EC WIRE LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03239930

EC WIRE LIMITED

Filleted Unaudited Financial Statements

Year ended

31 August 2020

EC WIRE LIMITED

Financial Statements

Year ended 31 August 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

EC WIRE LIMITED

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		619,749	786,637

Current assets

Stocks		642,287	697,000
Debtors	6	305,296	437,248
Cash at bank and in hand		111,290	240,503
		------------	------------
		1,058,873	1,374,751

Creditors: amounts falling due within one year	7	404,839		547,850
		------------		------------
Net current assets			654,034	826,901
			------------	------------
Total assets less current liabilities			1,273,783	1,613,538

Creditors: amounts falling due after more than one year	8		795,000	1,030,000

Provisions

Taxation including deferred tax	68,047	70,307
	------------	------------
Net assets	410,736	513,231
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	410,636	513,131
	---------	---------
Shareholders funds	410,736	513,231
	---------	---------

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 August 2020 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 .

EC WIRE LIMITED

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 10 December 2020 , and are signed on behalf of the board by:

MR B E TUDOR

Director

Company registration number: 03239930

EC WIRE LIMITED

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 TITHE BARN STREET, HORNBURY, WAKEFIELD, WEST YORKSHIRE, WF4 6LG.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Sep 2019	750,000	13,529	10,030	50,452	17,415	841,426
Disposals	( 136,900)	–	–	( 9,000)	–	( 145,900)
Revaluations	( 18,100)	–	–	–	–	( 18,100)
	---------	--------	--------	--------	--------	---------
At 31 Aug 2020	595,000	13,529	10,030	41,452	17,415	677,426
	---------	--------	--------	--------	--------	---------
Depreciation
At 1 Sep 2019	–	11,034	9,932	16,928	16,895	54,789
Charge for the year	–	505	25	7,432	130	8,092
Disposals	–	–	–	( 5,204)	–	( 5,204)
	---------	--------	--------	--------	--------	---------
At 31 Aug 2020	–	11,539	9,957	19,156	17,025	57,677
	---------	--------	--------	--------	--------	---------
Carrying amount
At 31 Aug 2020	595,000	1,990	73	22,296	390	619,749
	---------	--------	--------	--------	--------	---------
At 31 Aug 2019	750,000	2,495	98	33,524	520	786,637
	---------	--------	--------	--------	--------	---------

The directors consider that the open market value of the investment properties as at 31 August 2020 was £595,000 (2019:£750,000). No depreciation is provided in respect of these properties. On a historical cost basis this would have been included at an original cost of £162,508 (2019:£299,408).

6. Debtors

	2020	2019
	£	£
Trade debtors	292,789	437,248
Other debtors	12,507	–
	---------	---------
	305,296	437,248
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	391,468	499,472
Corporation tax	–	12,507
Social security and other taxes	5,408	27,908
Other creditors	7,963	7,963
	---------	---------
	404,839	547,850
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
Other creditors	745,000	1,030,000
	---------	------------
	795,000	1,030,000
	---------	------------

Included in the long term loans is an unsecured loan of £300,000 (2019:£300,000). The interest on this is set at 4.5% above base rate. The loan is repayable after 12 months and the terms of repayment are reviewed annually at the year end. The loan is also subject to immediate repayment in the event of the director, Mr B E Tudor ceasing to own 49% of the shares in the company or ceasing to work with the company. The loan may also become repayable by the serving of six months notice in writing or by by mutual agreement. Included in the long term loans is an unsecured loan of nil (2019:£250,000). The interest on this is set at 4.5% above base rate. The loan is repayable after 12 months and the terms of repayment are reviewed annually at the year end.

9. Related party transactions

The company was under the control of Mr R Kodesh, Mr B E Tudor and Mr D Kodesh throughout the current and previous year. Mr D Kodesh and Mr R Kodesh are directors of Eurowire Limited. As at 31 August 2020 EC Wire Limited owed Eurowire Limited £430,000 (2019:£480,000).