REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Engineering Services Partnership Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Engineering Services Partnership Limited |
Engineering Services Partnership Limited (Registered number: 03328057) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Engineering Services Partnership Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
93 Tabernacle Street |
London |
EC2A 4BA |
Engineering Services Partnership Limited (Registered number: 03328057) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
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. |
Engineering Services Partnership Limited (Registered number: 03328057) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Engineering Services Partnership Limited (Registered number: 03328057) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Engineering Services Partnership 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 |
TANGIBLE FIXED ASSETS |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
CASH AND CASH EQUIVALENTS |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements ,when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
BASIC FINANCIAL ASSETS |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Engineering Services Partnership Limited (Registered number: 03328057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
CLASSIFICATION OF FINANCIAL LIABILITIES |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
EQUITY INSTRUMENTS |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
GOING CONCERN |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements |
EMPLOYEE BENEFIT |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Engineering Services Partnership Limited (Registered number: 03328057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from related undertakings | - | 18,711 |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts due to related undertakings | - | 174,482 |
Pensions Control | - | 132 |
Corporation tax |
PAYE/NI liability |
NHI Control | - | 33,286 |
VAT | 169,907 | 218,344 |
Other creditors |
Accruals and deferred income |
Engineering Services Partnership Limited (Registered number: 03328057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CALLED UP SHARE CAPITAL |
Issued and fully paid |
2024 | 2023 |
No | £ | No | £ |
A' Ordinary shares of £1 each | 40,050 | 40,050 | 40,050 | 40,050 |
40,050 | 40,050 | 40,050 | 40,050 |
Class A shareholders have equal voting rights and share in dividends as proposed by the Directors in respect of distributions on the winding up of the company. |
8. | RESERVES |
Profit & loss reserves | 481,393 |
Dividend declared during the year | (131,364 | ) |
Current year Profit & loss reserves | 163,709 |
Cumulative profit and loss net of distributions to owners | 513,738 |
9. | COMMITMENTS UNDER OPERATING LEASES |
The Company has entered into non-cancellable operating leases in relation to various properties ranging from two to ten years duration. The total future minimum lease payments are as follows:- |
2024 | 2023 |
Land &Buildings | Land &Buildings |
£ | £ |
Amounts due |
Within 1 year | - | 14,000 |
Within 2 to 5 years | - | 3,600 |
- | 17,600 |
Engineering Services Partnership Limited (Registered number: 03328057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year the following transactions took place in the normal course of business. |
2024 |
Sales in the year |
Purchases in the year |
Management charges payable |
Amounts due from/(to) at the end of the accounting period |
Henry Riley LLP | 39,078 | 814,816 | 271,000 | (113,015 | ) |
Nidus Riley Ltd | 2,820 | 632,763 | - | - |
The transactions in the previous year and the balances at 31 March 2023 were as follows:- |
2023 |
Sales in the year |
Purchases in the year |
Management charges payable |
Amounts due from/(to) at the end of the accounting period |
Henry Riley LLP | 42,666 | 844,572 | 221,500 | (102,973 | ) |
Nidus Riley Ltd | - | 275,204 | - | (52,798 | ) |
The above entities have common directors/members with Engineering Services Partnership Ltd. |
During the year Henry Riley LLP ceased to be a related party.The amounts due to Henry Riley LLP summarised above are therefore included in Trade Creditors. |
11. | RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme whose assets are held separately from those of the company in an independently administered fund. No contributions were outstanding at the year end. The pension cost charge represents the contributions payable by the company to the above scheme and other staff personal pension plans and amounted to £168,052 (2023 - £170,093). |
12. | TRANSACTIONS WITH DIRECTORS |
During the year the directors received dividends totalling £74,354(2023-£238,297). |
13. | CONTROL |
No party has overall control of the company. |