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Registration number: 09430731

ETW Exeter Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

ETW Exeter Limited
(Registration number: 09430731)

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 16

Detailed Profit and Loss Account

17 to 19

 

ETW Exeter Limited
(Registration number: 09430731)

Company Information

Directors

Eleanor Wilson

Thomas Wilson

Registered office

2 Bampfylde Lane
Princesshay
Exeter
Devon
EX1 1GQ

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

ETW Exeter Limited
(Registration number: 09430731)

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Eleanor Wilson

Thomas Wilson

Principal activity

The principal activity of the company is Hairdressing and other beauty treatment

Small companies provision statement

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

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

.........................................
Thomas Wilson
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
ETW Exeter Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ETW Exeter Limited for the year ended 31 May 2024 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of ETW Exeter Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ETW Exeter Limited and state those matters that we have agreed to state to the Board of Directors of ETW Exeter Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ETW Exeter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ETW Exeter Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ETW Exeter Limited. You consider that ETW Exeter Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of ETW Exeter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

24 February 2025

 

ETW Exeter Limited
(Registration number: 09430731)

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

860,161

801,092

Cost of sales

 

(599,374)

(556,278)

Gross profit

 

260,787

244,814

Administrative expenses

 

(173,382)

(146,265)

Other operating income

 

11,043

7,350

Operating profit

 

98,448

105,899

Other interest receivable and similar income

 

409

68

Interest payable and similar expenses

 

(924)

(1,967)

Profit before tax

4

97,933

104,000

Taxation

 

(25,751)

(22,053)

Profit for the financial year

 

72,182

81,947

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

ETW Exeter Limited
(Registration number: 09430731)

Statement of Comprehensive Income for the Year Ended 31 May 2024

2024
£

2023
£

Profit for the year

72,182

81,947

Total comprehensive income for the year

72,182

81,947

 

ETW Exeter Limited
(Registration number: 09430731)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

59,541

42,765

 

59,542

42,766

Current assets

 

Stocks

7

20,861

18,675

Debtors

8

18,931

38,417

Cash at bank and in hand

 

71,474

28,505

 

111,266

85,597

Creditors: Amounts falling due within one year

9

(122,147)

(93,520)

Net current liabilities

 

(10,881)

(7,923)

Total assets less current liabilities

 

48,661

34,843

Creditors: Amounts falling due after more than one year

9

(31,222)

(20,000)

Provisions for liabilities

(2,414)

-

Net assets

 

15,025

14,843

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

14,925

14,743

Total equity

 

15,025

14,843

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

 

ETW Exeter Limited
(Registration number: 09430731)

Balance Sheet as at 31 May 2024

.........................................
Thomas Wilson
Director

 

ETW Exeter Limited
(Registration number: 09430731)

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

100

14,743

14,843

Profit for the year

-

72,182

72,182

Dividends

-

(72,000)

(72,000)

At 31 May 2024

100

14,925

15,025

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

100

11,796

11,896

Profit for the year

-

81,947

81,947

Dividends

-

(79,000)

(79,000)

At 31 May 2023

100

14,743

14,843

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
2 Bampfylde Lane
Princesshay
Exeter
Devon
EX1 1GQ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

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

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 taxable income.

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Fixtures & Fittings

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Intangible Assets

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,122

10,023

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

69,000

69,000

At 31 May 2024

69,000

69,000

Amortisation

At 1 June 2023

68,999

68,999

At 31 May 2024

68,999

68,999

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

1

1

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

100,236

-

100,236

Additions

2,548

27,246

29,794

Disposals

(2,912)

-

(2,912)

At 31 May 2024

99,872

27,246

127,118

Depreciation

At 1 June 2023

57,471

-

57,471

Charge for the year

9,987

1,135

11,122

Eliminated on disposal

(1,016)

-

(1,016)

At 31 May 2024

66,442

1,135

67,577

Carrying amount

At 31 May 2024

33,430

26,111

59,541

At 31 May 2023

42,765

-

42,765

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Stocks

2024
£

2023
£

Other stocks

20,861

18,675

8

Debtors

2024
£

2023
£

Other debtors

15,419

35,965

Prepayments and accrued income

3,512

2,452

Total current trade and other debtors

18,931

38,417

Details of non-current trade and other debtors

£Nil (2023 -£7,919) of Other Debtors is classified as non current.

