Company Registration No. 03262434 (England and Wales)
EPTG LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
EPTG LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
EPTG LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,935,318
1,218,288
Current assets
Stocks
4
729,394
716,714
Debtors
5
700,127
450,590
Cash at bank and in hand
939,731
494,353
2,369,252
1,661,657
Creditors: amounts falling due within one year
6
(1,165,671)
(722,730)
Net current assets
1,203,581
938,927
Total assets less current liabilities
3,138,899
2,157,215
Creditors: amounts falling due after more than one year
7
(373,108)
(197,749)
Provisions for liabilities
(99,385)
(82,300)
Net assets
2,666,406
1,877,166
Capital and reserves
Called up share capital
8
105
110
Share premium account
13,820
16,815
Capital redemption reserve
3,000
Profit and loss reserves
2,649,481
1,860,241
Total equity
2,666,406
1,877,166
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 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.
T
he 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 27 May 2021 and are signed on its behalf by:
D V Power
Director
Company Registration No. 03262434
EPTG LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2019
110
16,815
1,304,587
1,321,512
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
-
733,629
733,629
Dividends
-
-
-
(177,975)
(177,975)
Balance at 31 December 2019
110
16,815
1,860,241
1,877,166
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
958,943
958,943
Dividends
-
-
-
(136,000)
(136,000)
Own shares acquired
-
-
-
(33,698)
(33,698)
Redemption of shares
8
(5)
(2,995)
3,000
(5)
(5)
Balance at 31 December 2020
105
13,820
3,000
2,649,481
2,666,406
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
EPTG Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the sale of goods in the normal course of business, and is shown net of discounts and VAT.
Revenue arises from the sale of polyurethane bushes and is recognised when the customer accepts delivery of the goods.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Land and buildings Freehold
2% on straight line
Plant and machinery
25% on reducing balance and 33 1/3% on straight line
Fixtures, fittings and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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 lease
s
asset are consumed.
1.10
Government grants
In response to COVID-19, the UK Government announced a number of initiatives for businesses to assist with cash flow. The company has received financial assistance under the Coronavirus Job Retention Scheme and the amount received has been recognised in the profit and loss account within other operating income.
Further to this, the company has acquired a Bounce Back Loan, of which, the first year's interest has been recognised
in the profit and loss account within other operating income
.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
26
25
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
796,541
1,562,338
2,358,879
Additions
595,190
304,344
899,534
At 31 December 2020
1,391,731
1,866,682
3,258,413
Depreciation and impairment
At 1 January 2020
130,802
1,009,789
1,140,591
Depreciation charged in the year
9,650
172,854
182,504
At 31 December 2020
140,452
1,182,643
1,323,095
Carrying amount
At 31 December 2020
1,251,279
684,039
1,935,318
At 31 December 2019
665,739
552,549
1,218,288
4
Stocks
2020
2019
£
£
Stocks
729,394
716,714
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
550,056
312,136
Other debtors
150,071
138,454
700,127
450,590
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
93,678
44,163
Trade creditors
815,938
437,836
Taxation and social security
144,337
27,676
Other creditors
111,718
213,055
1,165,671
722,730
Bank loans totalling £93,678 (2019 - £44,163) are secured by way of a mortgage over the company's freehold and leasehold properties, and by way of fixed and floating charges over all the other assets of the company.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
328,941
197,749
Other creditors
44,167
373,108
197,749
Bank loans totalling £328,941 (2019 - £197,749) are secured by way of a mortgage over the company's freehold and leasehold properties, and by way of fixed and floating charges over all the other assets of the company.
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
85 "A" ordinary shares of £1 each
85
85
15 "B" ordinary shares of £1 each
15
15
5 "C" ordinary shares of £1 each
-
5
5 "D" ordinary shares of £1 each
5
5
105
110
EPTG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
9
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:
2020
2019
£
£
Within one year
31,000
31,000
Between two and five years
20,667
51,667
51,667
82,667
10
Related party transactions
At the balance-sheet date, the company owed £22,630 (2019 - £143,178) to a director in respect of an interest free loan provided to the company.
Additionally a company under common control owes the company £3,474 (2019 - £nil).