EPI Ashdale Engineering Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01087958 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

EPI ASHDALE ENGINEERING SERVICES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

8

Independent Chartered Accountants' Review Report

9

DIRECTORS:

C S J Chan

B D Bower

SECRETARY:

C S J Chan

REGISTERED OFFICE:

Unit 2D Newton Court

Wavertree Technology Park

Liverpool

Merseyside

L13 1EJ

REGISTERED NUMBER:

01087958 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

National Westminster Bank Plc

4 Standishgate

Wigan

Lancashire

WN1 1UJ

FIXED ASSETS

Tangible assets

4

23,438

11,264

CURRENT ASSETS

Stocks

82,223

86,547

Debtors

5

502,503

568,991

Cash at bank and in hand

238,877

205,948

823,603

861,486

CREDITORS

Amounts falling due within one year

6

300,545

263,990

NET CURRENT ASSETS

523,058

597,496

TOTAL ASSETS LESS CURRENT LIABILITIES

546,496

608,760

PROVISIONS FOR LIABILITIES

4,453

2,437

NET ASSETS

542,043

606,323

CAPITAL AND RESERVES

Called up share capital

9

30,000

30,000

Capital redemption reserve

10

20,000

20,000

Retained earnings

10

492,043

556,323

SHAREHOLDERS' FUNDS

542,043

606,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2020 and were signed on its behalf by:

C S J Chan - Director

1.	STATUTORY INFORMATION

EPI Ashdale Engineering Services Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

30% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

30% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities such as trade and other accounts receivable and payable. Basic financial instruments are recognised at

cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

11,298

2,725

5,601

Additions

-

-

-

Disposals

-

-

-

At 31 December 2019

11,298

2,725

5,601

DEPRECIATION

At 1 January 2019

11,298

2,651

5,559

Charge for year

-

11

12

Eliminated on disposal

-

-

-

At 31 December 2019

11,298

2,662

5,571

NET BOOK VALUE

At 31 December 2019

-

63

30

At 31 December 2018

-

74

42

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

17,738

35,699

73,061

Additions

15,009

7,000

22,009

Disposals

(13,238

)

-

(13,238

)

At 31 December 2019

19,509

42,699

81,832

DEPRECIATION

At 1 January 2019

10,462

31,827

61,797

Charge for year

1,675

2,873

4,571

Eliminated on disposal

(7,974

)

-

(7,974

)

At 31 December 2019

4,163

34,700

58,394

NET BOOK VALUE

At 31 December 2019

15,346

7,999

23,438

At 31 December 2018

7,276

3,872

11,264

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

257,928

118,759

Amounts owed by group undertakings

240,017

445,728

Other debtors

1,800

1,800

Prepayments

2,758

2,704

502,503

568,991

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

140,154

86,980

Tax

56,888

101,582

Social security and other taxes

10,718

9,797

VAT

70,328

53,567

Other creditors

13,697

-

Accrued expenses

8,760

12,064

300,545

263,990

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

14,543

13,021

Between one and five years

10,098

22,521

24,641

35,542

Rent of £12,500 per annum (increasing to £13,750 and £14,500 for years two and three) is due for the Unit occupied

by the company. The rent is paid in monthly instalments and is due on the first day of each calendar month in

advance. The lease is for a term of 3 years with effect from 11 July 2018.

The company has upgraded their telephone system, lease for the equipment is with Grenke. Telephone lease of £40

(plus VAT) per month is due for the term of 60 months with effect from 31 May 2019 until 31 May 2024.

8.	SECURED DEBTS

There is an unscheduled mortgage debenture held by National Westminster Bank Plc dated 1 July 1981 which

incorporates a fixed and floating charge over all current and future assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

120,000

Ordinary

25p

30,000

30,000

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2019

556,323

20,000

576,323

Profit for the year

259,720

259,720

Dividends

(324,000

)

(324,000

)

At 31 December 2019

492,043

20,000

512,043

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C J Chan.

The ultimate controlling party is Mr C J Chan by virtue of his controlling interest in the shares of the Parent

Company EPI North West Limited.

The following reproduces the text of the report prepared for the directors and members in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-

prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2019 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

C S J Chan - Director

17 April 2020

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of EPI Ashdale Engineering Services Ltd for the year ended 31 December 2019, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page eight, the directors are responsible for

the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in

accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical

financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical

financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have

performed additional procedures to those required under a compilation engagement. These primarily consist of making

enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the

evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted

in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion

on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	in accordance with the requirements of the Companies Act 2006.

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

Date: .............................................