Registration number:
|
EPS Logistics Technology Limited
|
|
Brebners
|
EPS Logistics Technology Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Income Statement |
|
|
Statement of Financial Position |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
EPS Logistics Technology Limited
Company Information
|
Directors |
J R C Boucher M A Chapman R E Bonner P J Blanchard |
|
Registered office |
|
|
Auditor |
|
EPS Logistics Technology Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is the manufacture of a comprehensive range of services and products for the protection and preservation of goods and equipment against transit and environmental hazards primarily in the defence and aerospace sectors
Fair review of the business
Turnover for the year was £10,108,800 and profits before tax £1,895,367. The company had net assets at 31 March 2025 amounting to £7,641,624 (2024: £6,795,507). This better than expected performance was achieved despite significant challenges, including supply chain disruptions, rising material and wage costs, and staff turnover and retirements.
The company remains well positioned in its key sectors, particularly defence, where increased global geopolitical instability has led to greater demand and an increase in long-term contracts, strengthening the orderbook. Maintaining a stable and skilled workforce remains a key area of focus as the company continues to face strong competition for suitable candidates across the sector.
Raw materials and wage inflation continue to increase costs. Prices are regularly reviewed for future orders and adjusted where possible to protect profit margins.
To support continued growth and improve operational capacity, the company is looking to rent additional local storage space. In parallel, plans are being developed for the construction of a new building to the rear of the existing factory site. These investments will help address space constraints, improve workflow, and support the delivery of long-term contracts.
During the year, the company also made targeted investments to enhance its facilities and environmental performance. A new all-electric paint bay was installed, supporting both production capacity and sustainability goals. Office windows and doors were replaced to improve energy efficiency, automatic lighting systems were introduced across the site to reduce power consumption, and site security was upgraded to better protect personnel and assets.
Principal risks and uncertainties
The directors regularly monitor market conditions and business operations to identify and mitigate risks that may impact performance. The principal risks identified and corresponding mitigation measures include:
• Dependence on a single key customer
The company’s revenue is heavily reliant on one principal defence-related customer. While this relationship remains strong and long-standing, it presents a concentration risk should there be changes in defence budgets, programme priorities, or procurement policies.
Mitigation: A retained business consultant is focused on identifying new opportunities and building relationships with additional customers across the defence, space, and aerospace sectors.
• Supply chain shortages
Ongoing supply chain issues continue to affect material availability and manufacturing continuity.
Mitigation: The company aims to hold at least three months of stock and actively engages with multiple suppliers to reduce dependency on any single source. To further strengthen this area, the company is looking to employ an Operations Manager who will oversee supply chain and stock control, driving improved efficiency and responsiveness.
EPS Logistics Technology Limited
Strategic Report for the Year Ended 31 March 2025
• Inflationary pressures
Rising costs of materials and services remain a risk to profitability.
Mitigation: Multi-year fixed-price contracts are pursued with suppliers where feasible.
• Staff recruitment and retention
Competition for skilled labour continues to be a concern within the industry.
Mitigation: Pay scales have been reviewed and adjusted to reflect current market rates. Benefits and incentives have been refreshed, training and development initiatives are in place, and a partnership with a local college has been established. Several recruitment agencies are also supporting hiring efforts.
• Fluctuations in defence spending
Defence budgets are subject to political and economic change.
Mitigation: The company retains a business consultant to look for new business and keep in contact with existing customers for future projects. We are also actively exploring diversification opportunities into adjacent sectors such as space, where our core capabilities are highly transferable.
• Long-term project estimation
Cost estimating for projects that extend over several years presents an inherent risk.
Mitigation: The company uses Value of Production (VOP) formulas and applicable government indices to adjust pricing where possible.
Non-financial and sustainability information
Social and community issues
The company’s workforce is drawn largely from the local area. The directors actively support community involvement through the sponsorship of sports and charitable activities undertaken by employees.
EPS is committed to reducing its environmental impact and continually improving its environmental performance as an integral part of its strategy. As part of this commitment, the company has engaged a consultant to support the development of a formal ESG (Environmental, Social, and Governance) policy and to assist in embedding 5S principles across the site to enhance organisation, efficiency, and safety.
The company encourages its customers, suppliers, and partners to adopt similarly sustainable practices. Environmental responsibility forms part of the company’s ISO 9001:2015 accreditation and is embedded in the company’s Quality Management System.
EPS Logistics Technology Limited
Strategic Report for the Year Ended 31 March 2025
Financial risk, management objectives and policies
|
• |
Liquidity Risk: The company operates within agreed facilities negotiated with its bankers and manages cashflow prudently. |
|
• |
Interest Rate Risk: The company currently has no borrowings and is not exposed to interest rate fluctuations. |
|
• |
Foreign Currency Risk: The company mainly trades in sterling. Transactions in euros are subject to exchange rate fluctuations and are not currently hedged. |
|
• |
Credit Risk: New customer credit risk is assessed using third-party credit ratings. At the balance sheet date, there were no significant concentrations of credit risk. |
The company monitors its objectives and performance monthly. Weekly management meetings and bi-monthly board meetings are held to review progress, performance, and future planning.
Approved by the
.........................................
Director
EPS Logistics Technology Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
During the year interim dividends amounting to £684,000 (2024 : £660,060) were paid.
Information included in the Strategic Report
The company has chosen in accordance with section 414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.
Research and development
The company carries out research and development activities in connection with the development of a bespoke database used to facilitate the operations of the company.
Directors' liabilities
The company has purchased Directors' and Officers liability insurance for Directors and Officers as permitted by section 223 of the Companies Act 2006.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
.........................................
