27 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,000,000 2,000,000 107,474 12,061 119,535 76,724 9,811 86,535 33,000 30,750 xbrli:pure xbrli:shares iso4217:GBP 08283399 2023-04-01 2024-03-31 08283399 2024-03-31 08283399 2023-03-31 08283399 2022-04-01 2023-03-31 08283399 2023-03-31 08283399 2022-03-31 08283399 core:NetGoodwill 2023-04-01 2024-03-31 08283399 core:FurnitureFittings 2023-04-01 2024-03-31 08283399 bus:Director1 2023-04-01 2024-03-31 08283399 bus:Director2 2023-04-01 2024-03-31 08283399 bus:Director3 2023-04-01 2024-03-31 08283399 bus:Director4 2023-04-01 2024-03-31 08283399 core:NetGoodwill 2024-03-31 08283399 core:FurnitureFittings 2023-03-31 08283399 core:FurnitureFittings 2024-03-31 08283399 core:WithinOneYear 2024-03-31 08283399 core:WithinOneYear 2023-03-31 08283399 core:AfterOneYear 2024-03-31 08283399 core:AfterOneYear 2023-03-31 08283399 core:ShareCapital 2024-03-31 08283399 core:ShareCapital 2023-03-31 08283399 core:RetainedEarningsAccumulatedLosses 2024-03-31 08283399 core:RetainedEarningsAccumulatedLosses 2023-03-31 08283399 core:FurnitureFittings 2023-03-31 08283399 bus:SmallEntities 2023-04-01 2024-03-31 08283399 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08283399 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08283399 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08283399 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08283399
Edwards Veeder (UK) Limited
Filleted Unaudited Financial Statements
31 March 2024
Edwards Veeder (UK) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
33,000
30,750
Current assets
Stocks
148,292
138,937
Debtors
7
467,306
420,695
Cash at bank and in hand
31,941
18,748
---------
---------
647,539
578,380
Creditors: amounts falling due within one year
8
420,361
345,888
---------
---------
Net current assets
227,178
232,492
---------
---------
Total assets less current liabilities
260,178
263,242
Creditors: amounts falling due after more than one year
9
70,833
120,833
---------
---------
Net assets
189,345
142,409
---------
---------
Capital and reserves
Called up share capital
2,001
2,001
Profit and loss account
187,344
140,408
---------
---------
Shareholders funds
189,345
142,409
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Edwards Veeder (UK) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
A. J. Wadsworth
A. G. Basger
Director
Director
L. D. Lederberg
E. B. Edwards
Director
Director
Company registration number: 08283399
Edwards Veeder (UK) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Broadgate, Broadway Business PArk, Chadderton, Oldham, OL9 XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, for the company's principle activity, exclusive of Value Added Tax.
Income tax
Deferred taxation is provided using the liability method on all timing differences, including those relating to pensions, which are expected to reverse in the future without being replaced, calculated at the rate at which it is anticipated the timing differences will reverse. Advance corporation tax which is expected to be recoverable in the future is deducted from the deferred taxation balance.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwil
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
2,000,000
------------
Amortisation
At 1 April 2023 and 31 March 2024
2,000,000
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
------------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023
107,474
107,474
Additions
12,061
12,061
---------
---------
At 31 March 2024
119,535
119,535
---------
---------
Depreciation
At 1 April 2023
76,724
76,724
Charge for the year
9,811
9,811
---------
---------
At 31 March 2024
86,535
86,535
---------
---------
Carrying amount
At 31 March 2024
33,000
33,000
---------
---------
At 31 March 2023
30,750
30,750
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
330,186
363,022
Other debtors
137,120
57,673
---------
---------
467,306
420,695
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
41,667
41,667
Trade creditors
43,027
33,047
Corporation tax
143,194
102,072
Social security and other taxes
126,891
128,600
Other creditors
65,582
40,502
---------
---------
420,361
345,888
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
70,833
120,833
--------
---------
10. Directors' advances, credits and guarantees
At the year-end included in debtors was a balance of £96,479 (2023 £18,533)due from the directors. This amount was interest free and repayable on demand and repaid within 9 months of the year-end. At the year-end included in creditors was a balance of £0 (2023 £981) due to the directors. This amount was interest free, repayable on demand.
11. Related party transactions
The company was under the control of E. B. Edwards , A.J. Wadsworth, L.D. Lederberg and A.G. Basger throughout the current year and previous period. E.B. Edwards, A.J. Wadsworth, L.D. Lederberg and A.G. Basger are directors' and majority shareholders. During the year dividends of £3855,000 were paid to the directors.