ECCENTRICITY LIMITED
ECCENTRICITY LIMITED
Registered number: 06398508
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2019
ECCENTRICITY LIMITED
Director's Report and Unaudited Financial Statements
For The Year Ended 31 March 2019
Director's Report and Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Director's Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5—6 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8—12 |
ECCENTRICITY LIMITED
Company Information
For The Year Ended 31 March 2019
Company Information
| Director |
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| Company Number |
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| Registered Office | 15 Lyfield |
| Oxshott | |
| Leatherhead | |
| Surrey | |
| KT22 0SH | |
| Accountants | CHARLES R. DEAN B.Sc. F.C.A. |
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| Chartered Accountants | |
| PO Box 2710, Lewes | |
| East Sussex | |
| BN8 4BW | |
Page 1
ECCENTRICITY LIMITED
Company No. 06398508
Director's Report For The Year Ended 31 March 2019
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2019 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of bespoke electrical installations.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Page 2
ECCENTRICITY LIMITED
Accountant's Report
For The Year Ended 31 March 2019
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of ECCENTRICITY LIMITED For The Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of ECCENTRICITY LIMITED For The Year Ended 31 March 2019 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of ECCENTRICITY LIMITED , as a body, in accordance with the terms of our engagement letter dated 21 January 2017. Our work has been undertaken solely to prepare for your approval the accounts of ECCENTRICITY LIMITED and state those matters that we have agreed to state to the director of ECCENTRICITY LIMITED , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ECCENTRICITY LIMITED and its director, as a body, for our work or for this report.
It is your duty to ensure that ECCENTRICITY LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of ECCENTRICITY LIMITED . You consider that ECCENTRICITY LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of ECCENTRICITY LIMITED . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Much AddDo Accountants Ltd
Chartered Accountants
PO Box 2710, Lewes
East Sussex
BN8 4BW
Page 3
ECCENTRICITY LIMITED
Profit and Loss Account
For The Year Ended 31 March 2019
Profit and Loss Account
| 2019 | 2018 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER | 2 |
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| Cost of sales |
( |
( |
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| GROSS PROFIT/(LOSS) |
( |
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| Administrative expenses |
( |
( |
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| OPERATING PROFIT/(LOSS) | 3 |
( |
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| Other interest receivable and similar income |
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| Interest payable and similar charges | 6 |
( |
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| PROFIT/(LOSS) BEFORE TAXATION |
( |
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| Tax on Profit/(Loss) |
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| PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
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The notes on pages 8 to 12 form part of these financial statements.
Page 4
ECCENTRICITY LIMITED
Balance Sheet
As at
31 March 2019
Balance Sheet
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 8 |
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| CURRENT ASSETS | |||||
| Stocks | 9 |
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| Debtors | 10 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 11 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 12 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 14 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 16 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (21,377) | 106,175 | |||
Page 5
ECCENTRICITY LIMITED
Balance Sheet (continued)
As at
31 March 2019
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 8 to 12 form part of these financial statements.
Page 6
ECCENTRICITY LIMITED
Statement of Changes in Equity
For The Year Ended 31 March 2019
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 April 2017 |
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58,405 |
| Profit for the year and total comprehensive income | - |
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92,770 |
| Dividends paid | - | (45,000) | (45,000) |
| As at 31 March 2018 and 1 April 2018 |
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106,175 |
| Loss for the year and total comprehensive income | - |
( |
(127,552) |
| Dividends paid | - | - | - |
| As at |
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(21,377) |
Page 7
ECCENTRICITY LIMITED
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 Section 1A Small Entities (effective January 2015).
1.2.
Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is amortised to profit and loss account over its estimated economic life of three years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.8.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.
Turnover by Geographic Analysis
None of the company turnover was derived from markets outside the United Kingdom.
| 2019 | 2018 | ||
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| £ | £ | ||
| United Kingdom | 984,418 | 755,619 | |
| 984,418 | 755,619 | ||
Page 8
ECCENTRICITY LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
3.
Operating Loss
The operating loss is stated after charging:
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 14,429 | 319 | |
| Director's remuneration |
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| Depreciation of tangible fixed assets - owned |
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| Depreciation of tangible fixed assets - hire purchase |
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4.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2019 | 2018 | ||
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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5.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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6.
Interest Payable
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Finance charges payable under finance leases and hire purchase contracts |
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Page 9
ECCENTRICITY LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
7.
Intangible Assets
| Goodwill | |||
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| £ | |||
| Cost | |||
| As at |
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| As at |
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| Amortisation | |||
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| Net Book Value | |||
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| As at |
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8.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| As at |
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| Depreciation | ||||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | ||||
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9.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 22,479 | 76,669 | |
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Page 10
ECCENTRICITY LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
10.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Retentions |
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| Other debtors (2) |
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| Corporation tax recoverable assets |
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11.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals |
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12.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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13.
Obligations Under Finance Leases and Hire Purchase
| 2019 | 2018 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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Page 11
ECCENTRICITY LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
14.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2019 | 2018 | ||
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| £ | £ | ||
| Deferred tax |
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15.
Provisions for Liabilities
| Deferred Tax | ||
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| £ | ||
| As at |
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| Increase/(Decrease) in the year |
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| Balance at |
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17.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Simon Thompson |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
| 2019 | 2018 | |
|---|---|---|
| £ | £ | |
| Mr Simon Thompson | - | 45,000 |
18.
Dividends
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| - | 45,000 | ||
19.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Simon Thompson by virtue of his ownership of 100% of the issued share capital in the company.
20.
General Information
ECCENTRICITY LIMITED Registered number 06398508 is a limited by shares company incorporated in England & Wales. The Registered Office is 15 Lyfield, Oxshott, Leatherhead, Surrey, KT22 0SH.
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