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Registration number: 04829407

E-Type Fabs Ltd

Filleted Financial Statements

for the Period from 1 August 2023 to 30 April 2024

 

E-Type Fabs Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

E-Type Fabs Ltd

Company Information

Director

Mr Darren McDermott

Registered office

Unit 9B
Alliance Industrial Estate
Dodsworth Street
Darlington
Co.Durham
DL1 2PA

Auditors

Morris & Young, Statutory Auditor
Chartered Accountants
6 Atholl Crescent
Perth
PH1 5JN

 

E-Type Fabs Ltd

(Registration number: 04829407)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

126,620

275,342

Current assets

 

Stocks

5

650,194

2,643,523

Debtors

6

283,641

29,015

Cash at bank and in hand

 

1,971

117

 

935,806

2,672,655

Creditors: Amounts falling due within one year

7

(3,034,054)

(3,052,546)

Net current liabilities

 

(2,098,248)

(379,891)

Total assets less current liabilities

 

(1,971,628)

(104,549)

Creditors: Amounts falling due after more than one year

7

(120,399)

(151,038)

Provisions for liabilities

-

(67,968)

Net liabilities

 

(2,092,027)

(323,555)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(2,092,127)

(323,655)

Shareholders' deficit

 

(2,092,027)

(323,555)

These accounts 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 June 2025
 

.........................................
Mr Darren McDermott
Director

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 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:
Unit 9B
Alliance Industrial Estate
Dodsworth Street
Darlington
Co.Durham
DL1 2PA
England

These financial statements were authorised for issue by the director on 26 June 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.

The financial statements are presented in sterling (£) and are rounded to the nearest £1.

Going concern

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

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 June 2025 was Alexander J Fyfe M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young, Statutory Auditor.

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

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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Property improvements

10% straight line

Plant and machinery

25% reducing balance

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on deposit.

Trade debtors

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

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.

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.

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

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.

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 statement of financial position 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.

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.

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 17 (2023 - 11).

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

159,222

514,421

673,643

Disposals

(121,385)

(4,283)

(125,668)

At 30 April 2024

37,837

510,138

547,975

Depreciation

At 1 August 2023

5,156

393,145

398,301

Charge for the period

2,838

22,137

24,975

Eliminated on disposal

(850)

(1,071)

(1,921)

At 30 April 2024

7,144

414,211

421,355

Carrying amount

At 30 April 2024

30,693

95,927

126,620

At 31 July 2023

154,066

121,276

275,342

Included within the net book value of land and buildings above is £30,694 (2023 - £154,066) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

498,000

2,051,000

Other inventories

152,194

592,523

650,194

2,643,523

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

112,017

1,217

Amounts owed by related parties

10

154,775

-

Prepayments

 

16,849

-

Other debtors

 

-

27,798

   

283,641

29,015

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

23

Trade creditors

 

1,358,314

2,116,918

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

10

1,188,313

483,708

Taxation and social security

 

440,428

106,466

Accruals and deferred income

 

28,500

313,099

Other creditors

 

18,499

32,332

 

3,034,054

3,052,546

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

120,399

151,038

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

120,399

119,004

Hire purchase contracts

-

32,034

120,399

151,038

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

23

There is a floating charge in place which covers all the property of the company.

Hire purchase liabilities are secured against the fixed asset that they relate to.

 

E-Type Fabs Ltd

Notes to the Financial Statements for the Period from 1 August 2023 to 30 April 2024

10

Related party transactions

Summary of transactions with other related parties

During the year loan accounts operated between Companies with common directors and shareholders. At the year end the balances due to/(by) E-Type Fabs Ltd was as follows:

Due to E-Type Fabs Ltd was as follows:

Easy Heat Systems Limited – £139,347 (2023: £435,805)
DRVN Automotive Limited - £15,429 (2023 - £nil)


Due by E-Type Fabs Ltd was as follows:
McDermott Group Limited - £40,000 (2023: £40,000)
MDG Capital 1 Limited - £355,000 (2023: £150,000)
MDG Capital 3 Limited - £211,000 (2023: £178,000)
Devine Energy Limited - £183,513 (2023 - £313,513)
MDG Chameleon Limited £7,000 (2023 - £nil)
Momentum 4 Limited £26,000 (2023 - £nil)
The Recruitment Bunker Ltd - £9,800 (2023: £nil)
J E Engineering Limited - £356,000 (2023: £nil)

 

11

Control

The company is a wholly owned subsidiary.

 The company's immediate parent is Easy Heat Systems Limited, incorporated in Scotland.

  These financial statements are available upon request from Companies House, Crown Way, CARDIFF. CF14 3UZ.