Company registration number 07702051 (England and Wales)
EPIC INSULATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
EPIC INSULATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
EPIC INSULATION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
181,560
-
0
Tangible assets
5
119,009
158,722
300,569
158,722
Current assets
Stocks
269,710
311,621
Debtors
6
272,410
223,004
Cash at bank and in hand
1,879,653
2,022,864
2,421,773
2,557,489
Creditors: amounts falling due within one year
7
(133,335)
(372,782)
Net current assets
2,288,438
2,184,707
Total assets less current liabilities
2,589,007
2,343,429
Provisions for liabilities
(10,013)
(34,718)
Net assets
2,578,994
2,308,711
Capital and reserves
Called up share capital
9
236
200
Share premium account
98,228
55,843
Profit and loss reserves
2,480,530
2,252,668
Total equity
2,578,994
2,308,711
The accompanying accounting policies and notes form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EPIC INSULATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
G J Woolley
Director
Company Registration No. 07702051
EPIC INSULATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
200
55,843
2,148,223
2,204,266
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
104,445
104,445
Balance at 31 January 2023
200
55,843
2,252,668
2,308,711
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(202,786)
(202,786)
Issue of share capital
9
36
49,385
-
49,421
Transfers
-
-
430,648
430,648
Other movements
-
(7,000)
-
(7,000)
Balance at 31 January 2024
236
98,228
2,480,530
2,578,994
EPIC INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Epic Insulation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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
Turnover

Turnover is measure at the fair value of the consideration received or receivable for the manufacture and sale of under-floor heating systems in the normal course of business, and is shown net of discounts and VAT. Turnover is recognised when the customer accepts delivery of the goods.

 

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Intellectual property
20% Straight Line basis
1.5
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:

Land and buildings Leasehold
10% Straight Line basis
Plant and machinery
25% Reducing Balance basis
Motor vehicles
25% Reducing Balance basis
EPIC INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for accounting and taxation purposes. The deferred tax balance has not been discounted.

1.10
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.

EPIC INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases

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.

2
Exceptional item
2024
2023
£
£
Exercise of Enterprise Management Incentive share scheme plans
430,648
-
430,648
-
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 13).

4
Intangible fixed assets
Intellectual property
£
Cost
At 1 February 2023
-
0
Additions
226,950
At 31 January 2024
226,950
Amortisation and impairment
At 1 February 2023
-
0
Amortisation charged for the year
45,390
At 31 January 2024
45,390
Carrying amount
At 31 January 2024
181,560
At 31 January 2023
-
0
EPIC INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
40,157
716,021
756,178
Depreciation and impairment
At 1 February 2023
40,157
557,299
597,456
Depreciation charged in the year
-
0
39,713
39,713
At 31 January 2024
40,157
597,012
637,169
Carrying amount
At 31 January 2024
-
0
119,009
119,009
At 31 January 2023
-
0
158,722
158,722
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,820
196,444
Other debtors
59,590
26,560
272,410
223,004
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,206
102,274
Taxation and social security
49,045
73,300
Other creditors
37,084
197,208
133,335
372,782
8
Share-based payment transactions

The company operates an equity-settled Enterprise Management Incentive (EMI) share option plan under which options have been granted to employees.

 

The entirety of the share options under the EMI share option plan were exercised during the year resulting in the issue of 353 shares accordingly.

EPIC INSULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of 10p each
1,280
1,280
128
128
"B" ordinary shares of 10p each
720
720
72
72
"C" ordinary shares of 10p each
235
-
24
-
"D" ordinary shares of 10p each
118
-
12
-
2,353
2,000
236
200

On 23 August 2023, the company issued 235 "C" Ordinary shares and 118 "D" Ordinary shares for total cash consideration of £49,420 following the exercise of EMI share option plans.

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