M A Chapman
Director
EPS Logistics Technology Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EPS Logistics Technology Limited
Independent Auditor's Report to the Members of EPS Logistics Technology Limited
for the Year Ended 31 March 2025
Opinion
We have audited the financial statements of EPS Logistics Technology Limited (the 'company') for the year ended 31 March 2025, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
EPS Logistics Technology Limited
Independent Auditor's Report to the Members of EPS Logistics Technology Limited
for the Year Ended 31 March 2025
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
EPS Logistics Technology Limited
Independent Auditor's Report to the Members of EPS Logistics Technology Limited
for the Year Ended 31 March 2025
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
EPS Logistics Technology Limited
Income Statement for the Year Ended 31 March 2025
|
Note |
Continuing operations |
Discontinuing operations |
Total |
Continuing operations |
Discontinuing operations |
Total |
|
|
Turnover |
|
|
|
|
|
|
|
|
Cost of sales |
( |
( |
( |
( |
( |
( |
|
|
Gross profit |
|
|
|
|
|
|
|
|
Administrative expenses |
( |
( |
( |
( |
- |
( |
|
|
Other operating income |
|
- |
|
|
- |
|
|
|
Operating profit/(loss) |
|
( |
|
|
|
|
|
|
Other interest receivable and similar income |
|
- |
|
|
- |
|
|
|
Profit/(loss) before tax |
|
( |
|
|
|
|
|
|
Tax on profit |
( |
- |
( |
( |
( |
( |
|
|
Profit/(loss) for the financial year |
|
( |
|
|
|
|
The company has no recognised gains or losses for the year other than the results above.
EPS Logistics Technology Limited
Statement of Financial Position as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
3,420,000 |
3,420,000 |
|
|
Capital redemption reserve |
855,000 |
855,000 |
|
|
Revaluation reserve |
150,000 |
150,000 |
|
|
Retained earnings |
3,216,624 |
2,370,507 |
|
|
Shareholders' funds |
7,641,624 |
6,795,507 |
Approved and authorised by the
......................................................................
M A Chapman
Director
Company registration number: 01328874
EPS Logistics Technology Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 April 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 March 2024 |
3,420,000 |
855,000 |
150,000 |
2,370,507 |
6,795,507 |
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the manufacture of a comprehensive range of services and products for the protection and preservation of goods and equipment against transit and environmental hazards primarily in the defence and aerospace sectors
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS102. Its financial statements are consolidated into the financial statements of Wellwinch Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
(a) No cash flow statement has been presented for the company.
(b) No disclosure has been given for the aggregate remuneration of key management personnel.
Going concern
The company made a profit for the year ended 31 March 2025 and at that date had net assets amounting to £7,641,624, including cash at bank of £2,162,764.
The company continues to trade profitably and the company's cashflow forecasts demonstrate the company has sufficient working capital for a period of at least 12 months from the approval of the financial statements.
On the basis of above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities. |
Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. |
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 value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured once the manufacture of equipment is completed in accordance with the contractual terms and complies with the technical specifications and safety standards.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
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.
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 |
|
Freehold property |
2% straight line |
|
Property improvements |
Between 2% and 20% straight line |
|
Plant & machinery |
Between 12.5% - 50% 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods - UK |
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense |
9,433 |
7,748 |
|
Profit on disposal of discontinued operations |
(144,505) |
- |
|
Profit on disposal of property, plant and equipment |
( |
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
- |
|
Other employee expense |
|
|
|
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production staff |
|
|
|
Administrative staff |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
502,175 |
456,308 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Discontinued Operations |
As part of the company's strategy to concentrate resources on higher margin and more profitable production lines, the company sold its trade and assets in the manufacture of DriClad protective covers on 10 April 2024. During the year the Driclad trade contributed post-tax losses of £2,566 (2024: post-tax profits of £49,639). The company received total cash consideration of £248,872. The net assets disposed were £112,494 and a profit on disposal of £144,505 was recognised in the profit and loss account.
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Effect of tax losses |
( |
- |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
- |
|
Tax increase from other tax effects |
- |
|
|
Total tax charge |
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
Tangible assets |
|
Freehold land and buildings |
Property improvements |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The freehold property was last revalued on 9 June 2016.
Analysis of tangible fixed assets valued at the date of transition to FRS102 using the deemed cost exemption:
|
Freehold property |
|||||||
|
£ |
|||||||
|
At 31 March 2025 |
|||||||
|
Historic cost equivalent |
1,166,000 |
||||||
|
Revaluation |
150,000 |
||||||
|
Carrying value |
1,316,000 |
||||||
|
£ |
|||||||
|
At 31 March 2024 |
|||||||
|
Historic cost equivalent |
1,185,000 |
||||||
|
Revaluation |
150,000 |
||||||
|
Carrying value |
1,335,000 |
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
- |
|
Gross amount due from customers for contract work |
|
|
|
Total current trade and other debtors |
|
|
Included within other debtors is an amount of £Nil (2024: £800,000) falling due after more than one year.
This amount accrues interest at 4% per annum and is repayable to the company in October 2025. The company holds a fixed charge over a freehold property as security.
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
367,523 |
348,735 |
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Additional provisions |
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
|||
Other provisions refer to the anticipated future costs of fulfilling customer order obligations arising during the year.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Commitments, Guarantees and Contingencies |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
EPS Logistics Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Dividends |
|
2025 |
2024 |
|||
|
Interim dividends of 20p (2024: 19.3p) per each |
|
|
||
|
Related party transactions |
Summary of transactions with group companies
Summary of transactions with other related parties
The company also paid an amount of £30,000 (2024: £30,000) to companies under the control of a director for the rental of storage facilities.
At 31 March 2025 an amount of £800,000 (2024: £800,000) was due from a Trust in which a director acts as a trustee and is a beneficiary. Interest of £32,000 (2024: £32,000) is payable to the company at a rate of 4% pa.