Company Registration No. 00331602 (England and Wales)
E SUNTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
E SUNTER LIMITED
COMPANY INFORMATION
Directors
A J Mitchell
D L Norman
E C Baker
(Appointed 1 October 2021)
Company number
00331602
Registered office
Premier House
175 Grane Road
Haslingden
Rossendale
Lancashire
BB4 5ER
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Business address
Premier House
175 Grane Road
Haslingden
Rossendale
Lancashire
BB4 5ER
E SUNTER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
E SUNTER LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
98,356
158,410
Investment properties
4
155,000
98,356
313,410
Current assets
Stocks
531,995
714,545
Debtors
5
205,440
232,304
Cash at bank and in hand
283,743
224,186
1,021,178
1,171,035
Creditors: amounts falling due within one year
6
(582,697)
(629,076)
Net current assets
438,481
541,959
Total assets less current liabilities
536,837
855,369
Creditors: amounts falling due after more than one year
7
(298,629)
(465,720)
Provisions for liabilities
(2,351)
Net assets
238,208
387,298
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss reserves
(11,792)
137,298
Total equity
238,208
387,298
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
E SUNTER LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2023 and are signed on its behalf by:
A J Mitchell
D L Norman
Director
Director
Company Registration No. 00331602
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
E Sunter Limited is a private company limited by shares incorporated in England and Wales. The registered office is Premier House, 175 Grane Road, Haslingden, Rossendale, Lancashire, BB4 5ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Going concern
In view of the current economic climate, the directors are considering certain operational changes, with a view to improving the company's performance. The directors are confident that any funding necessary to implement any operational changes required will be available and that the benefits of any such changes will be achieved. Accordingly, the directors have prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance per annum
Fixtures, fittings & equipment
25% per annum
Motor vehicles
25% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
24
30
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2021
25,984
565,422
149,240
740,646
Additions
25,720
25,720
Disposals
(90,000)
(90,000)
At 30 June 2022
25,984
591,142
59,240
676,366
Depreciation and impairment
At 1 July 2021
24,422
491,652
66,162
582,236
Depreciation charged in the year
220
21,342
4,773
26,335
Eliminated in respect of disposals
(30,561)
(30,561)
At 30 June 2022
24,642
512,994
40,374
578,010
Carrying amount
At 30 June 2022
1,342
78,148
18,866
98,356
At 30 June 2021
1,562
73,770
83,078
158,410
4
Investment property
2022
£
Fair value
At 1 July 2021
155,000
Disposals
(155,000)
At 30 June 2022
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
158,414
147,995
Other debtors
47,026
84,309
205,440
232,304
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
109,613
73,958
Obligations under finance leases
11,498
18,521
Trade creditors
275,715
333,068
Other taxation and social security
73,722
95,006
Other creditors
8,728
Accruals and deferred income
112,149
99,795
582,697
629,076
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
298,629
418,736
Obligations under finance leases
46,984
298,629
465,720
Net obligations under finance leases and hire purchase contracts amounting to £11,498 (2021: £14,992) are secured by the company.
Other creditors are secured upon the stock held by the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
150,596
28,798
E SUNTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
9
Related party transactions
During the year the company entered into the following transaction with related parties:
E Sunter Limited Retirement Benefit Scheme, of which the directors are members and trustees. Rent payable to the scheme during the year was £85,000 (2021 £76,000).
At the balance sheet date an amount of £21,532 (2021: £14,135) was owed to the company by E Sunter Retirement Benefit Scheme.
At the balance sheet date an amount of £5,540 (2021: £1,298) was owed to E Sunter Limited from the directors. No interest has been charged.