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Company No: 01797022 (England and Wales)

ESTERLAM INTERNATIONAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

ESTERLAM INTERNATIONAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

ESTERLAM INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
ESTERLAM INTERNATIONAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 209,434 256,763
209,434 256,763
Current assets
Stocks 373,277 400,842
Debtors 4 387,284 446,344
Cash at bank and in hand 1,664,679 1,773,745
2,425,240 2,620,931
Creditors: amounts falling due within one year 5 ( 1,188,332) ( 845,023)
Net current assets 1,236,908 1,775,908
Total assets less current liabilities 1,446,342 2,032,671
Provision for liabilities 6 ( 46,746) ( 59,602)
Net assets 1,399,596 1,973,069
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 1,398,596 1,972,069
Total shareholders' funds 1,399,596 1,973,069

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Esterlam International Limited (registered number: 01797022) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Mr N C Hailey
Director
ESTERLAM INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
ESTERLAM INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Esterlam International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Esterlam Intl Ltd East Way, Lee Mill Industrial Estate, Ivybridge, PL21 9GE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 17

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 September 2023 120,790 340,454 42,965 26,071 19,988 550,268
Additions 0 3,495 0 0 7,473 10,968
Disposals 0 0 0 ( 9,494) ( 3,500) ( 12,994)
At 31 August 2024 120,790 343,949 42,965 16,577 23,961 548,242
Accumulated depreciation
At 01 September 2023 37,315 197,183 26,436 20,266 12,305 293,505
Charge for the financial year 12,078 36,474 4,130 1,380 2,914 56,976
Disposals 0 0 0 ( 8,874) ( 2,799) ( 11,673)
At 31 August 2024 49,393 233,657 30,566 12,772 12,420 338,808
Net book value
At 31 August 2024 71,397 110,292 12,399 3,805 11,541 209,434
At 31 August 2023 83,475 143,271 16,529 5,805 7,683 256,763

4. Debtors

2024 2023
£ £
Trade debtors 277,783 368,627
Prepayments 32,671 31,449
VAT recoverable 76,830 46,268
387,284 446,344

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 183,585 174,779
Amounts owed to directors 532,201 254,659
Accruals 112,843 94,279
Corporation tax 90,425 66,263
Other taxation and social security 13,671 17,050
Other creditors 255,607 237,993
1,188,332 845,023

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 59,602) ( 71,378)
Credited to the Statement of Income and Retained Earnings 12,856 11,776
At the end of financial year ( 46,746) ( 59,602)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 59,602) ( 59,602)
Other timing differences 12,856 0
( 46,746) ( 59,602)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,702 1,729

9. Related party transactions

During the year, the company was charged interest by shareholders on their loan accounts. Interest amounted to £56,288 (2023: £43,120) and is included in accruals. At the year end the company owed shareholders £786,106 (2023: £498,313).

At the year end, a director is the beneficial owner of the premises that is leased by the company on normal commercial terms. The annual charge to the company is £55,000 (2023: £55,000).