Earth Save Products Limited 06547742 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the sale of environmentally friendly products and services Digita Accounts Production Advanced 6.30.9574.0 true true 06547742 2023-04-01 2024-03-31 06547742 2024-03-31 06547742 core:CurrentFinancialInstruments 2024-03-31 06547742 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06547742 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06547742 bus:SmallEntities 2023-04-01 2024-03-31 06547742 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06547742 bus:FilletedAccounts 2023-04-01 2024-03-31 06547742 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06547742 bus:RegisteredOffice 2023-04-01 2024-03-31 06547742 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 06547742 bus:Director2 2023-04-01 2024-03-31 06547742 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06547742 countries:England 2023-04-01 2024-03-31 06547742 2022-04-01 2023-03-31 06547742 2023-03-31 06547742 core:CurrentFinancialInstruments 2023-03-31 06547742 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06547742 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06547742

Earth Save Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Earth Save Products Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 7

 

Earth Save Products Limited

Company Information

Directors

Mrs Patricia Hale

Mr Nicholas Hale

Company secretary

Mrs Patricia Hale

Registered office

Unit 6 &7 Henderson House
Hithercroft Road
Wallingford
Oxfordshire
OX10 9DG

Accountants

Shahzad Alam FCA
145 Eastcote Road
Ruislip
HA4 8BJ

 

Earth Save Products Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,364,914

1,454,278

Cost of sales

 

(508,528)

(984,605)

Gross profit

 

856,386

469,673

Distribution costs

 

(20,281)

(67,556)

Administrative expenses

 

(618,789)

(530,646)

Operating profit/(loss)

 

217,316

(128,529)

Profit/(loss) before tax

217,316

(128,529)

Taxation

 

(8,178)

-

Profit/(loss) for the financial year

 

209,138

(128,529)

Retained earnings brought forward

 

338,680

467,208

Retained earnings carried forward

 

547,818

338,679

 

Earth Save Products Limited

(Registration number: 06547742)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

46,750

46,700

Current assets

 

Stocks

506,561

252,994

Debtors

120,501

217,804

Cash at bank and in hand

 

273,684

67,936

 

900,746

538,734

Creditors: Amounts falling due within one year

(119,361)

(112,438)

Net current assets

 

781,385

426,296

Total assets less current liabilities

 

828,135

472,996

Creditors: Amounts falling due after more than one year

(268,103)

(122,103)

Net assets

 

560,032

350,893

Capital and reserves

 

Called up share capital

4

128

128

Share premium reserve

12,086

12,086

Retained earnings

547,818

338,679

Shareholders' funds

 

560,032

350,893

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.

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 25 August 2024 and signed on its behalf by:
 

 

Earth Save Products Limited

(Registration number: 06547742)
Balance Sheet as at 31 March 2024

.........................................
Mrs Patricia Hale
Company secretary and director

 

Earth Save Products Limited

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.

The address of its registered office is:
Unit 6 &7 Henderson House
Hithercroft Road
Wallingford
Oxfordshire
OX10 9DG

These financial statements were authorised for issue by the Board on 25 August 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.

 

Earth Save Products Limited

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

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:

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.

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

 

Earth Save Products Limited

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

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.

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 7 (2023 - 10).

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

128

128

128

128

       

5

Related party transactions

Summary of transactions with parent

Amout to the parent undertaking, Owen Charles Ltd at the year-end, is £218,603 (2023: £112,103)