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REGISTERED NUMBER: 03746274 (England and Wales)











REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

ET WORKS LTD

ET WORKS LTD (REGISTERED NUMBER: 03746274)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Income and Retained Earnings 6

Balance Sheet 7

Notes to the Financial Statements 8


ET WORKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr B Boyce
Mr A Boyce





REGISTERED OFFICE: Cambridge House
Cambridge Road
Walton On Thames
Surrey
KT12 2DP





REGISTERED NUMBER: 03746274 (England and Wales)





AUDITORS: GBJ LLP
Statutory Auditor
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

ET WORKS LTD (REGISTERED NUMBER: 03746274)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of information technology solution provider, managed information technology services provider, and data management consultancy.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr B Boyce
Mr A Boyce

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:




Mr A Boyce - Director


20 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ET WORKS LTD


Opinion
We have audited the financial statements of ET Works Ltd (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ET WORKS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we identified the laws and regulations applicable to the company through discussions with directors and from our knowledge and experience of the IT sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
Additionally, we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding how fraud might occur by:
- making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ET WORKS LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan Hillier (Senior Statutory Auditor)
for and on behalf of GBJ LLP
Statutory Auditor
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

20 November 2024

ET WORKS LTD (REGISTERED NUMBER: 03746274)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £ £

TURNOVER 7,814,743 7,674,596

Cost of sales 5,358,329 5,376,517
GROSS PROFIT 2,456,414 2,298,079

Administrative expenses 2,249,909 2,115,609
OPERATING PROFIT 4 206,505 182,470

Interest receivable and similar income 30,768 14,649
237,273 197,119

Interest payable and similar expenses 6,945 8,456
PROFIT BEFORE TAXATION 230,328 188,663

Tax on profit 67,444 35,160
PROFIT FOR THE FINANCIAL YEAR 162,884 153,503

Retained earnings at beginning of year 1,627,931 1,914,428

Dividends (300,000 ) (440,000 )

RETAINED EARNINGS AT END OF
YEAR

1,490,815

1,627,931

ET WORKS LTD (REGISTERED NUMBER: 03746274)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 210,763 185,853
Investments 6 3,410 3,410
214,173 189,263

CURRENT ASSETS
Stocks 69,481 29,662
Debtors 7 1,658,130 816,013
Cash at bank 920,466 1,942,954
2,648,077 2,788,629
CREDITORS
Amounts falling due within one year 8 1,320,775 1,247,148
NET CURRENT ASSETS 1,327,302 1,541,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,541,475

1,730,744

CREDITORS
Amounts falling due after more than one
year

9

-

(68,509

)

PROVISIONS FOR LIABILITIES (50,511 ) (34,155 )
NET ASSETS 1,490,964 1,628,080

CAPITAL AND RESERVES
Called up share capital 11 100 100
Other reserves 49 49
Retained earnings 1,490,815 1,627,931
SHAREHOLDERS' FUNDS 1,490,964 1,628,080

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:



Mr A Boyce - Director


ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

ET Works Ltd 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about ET Works Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The only items in the financial statements where these judgements and estimates have been made is in the depreciation rate of tangible fixed assets, bad debt provision in connection with trade debtors, accruals and accrued income.

Turnover and 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

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


ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 21 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 58,505 43,704

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 May 2023 392,209
Additions 83,415
At 30 April 2024 475,624
DEPRECIATION
At 1 May 2023 206,356
Charge for year 58,505
At 30 April 2024 264,861
NET BOOK VALUE
At 30 April 2024 210,763
At 30 April 2023 185,853

6. FIXED ASSET INVESTMENTS
Shares in
group Interest in
undertakings associate Totals
£ £ £
COST
At 1 May 2023
and 30 April 2024 2,866 544 3,410
NET BOOK VALUE
At 30 April 2024 2,866 544 3,410
At 30 April 2023 2,866 544 3,410

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,259,714 367,814
Amounts owed by group undertakings 329,821 352,569
Accrued income - 199
Prepayments 68,595 95,431
1,658,130 816,013

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 10) 65,101 64,468
Trade creditors 560,688 159,418
Amounts owed to group undertakings 300,000 440,000
Tax 51,088 31,755
VAT 98,635 113,421
Accrued expenses 245,263 438,086
1,320,775 1,247,148

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 10) - 68,509

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 65,101 64,468

Amounts falling due between one and two years:
Bank loans - 1-2 years - 64,468

Amounts falling due between two and five years:
Bank loans - 2-5 years - 4,041

The bank credit facilities are secured by fixed and floating charges over the assets of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

ET WORKS LTD (REGISTERED NUMBER: 03746274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. RELATED PARTY DISCLOSURES

ET Works Norway AS (ETWN), a 51% Subsidiary
During the year the company purchased goods from ETWN to the value of £196,929, and sold goods to ETWN to the value of £Nil.
At 30 April 2024 the company was owed £316,569 by ETWN, and annual interest of £13,252 which was charged by the company.

During the year the company paid Mr B Boyce £19,800 (2023: £19,200) in respect of rent of commercial property occupied by the company that is owned by Mr Boyce jointly with his wife.

The company is wholly owned by ET Works Holdings Limited, incorporated in England and Wales. The address of the parent's registered office and principal place of business is Cambridge House, Cambridge Road, Walton on Thames, Surrey, and accounts are available at UK Companies House.