Eclipse (Distributors) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02895472 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ECLIPSE (DISTRIBUTORS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J Pawley

Mr D A Adams

SECRETARIES:

Mr R J Pawley

Mrs H C Pawley

Mrs S Adams

Mrs L J Jackson

REGISTERED OFFICE:

12 Romney Place

Maidstone

Kent

ME15 6LE

REGISTERED NUMBER:

02895472 (England and Wales)

ACCOUNTANTS:

Mackenzies Accountants Limited

Chartered Accountants

12 Romney Place

Maidstone

Kent

ME15 6LE

FIXED ASSETS

Tangible assets

4

231,224

229,055

CURRENT ASSETS

Stocks

5

798,489

708,572

Debtors

6

769,866

1,006,098

Prepayments and accrued income

30,403

32,586

Cash at bank and in hand

345,788

576,485

1,944,546

2,323,741

CREDITORS

Amounts falling due within one year

7

1,304,668

1,567,693

NET CURRENT ASSETS

639,878

756,048

TOTAL ASSETS LESS CURRENT LIABILITIES

871,102

985,103

PROVISIONS FOR LIABILITIES

9

6,443

5,771

NET ASSETS

864,659

979,332

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

864,657

979,330

SHAREHOLDERS' FUNDS

864,659

979,332

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

Mr R J Pawley - Director

1.	STATUTORY INFORMATION

Eclipse (Distributors) Limited 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.

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 each asset over its estimated useful life.

Long leasehold

-

2% on cost

Improvements to property

-

25% on cost

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

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

sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Where the exchange rate has not fluctuated significantly during the year an average exchange

rate is used throughout the period.

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 16 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2018

243,452

76,732

26,013

At 31 March 2019

243,452

76,732

26,013

DEPRECIATION

At 1 April 2018

47,473

73,664

21,305

Charge for year

4,869

933

1,749

At 31 March 2019

52,342

74,597

23,054

NET BOOK VALUE

At 31 March 2019

191,110

2,135

2,959

At 31 March 2018

195,979

3,068

4,708

Office

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

27,504

19,800

46,162

439,663

Additions

-

21,722

1,900

23,622

At 31 March 2019

27,504

41,522

48,062

463,285

DEPRECIATION

At 1 April 2018

25,597

2,063

40,506

210,608

Charge for year

1,424

9,865

2,613

21,453

At 31 March 2019

27,021

11,928

43,119

232,061

NET BOOK VALUE

At 31 March 2019

483

29,594

4,943

231,224

At 31 March 2018

1,907

17,737

5,656

229,055

The long leasehold property is subject to a 125 year lease commencing on 27th October 1988, it was acquired by

the company on 12th June 2008. The useful economic life of the property is considered to be 50 years. The

property's address is Unit 4 Devonshire Court, Leycroft, Beaumont, Leicester, LE4 1ET.

The company has a long standing accounting policy of writing down all assets with net book value of less than

£500 to zero. The additional depreciation charge during the year relating to fixed asset write-downs was £407

(2018: £2,738).

5.

STOCKS

2019

2018

£

£

Stocks

798,489

708,572

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

722,464

1,006,098

VAT

47,402

-

769,866

1,006,098

Trade debtors includes an amount of £112,483 (2018: £483,149) receivable from Synergy Lighting Limited, a

group company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

468,393

664,509

Tax

103,277

140,718

Social security and other taxes

14,816

14,609

VAT

-

4,887

Other creditors

600,000

600,000

Pension liability

799

-

Accrued expenses

117,383

142,970

1,304,668

1,567,693

Other creditors consist of loans received from R & H Pawley Ltd of £200,000, D & S Adams Ltd of £200,000

and P & L Jackson Ltd of £200,000. All three companies are under common control.

8.	LEASING AGREEMENTS

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

2019

2018

£

£

Within one year

29,385

44,078

The lease commitments relate to the rental of premises.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

6,443

5,771

Deferred

tax

£

Balance at 1 April 2018

5,771

Accelerated capital allowances

672

Balance at 31 March 2019

6,443

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 April 2018

979,330

Profit for the year

435,327

Dividends

(550,000

)

At 31 March 2019

864,657

12.	CONTINGENT LIABILITIES

The company's bankers National Westminster Bank Plc hold a reciprocal cross-guarantee between Synergy

Lighting Limited, Eclipse (Distributors) Limited, Meltek (Leicester) Limited, Darap Limited, R & H Pawley

Limited, P & L Jackson Limited and D & S Adams Limited.

13.	RELATED PARTY DISCLOSURES

Management charges were received from Synergy Lighting Limited amounting to £34,911 (2018: £44,888).

The company received from Synergy Lighting Limited an amount of £292,649 (2018: £133,746) in respect of

premises rent and rates and a contribution to other overheads.

The above transactions were at market rates.

14.	ULTIMATE CONTROLLING PARTY

No individual is the ultimate controlling party. Richard Pawley, David Adams and Paul Jackson between them

control the majority share capital of R & H Pawley Ltd, D & S Adams Ltd and P & L Jackson Ltd respectively,

which in turn hold 100% of the share capital of Darap Limited, the parent company of Eclipse (Distributors)

Limited.