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Registered number: 01599791










ESP SYSTEX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

 
ESP SYSTEX LIMITED
 

COMPANY INFORMATION


Directors
Mrs T F Lawson 
Mr I Lawson 




Registered number
01599791



Registered office
Witham House
45 Spyvee Street

Kingston Upon Hull

England

HU8 7JJ




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
ESP SYSTEX LIMITED
REGISTERED NUMBER: 01599791

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
70,762
97,704

  
70,762
97,704

Current assets
  

Stocks
 5 
561,262
341,963

Debtors: amounts falling due within one year
 6 
1,670,112
1,528,237

Cash at bank and in hand
  
404,285
381,094

  
2,635,659
2,251,294

Creditors: amounts falling due within one year
 7 
(910,280)
(770,741)

Net current assets
  
 
 
1,725,379
 
 
1,480,553

Total assets less current liabilities
  
1,796,141
1,578,257

Provisions for liabilities
  

Deferred tax
  
(5,057)
(9,239)

  
 
 
(5,057)
 
 
(9,239)

Net assets
  
1,791,084
1,569,018


Capital and reserves
  

Called up share capital 
 8 
100
100

Capital redemption reserve
  
80,000
80,000

Profit and loss account
  
1,710,984
1,488,918

  
1,791,084
1,569,018


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




Mrs T F Lawson
Director

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

ESP Systex Limited is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The address of the registered office is Witham House, 45 Spyvee Street, Kingston Upon Hull, England, HU8 7JJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Balniel Holdings Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over 10 years
Plant and machinery
-
Over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 40).

Page 5

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 August 2023
72,177
297,578
369,755


Additions
1,924
-
1,924



At 31 July 2024

74,101
297,578
371,679



Depreciation


At 1 August 2023
9,905
262,146
272,051


Charge for the year on owned assets
9,923
18,943
28,866



At 31 July 2024

19,828
281,089
300,917



Net book value



At 31 July 2024
54,273
16,489
70,762



At 31 July 2023
62,272
35,432
97,704


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
561,262
341,963



6.


Debtors

2024
2023
£
£


Trade debtors
823,433
556,947

Amounts owed by group undertakings
593,158
467,813

Other debtors
23
-

Prepayments and accrued income
253,498
503,477

1,670,112
1,528,237


Page 6

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
425,121
366,751

Amounts owed to group undertakings
164,801
116,557

Corporation tax
78,848
-

Other taxation and social security
170,313
145,812

Other creditors
4,189
6,054

Accruals and deferred income
67,008
135,567

910,280
770,741



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400 (2023 - 400) Ordinary shares of £0.25 each
100
100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,010 (2023 - £43,769). Contributions totalling £4,005 (2023 - £5,522) were payable to the fund at the reporting date and are included in creditors.


10.


Related party transactions

The company has taken advantage of the exemption in FRS102 Section 33 not to disclose details of transactions between two or more members of the Group on the basis that subsidiaries are wholly owned. 


11.


Controlling party

The company is a wholly owned subsidiary of ESP Systex Holdings Limited, a company incorporated in England whose registered office is Witham House, 45 Spyvee Street, Kingston Upon Hull, HU8 7JJ.
Balniel Holdings Limited, a company incorporated in Scotland, is the parent company of both the smallest and largest group into which the company’s financial statements are consolidated.  The registered office of Balniel Holdings Limited is 3 James Chalmers Road, Arbroath Enterprise Park, Arbroath, Angus, DD11 3RQ, and a copy of the consolidated accounts can be obtained from the public register at Companies House.  
The ultimate controlling party is Mrs T F Lawson by virtue of the share ownership held in Balniel Holdings Limited.

Page 7

 
ESP SYSTEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 20 February 2025 by Douglas Rae (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 8