Ecotec Systems Ltd - Accounts to registrar (filleted) - small 18.2
Ecotec Systems Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2020 |
| for |
| Ecotec Systems Ltd |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Ecotec Systems Ltd |
| Company Information |
| for the Year Ended 31 August 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Balance Sheet |
| 31 August 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Balance Sheet - continued |
| 31 August 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2020 |
| 1. | STATUTORY INFORMATION |
| Ecotec Systems Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis on the understanding that the controlling shareholder will continue to provide the company with the necessary loan and working capital facilities to enable it to continue operating for the foreseeable future. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| During the year the company has received covid related Government support which has been accounted for in the profit and loss account as follows: |
| Coronavirus Job Retention Scheme Grants were recognised under the accrual model, so as to match the grant with the expenditure to which it related. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Covid-19 |
| During the year the company has received covid related Government support which has been accounted for in the profit and loss account as follows: |
| Coronavirus Job Retention Scheme Grants were recognised under the accrual model, so as to match the grant with the expenditure to which it related. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2020 |
| DEPRECIATION |
| At 1 September 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2020 |
| NET BOOK VALUE |
| At 31 August 2020 |
| At 31 August 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Ecotec Systems Ltd (Registered number: 06634313) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other creditors |
| The Bank Loan is a Bounce Back Loan for a period of six years at interest rate of 2.5% per annum which is fixed for the duration of the loan. During the first twelve months no repayment of capital is required and the UK Government will pay the interest due. Capital repayments will commence in equal instalments in November 2021 and the aggregate amount payable more than five years from the balance sheet date is £5,324. |
| 8. | SECURED DEBTS |
| A debenture has been registered in favour of The Royal Bank of Scotland by way of a fixed charge against stocks and other assets of the company as security for bank borrowings. |
| 9. | ULTIMATE CONTROLLING PARTY |
| S R Sverdloff is considered to be the company's ultimate controlling party, by virtue of his controlling interest in the company's issued share capital. |
| 10. | COVID-19 |
| COVID-19 has had a negative impact on the current economic climate and it's significant economic impact has been considered when preparing the year end financial statements. |
| The company received a Coronavirus Job Retention Scheme grant during the year to the total of £24,767 as a result of the governments financial support measures as a response to the global pandemic.This has been recognised under the accrual model, so as to match the grant with the expenditure to which it related. |