ECS Limited - Period Ending 2014-07-31

Registration number: 5891716

ECS Limited

Unaudited Abbreviated Accounts

31 July 2014
 

ECS Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

ECS Limited
abbreviated balance sheet
31 July 2014

		Note			2014						2013 £
	£			£
Fixed assets
Tangible fixed assets								49,688			39,067
Current assets
Stocks					23,322						70,734
Debtors					47,547						42,149
Cash at bank and in hand					82,759						2,605
					153,628						115,488
Creditors: Amounts falling due within one year					(120,360)						(100,747)
Net current assets								33,268			14,741
Total assets less current liabilities								82,956			53,808
Creditors: Amounts falling due after more than one year								-			(3,050)
Provisions for liabilities								(5,793)			(2,759)
Net assets								77,163			47,999
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					77,063						47,899
Shareholders' funds								77,163			47,999

The notes on pages 3 to 5 form an integral part of these financial statements.
1

ECS Limited
abbreviated balance sheet ......... continued
31 July 2014

For the year ending 31 July 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

For the year ending 31 July 2014 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

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 .

Approved by the director on 11 April 2015

.........................................
Mr JS Jones
Director

Company Registration Number: 5891716

The notes on pages 3 to 5 form an integral part of these financial statements.
2

ECS Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention..

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold property	over the period of the lease
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

3

ECS Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2014

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

4

ECS Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2014

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2013		104,840			104,840
Additions		21,330			21,330
At 31 July 2014		126,170			126,170
Depreciation
At 1 August 2013		65,773			65,773
Charge for the year		10,709			10,709
At 31 July 2014		76,482			76,482
Net book value
At 31 July 2014		49,688			49,688
At 31 July 2013		39,067			39,067

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

5