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

11,693

10,000

Trade creditors

 

27,320

19,149

Taxation and social security

 

62,423

56,621

Other creditors

 

13,240

3,702

Accrued expenses

 

7,471

4,048

 

122,147

93,520

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

31,222

20,000

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

1,693

-

11,693

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,000

20,000

Hire purchase contracts

21,222

-

31,222

20,000

 

ETW Exeter Limited
(Registration number: 09430731)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Interest free loan repayable on demand

20,546

1,632

(22,178)

-

 

20,546

1,632

(22,178)

-

       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Interest free loan repayable on demand

23,879

17,165

(20,498)

20,546

 

23,879

17,165

(20,498)

20,546

       

 

 

ETW Exeter Limited
(Registration number: 09430731)

Detailed Profit and Loss Account for the Year Ended 31 May 2024

2024
£

2023
£

Turnover

860,161

801,092

Cost of sales

(599,374)

(556,278)

Gross profit

260,787

244,814

Gross profit (%)

30.32%

30.56%

Administrative expenses

Employment costs

(38,580)

(31,818)

Establishment costs

(80,527)

(64,829)

General administrative expenses

(29,172)

(28,638)

Finance charges

(12,085)

(10,688)

Depreciation costs

(11,122)

(10,023)

Other expenses

(1,896)

(269)

(173,382)

(146,265)

Other operating income

11,043

7,350

Operating profit

98,448

105,899

Other interest receivable and similar income

409

68

Interest payable and similar expenses

(924)

(1,967)

Profit before tax

97,933

104,000

 

ETW Exeter Limited
(Registration number: 09430731)

Detailed Profit and Loss Account for the Year Ended 31 May 2024

2024
£

2023
£

   

Turnover

Sale of goods, UK

858,661

801,092

Grants and subsidies

1,500

-

860,161

801,092

   

Cost of sales

Purchases

109,446

100,033

Direct costs

40,088

52,044

Wages and salaries (excluding directors)

449,840

404,201

599,374

556,278

   

Employment costs

Directors remuneration

24,588

24,552

Directors pensions (Defined contribution)

4,800

4,800

Staff training

9,192

2,466

38,580

31,818

   

Establishment costs

Rent

47,122

36,407

Rates

7,441

8,909

Light, heat and power

12,120

7,393

Insurance

3,335

3,227

Repairs and maintenance

10,509

8,893

80,527

64,829

   

General administrative expenses

Telephone and fax

2,867

3,267

Office expenses

3,120

3,120

Printing, postage and stationery

1,141

697

Charitable donations

1,039

100

Sundry expenses

11,644

13,048

Cleaning

1,500

3,030

Motor expenses

258

450

Travel and subsistence

8

856

Advertising

2,291

933

Staff entertaining (allowable for tax)

1,375

1,667

Accountancy fees

3,610

1,190

Legal and professional fees

319

280

29,172

28,638

 

ETW Exeter Limited
(Registration number: 09430731)

Detailed Profit and Loss Account for the Year Ended 31 May 2024

2024
£

2023
£

   

Finance charges

Bank charges

12,085

10,688

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

9,987

10,023

Depreciation of motor vehicles (owned)

1,135

-

11,122

10,023

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

1,896

269

   

Other operating income

Other operating income

11,043

7,350

   

Other interest receivable and similar income

Bank interest receivable

409

68

   

Interest payable and similar expenses

Bank interest payable

690

965

Other interest payable

234

1,002

924

1,967