Limited
Chartered Accountants
Basepoint
Abbey Park Industrial Estate
Romsey
Hampshire
SO51 9AQ

 

Eternal Exteriors Limited

(Registration number: 12468218)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,000

20,000

Tangible assets

5

92,696

65,470

 

102,696

85,470

Current assets

 

Debtors

6

179,197

295,256

Cash at bank and in hand

 

79,229

13,275

 

258,426

308,531

Creditors: Amounts falling due within one year

7

(145,217)

(152,507)

Net current assets

 

113,209

156,024

Total assets less current liabilities

 

215,905

241,494

Creditors: Amounts falling due after more than one year

7

(22,920)

(32,421)

Net assets

 

192,985

209,073

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

192,885

208,973

Shareholders' funds

 

192,985

209,073

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 September 2024
 

 

Eternal Exteriors Limited

(Registration number: 12468218)
Balance Sheet as at 29 February 2024 (continued)

.........................................
Mr Robert Peter Wilson
Director

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in London.

The address of its registered office is:
Unit 13 Mosquito Way
Avro Business Park
Christchurch
England
BH23 4FN

These financial statements were authorised for issue by the director on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

50,000

50,000

At 29 February 2024

50,000

50,000

Amortisation

At 1 March 2023

30,000

30,000

Amortisation charge

10,000

10,000

At 29 February 2024

40,000

40,000

Carrying amount

At 29 February 2024

10,000

10,000

At 28 February 2023

20,000

20,000

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

4,716

4,426

90,164

99,306

Additions

13,937

-

32,845

46,782

At 29 February 2024

18,653

4,426

123,009

146,088

Depreciation

At 1 March 2023

1,121

574

32,141

33,836

Charge for the year

1,725

335

17,496

19,556

At 29 February 2024

2,846

909

49,637

53,392

Carrying amount

At 29 February 2024

15,807

3,517

73,372

92,696

At 28 February 2023

3,595

3,852

58,023

65,470

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

174,507

290,566

Other debtors

4,690

4,690

 

179,197

295,256

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,333

8,333

Trade creditors

 

109,080

94,881

Taxation and social security

 

25,144

44,834

Accruals and deferred income

 

1,900

1,900

Other creditors

 

760

2,559

 

145,217

152,507

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

22,920

32,421

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,920

32,421

Current loans and borrowings

 

Eternal Exteriors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Loans and borrowings (continued)

2024
£

2023
£

Bank borrowings

8,333

8,333