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REGISTERED NUMBER: 04352031 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Essential Supplies Limited

Essential Supplies Limited (Registered number: 04352031)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Essential Supplies Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: M Weaver
Mrs J Weaver
Mrs S J Weaver





SECRETARY: Mrs S J Weaver





REGISTERED OFFICE: Unit 10
Millway
Old Mill Lane Industrial Estate
Mansfield Woodhouse
Nottinghamshire
NG19 9BG





REGISTERED NUMBER: 04352031 (England and Wales)

Essential Supplies Limited (Registered number: 04352031)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 172,708 197,460

CURRENT ASSETS
Stocks 26,775 31,244
Debtors 5 102,228 61,679
Cash at bank and in hand 69,460 74,117
198,463 167,040
CREDITORS
Amounts falling due within one year 6 93,789 97,848
NET CURRENT ASSETS 104,674 69,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

277,382

266,652

PROVISIONS FOR LIABILITIES 23,114 24,097
NET ASSETS 254,268 242,555

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 253,268 241,555
SHAREHOLDERS' FUNDS 254,268 242,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





M Weaver - Director


Essential Supplies Limited (Registered number: 04352031)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Essential Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Equipment and containers - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Essential Supplies Limited (Registered number: 04352031)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Equipment Fixtures
Short and and
leasehold containers fittings
£    £    £   
COST
At 1 February 2023 108,680 27,079 83,880
Additions - 533 2,890
At 31 January 2024 108,680 27,612 86,770
DEPRECIATION
At 1 February 2023 25,566 15,158 43,708
Charge for year 5,434 2,491 4,595
At 31 January 2024 31,000 17,649 48,303
NET BOOK VALUE
At 31 January 2024 77,680 9,963 38,467
At 31 January 2023 83,114 11,921 40,172

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 140,911 2,952 363,502
Additions - - 3,423
At 31 January 2024 140,911 2,952 366,925
DEPRECIATION
At 1 February 2023 79,754 1,856 166,042
Charge for year 15,290 365 28,175
At 31 January 2024 95,044 2,221 194,217
NET BOOK VALUE
At 31 January 2024 45,867 731 172,708
At 31 January 2023 61,157 1,096 197,460

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,653 55,679
Other debtors 36,575 6,000
102,228 61,679

Essential Supplies Limited (Registered number: 04352031)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 62,694 49,515
Taxation and social security 29,186 36,776
Other creditors 1,909 11,557
93,789 97,848

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
M Weaver and Mrs S J Weaver
Balance outstanding at start of year - -
Amounts advanced 28,325 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,325 -

The directors loan was repaid on 15 October 2024.

8. RELATED PARTY DISCLOSURES

The company trades from premises owned by 2 of the 3 company directors. Rents totalling £24,500 (2023 - £23,500) was charged during the course of the year.