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Registration number: 04589766

ESTS (GB) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

ESTS (GB) Ltd

(Registration number: 04589766)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

143,292

193,801

Current assets

 

Stocks

5

488,009

330,414

Debtors

6

299,026

385,926

Cash at bank and in hand

 

200,831

409,297

 

987,866

1,125,637

Creditors: Amounts falling due within one year

7

(298,400)

(467,317)

Net current assets

 

689,466

658,320

Total assets less current liabilities

 

832,758

852,121

Creditors: Amounts falling due after more than one year

7

(73,217)

(91,446)

Provisions for liabilities

(3,639)

(10,447)

Net assets

 

755,902

750,228

Capital and reserves

 

Called up share capital

8

1,200

1,200

Retained earnings

754,702

749,028

Shareholders' funds

 

755,902

750,228

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

Directors' 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 directors acknowledge their 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.

 

ESTS (GB) Ltd

(Registration number: 04589766)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

D K Hawtin
Director

N J Howell
Director

 
     
 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Low March Industrial Estate
Low March
Daventry
Northants
NN11 4SD

These financial statements were authorised for issue by the Board on 18 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.

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 £.

Going concern

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

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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 Value Added Tax, returns and trade 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.

Contract revenue recognition

Revenue for contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion , costs incurred to date and costs to complete can be estimated with reasonable certainty. 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 can not be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Where amounts are received in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Government grants

Government grants are recognised at the fair value of the claimable amount when there is a reasonable assurance that the company will comply with the conditions attaching to the grant.

Government grants are accounted for using the accrual model.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold land and buildings

10% straight line

Plant and machinery

33% straight line

Computer equipment

20% straight line

Motor vehicles

25% 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.

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. 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.

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

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 directors) during the year, was 23 (2023 - 19).

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

67,535

76,631

341,359

485,525

Additions

1,123

25,183

1,000

27,306

Disposals

-

(500)

(32,500)

(33,000)

At 31 March 2024

68,658

101,314

309,859

479,831

Depreciation

At 1 April 2023

39,432

65,595

186,697

291,724

Charge for the year

6,866

8,204

62,412

77,482

Eliminated on disposal

-

(167)

(32,500)

(32,667)

At 31 March 2024

46,298

73,632

216,609

336,539

Carrying amount

At 31 March 2024

22,360

27,682

93,250

143,292

At 31 March 2023

28,103

11,036

154,662

193,801

Included within the net book value of land and buildings above is £22,360 (2023 - £28,103) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

415,109

269,375

Work in progress

72,900

61,039

488,009

330,414

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

253,677

340,801

Prepayments

41,975

40,949

Other debtors

3,374

4,176

 

299,026

385,926

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18,915

26,649

Trade creditors

 

145,602

206,108

Taxation and social security

 

102,819

83,122

Accruals and deferred income

 

22,516

128,067

Other creditors

 

8,548

23,371

 

298,400

467,317

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts of £18,915 (2023 - £26,649), which are secured against the assets concerned.

 

ESTS (GB) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

73,217

91,446

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts of £73,217 (2023 - £91,446), which are secured against the assets concerned.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

600

600

600

600

Ordinary B shares of £0.50 each

1,200

600

1,200

600

 

1,800

1,200

1,800

1,200

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £230,559 (2023 - £263,332).