ECS Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05891716

ECS Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2020

ECS Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		64,415	67,279

Current assets

Stocks		53,218	56,218
Debtors	6	120,655	91,178
Cash at bank and in hand		198,357	104,180
		---------	---------
		372,230	251,576

Creditors: amounts falling due within one year	7	103,568		88,522
		---------		---------
Net current assets			268,662	163,054
			---------	---------
Total assets less current liabilities			333,077	230,333

Creditors: amounts falling due after more than one year	8		–	2,438

Provisions

Taxation including deferred tax	11,042	11,547
	---------	---------
Net assets	322,035	216,348
	---------	---------

ECS Limited

Statement of Financial Position (continued)

31 July 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	120	100
Profit and loss account	321,915	216,248
	---------	---------
Shareholders funds	322,035	216,348
	---------	---------

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 31st July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 April 2021 , and are signed on behalf of the board by:

MR J JONES

Director

Company registration number: 05891716

ECS Limited

Notes to the Financial Statements

Year ended 31st July 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 L Building, Glenfield Business Park, Phillips Road, Blackburn, Lancashire, BB1 5PF, ENGLAND.

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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception: * 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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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:

Additions to leasegold 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

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

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. Particulars of employees

The average number of persons employed by the company during the year amounted to 10 (2019: 8 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Aug 2019	1,809	107,704	34,120	85,641	23,870	253,144
Additions	–	–	14,670	–	–	14,670
Disposals	–	–	( 5,000)	( 2,000)	–	( 7,000)
	-------	---------	--------	--------	--------	---------
At 31 Jul 2020	1,809	107,704	43,790	83,641	23,870	260,814
	-------	---------	--------	--------	--------	---------
Depreciation
At 1 Aug 2019	1,809	79,510	29,308	56,753	18,485	185,865
Charge for the year	–	7,048	1,203	7,222	1,346	16,819
Disposals	–	–	( 4,333)	( 1,952)	–	( 6,285)
	-------	---------	--------	--------	--------	---------
At 31 Jul 2020	1,809	86,558	26,178	62,023	19,831	196,399
	-------	---------	--------	--------	--------	---------
Carrying amount
At 31 Jul 2020	–	21,146	17,612	21,618	4,039	64,415
	-------	---------	--------	--------	--------	---------
At 31 Jul 2019	–	28,194	4,812	28,888	5,385	67,279
	-------	---------	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	107,475	80,360
Other debtors	13,180	10,818
	---------	--------
	120,655	91,178
	---------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	779	–
Trade creditors	46,709	14,258
Corporation tax	23,505	8,908
Social security and other taxes	25,750	22,773
Other creditors	6,825	42,583
	---------	--------
	103,568	88,522
	---------	--------

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

	2020	2019
	£	£
Other creditors	–	2,438
	----	-------

9. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Later than 1 year and not later than 5 years	26,275	26,275
	--------	--------

10. Director's advances, credits and guarantees

Included in other creditors are amounts owing to Mr J Jones, the director of the company, of £186 (2019: £31,825)

11. Related party transactions

The company was under the control of Mr J Jones throughout the current and previous year. Mr J Jones is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.