ETS Dynamics Limited Filleted accounts for Companies House (small and micro)

ETS DYNAMICS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05607082

ETS Dynamics Limited

Filleted Unaudited Financial Statements

31 March 2019

ETS Dynamics Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		41,715	55,922

Current assets

Debtors	6	41,517	28,860
Cash at bank and in hand		3,612	22,947
		--------	--------
		45,129	51,807

Creditors: amounts falling due within one year	7	( 37,848)		( 45,454)
		--------		--------
Net current assets			7,281	6,353
			--------	--------
Total assets less current liabilities			48,996	62,275

Creditors: amounts falling due after more than one year	8		( 41,198)	( 51,223)

Provisions

Taxation including deferred tax	( 7,092)	( 10,625)
	--------	--------
Net assets	706	427
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	606	327
	----	----
Shareholders funds	706	427
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ETS Dynamics Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 18 December 2019 , and are signed on behalf of the board by:

M R Green
Director

Company registration number: 05607082

ETS Dynamics Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Lower Down Road, Portishead, North Somerset, BS20 6PF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Revenue recognition

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	98,880	908	99,788
	--------	----	--------
Depreciation
At 1 April 2018	43,260	606	43,866
Charge for the year	13,905	302	14,207
	--------	----	--------
At 31 March 2019	57,165	908	58,073
	--------	----	--------
Carrying amount
At 31 March 2019	41,715	–	41,715
	--------	----	--------
At 31 March 2018	55,620	302	55,922
	--------	----	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	624	18,854
Other debtors	40,893	10,006
	--------	--------
	41,517	28,860
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	7,223
Corporation tax	16,100	12,723
Social security and other taxes	8,483	12,967
Other creditors	13,265	12,541
	--------	--------
	37,848	45,454
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	41,198	51,223
	--------	--------

9. Related party transactions

At the year end the company was owed £30,863 (2018 - £10,006) by the shareholder. This amount is interest free and repayable on demand.