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Registration number: 09209694

Edge Building Products Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Edge Building Products Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Edge Building Products Ltd

Company Information

Directors

Mr Kieran Dale Napthine

Mr Jeremy David Napthine

Mr Trent Napthine

Company secretary

Mrs Elizabeth Napthine

Mrs Sacha Napthine

Registered office

Britannia House
Unit E Glenmore Business Park
Chichester
West Sussex
PO19 7BJ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Edge Building Products Ltd

(Registration number: 09209694)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

314,854

350,576

Current assets

 

Stocks

5

885,480

912,420

Debtors

6

2,316,398

2,298,921

Cash at bank and in hand

 

276,904

947,293

 

3,478,782

4,158,634

Creditors: Amounts falling due within one year

7

(996,758)

(1,220,907)

Net current assets

 

2,482,024

2,937,727

Total assets less current liabilities

 

2,796,878

3,288,303

Provisions for liabilities

(36,908)

(36,908)

Net assets

 

2,759,970

3,251,395

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

2,758,970

3,250,395

Shareholders' funds

 

2,759,970

3,251,395

For the financial year ending 31 December 2023 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

 

Edge Building Products Ltd

(Registration number: 09209694)
Balance Sheet as at 31 December 2023

.........................................
Mr Kieran Dale Napthine
Director

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Britannia House
Unit E Glenmore Business Park
Chichester
West Sussex
PO19 7BJ
United Kingdom

These financial statements were authorised for issue by the Board on 10 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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.

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Fixtures and Fittings

25% straight line

Motor vehicles

25% straight line

Computer Equipment

33% straight line

Short Leasehold - Croydon

Over 15 Years

Short Leasehold - Chichester

Over 5 Years

Plant & Machinery

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. 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.

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 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.

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.

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.

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 directors) during the year, was 41 (2022 - 37).

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

295,385

193,752

387,088

46,152

922,377

Additions

-

4,151

124,238

3,515

131,904

Disposals

-

-

(74,800)

-

(74,800)

At 31 December 2023

295,385

197,903

436,526

49,667

979,481

Depreciation

At 1 January 2023

141,815

175,899

227,948

26,139

571,801

Charge for the year

40,918

10,689

75,428

9,703

136,738

Eliminated on disposal

-

-

(43,912)

-

(43,912)

At 31 December 2023

182,733

186,588

259,464

35,842

664,627

Carrying amount

At 31 December 2023

112,652

11,315

177,062

13,825

314,854

At 31 December 2022

153,570

17,853

159,140

20,013

350,576

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets (continued)

Included within the net book value of land and buildings above is £112,652 (2022 - £153,569) in respect of short leasehold land and buildings.
 

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

885,480

912,420

885,480

912,420

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

623,577

586,870

Amounts owed by related parties

500,200

-

Prepayments

 

96,471

69,670

Other debtors

 

1,096,150

1,642,381

   

2,316,398

2,298,921

 

Edge Building Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

104,107

130,924

Trade creditors

 

274,346

453,492

Taxation and social security

 

442,687

517,687

Accruals and deferred income

 

170,442

110,893

Other creditors

 

5,176

7,911

 

996,758

1,220,907

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

104,107

130,924

104,107

130,924