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Registration number: 02874065

E-Z Rect Limited

Filleted Financial Statements

for the Year Ended 30 September 2024

 

E-Z Rect Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

E-Z Rect Limited

Company Information

Directors

Mr G A Morton

Mr G G Gilbert

Registered office

Witan Park
Avenue Two
Station Lane
Witney
OX28 4FH

Auditors

Just Audit & Assurance Ltd
Statutory Auditor
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

E-Z Rect Limited

(Registration number: 02874065)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

30,534

34,794

Current assets

 

Stocks

5

558,686

530,378

Debtors

6

1,167,439

599,590

Cash at bank and in hand

 

887,810

674,312

 

2,613,935

1,804,280

Creditors: Amounts falling due within one year

7

(1,508,136)

(778,748)

Net current assets

 

1,105,799

1,025,532

Total assets less current liabilities

 

1,136,333

1,060,326

Provisions for liabilities

(5,740)

(8,046)

Net assets

 

1,130,593

1,052,280

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,130,493

1,052,180

Shareholders' funds

 

1,130,593

1,052,280

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr G A Morton
Director

 

E-Z Rect Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Witan Park
Avenue Two
Station Lane
Witney
OX28 4FH

These financial statements were authorised for issue by the Board on 14 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 18 March 2025 was Jonathan Russell, who signed for and on behalf of Just Audit & Assurance Ltd.

Government grants

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

 

E-Z Rect Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

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

Leasehold improvements

straight line over 10 years

Other property, plant and equipment

10%, 15% and 25% reducing balance

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.

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.

 

E-Z Rect Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 8 (2023 - 8).

 

E-Z Rect Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Leasehold improvements
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

22,863

102,618

125,481

Additions

1,163

2,393

3,556

Disposals

-

(1,396)

(1,396)

At 30 September 2024

24,026

103,615

127,641

Depreciation

At 1 October 2023

15,057

75,630

90,687

Charge for the year

1,394

6,076

7,470

Eliminated on disposal

-

(1,050)

(1,050)

At 30 September 2024

16,451

80,656

97,107

Carrying amount

At 30 September 2024

7,575

22,959

30,534

At 30 September 2023

7,806

26,988

34,794

5

Stocks

2024
£

2023
£

Other inventories

558,686

530,378

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,148,946

583,032

Prepayments

18,493

16,558

 

1,167,439

599,590

 

E-Z Rect Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,004,956

418,191

Amounts owed to group undertakings and undertakings in which the company has a participating interest

227,198

39,363

Taxation and social security

 

152,837

174,749

Accruals and deferred income

 

110,309

78,562

Other creditors

 

12,836

67,883

 

1,508,136

778,748

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £2,000.00 (2023 - £Nil) per each Ordinary

200,000

-

 

 

9

Parent and ultimate parent undertaking

The company's immediate parent is E-Z-Rect Holdings Limited, incorporated in England and Wales.

 The ultimate controlling parties are G A Morton and E-Z-Rect Manufacturing Ltd, the joint shareholders of E-Z-Rect Holdings Limited.