Emtec Corporation Limited Filleted accounts for Companies House (small and micro)

Emtec Corporation Limited Filleted accounts for Companies House (small and micro)

EMTEC CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10857542
Emtec Corporation Limited
Filleted Unaudited Financial Statements
31 December 2019
Emtec Corporation Limited
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
7,287
–
Current assets
Debtors
6
6,277
4,127
Cash at bank and in hand
63,009
119,624
--------
---------
69,286
123,751
Creditors: amounts falling due within one year
7
29,297
22,100
--------
---------
Net current assets
39,989
101,651
--------
---------
Total assets less current liabilities
47,276
101,651
--------
---------
Net assets
47,276
101,651
--------
---------
Capital and reserves
Called up share capital
22,446
20,465
Share premium account
467,509
199,163
Profit and loss account
( 442,679)
( 117,977)
---------
---------
Shareholders funds
47,276
101,651
---------
---------
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 Section 1A of 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 comprehensive income has not been delivered.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Emtec Corporation Limited
Statement of Financial Position (continued)
31 December 2019
These financial statements were approved by the board of directors and authorised for issue on 9 March 2020 , and are signed on behalf of the board by:
K H P Mullock
Director
Company registration number: 10857542
Emtec Corporation Limited
Notes to the Financial Statements
Year ended 31 December 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 88 Sheep Street, Bicester, Oxfordshire, OX26 6LP.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
20% straight line
Equipment
-
20% 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2018: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2019
–
–
–
Additions
910
6,783
7,693
----
-------
-------
At 31 December 2019
910
6,783
7,693
----
-------
-------
Depreciation
At 1 January 2019
–
–
–
Charge for the year
57
349
406
----
-------
-------
At 31 December 2019
57
349
406
----
-------
-------
Carrying amount
At 31 December 2019
853
6,434
7,287
----
-------
-------
At 31 December 2018
–
–
–
----
-------
-------
6. Debtors
2019
2018
£
£
Other debtors
6,277
4,127
-------
-------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
7,879
9,776
Social security and other taxes
6,595
–
Other creditors
14,823
12,324
--------
--------
29,297
22,100
--------
--------