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Registered number: 10540306
Ev Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
07/10/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Balance Sheet
Registered number: 10540306
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 126,927 297,008
126,927 297,008
CURRENT ASSETS
Stocks 6 228,709 175,930
Debtors 7 864,817 673,859
Cash at bank and in hand 3,006 550
1,096,532 850,339
Creditors: Amounts Falling Due Within One Year 8 (999,561 ) (1,070,127 )
NET CURRENT ASSETS (LIABILITIES) 96,971 (219,788 )
TOTAL ASSETS LESS CURRENT LIABILITIES 223,898 77,220
Creditors: Amounts Falling Due After More Than One Year 9 (334,172 ) (341,075 )
NET LIABILITIES (110,274 ) (263,855 )
CAPITAL AND RESERVES
Called up share capital 10 110 110
Profit and Loss Account (110,384 ) (263,965 )
SHAREHOLDERS' FUNDS (110,274) (263,855)
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Page 3
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R W White
Director
07/10/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Ev Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10540306 . The registered office is Apex House Thomas Street, Trethomas, Caerphilly, CF83 8DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors have adopted the going concern basis in preparing the accounts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over two year at a rate of 50% per annum.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
Workshop Tooling 25% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 2,000
As at 31 December 2023 2,000
Amortisation
As at 1 January 2023 2,000
As at 31 December 2023 2,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
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5. Tangible Assets
Plant & Machinery Workshop Tooling Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 832,453 59,309 7,235 30,840 929,837
Additions 19,871 8,874 - - 28,745
As at 31 December 2023 852,324 68,183 7,235 30,840 958,582
Depreciation
As at 1 January 2023 576,144 32,622 4,737 19,326 632,829
Provided during the period 174,078 17,046 1,809 5,893 198,826
As at 31 December 2023 750,222 49,668 6,546 25,219 831,655
Net Book Value
As at 31 December 2023 102,102 18,515 689 5,621 126,927
As at 1 January 2023 256,309 26,687 2,498 11,514 297,008
6. Stocks
2023 2022
£ £
Finished goods 228,709 175,930
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 270,867 224,597
Prepayments and accrued income 546 622
Other debtors 145,913 105,444
Corporation tax recoverable assets 40,288 55,900
Director's loan account 407,203 287,296
864,817 673,859
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 237,573 234,474
Bank loans and overdrafts 228,737 198,092
Corporation tax 40,469 24,443
Other taxes and social security 367,984 358,035
VAT 103,538 90,560
Other creditors 20,010 10,005
Other loans - 147,103
Accruals and deferred income 1,250 7,415
999,561 1,070,127
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans - 2-5 years 321,672 313,575
Lease concession 12,500 27,500
334,172 341,075
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
110 Ordinary Shares of £ 1 each 110 110
11. Related Party Transactions
At the balance sheet date, included within other creditors due within one year is an amount of £407,203 (2022 - £287,296), D White owes the company. This loan is of no fixed term, long-term in nature and interest has been charged at HMRC's official rate.
The ultimate controlling party is R W White as the company director and majority shareholder.
12. Taxation
The company has carried forward losses of £56,415 (2022 - £114,520) which it can use against future taxable profits.
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