ECO2LEC Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07555861 (England and Wales)

ECO2LEC Limited

Unaudited Financial Statements

for the Year Ended 31st March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

R A Brown

D M Brown

SECRETARY:

D M Brown

REGISTERED OFFICE:

19 Ferro Fields

Brixworth Industrial Estate

Brixworth

Northamptonshire

NN6 9UA

REGISTERED NUMBER:

07555861 (England and Wales)

ACCOUNTANTS:

Cheney & Co

310 Wellingborough Road

Northampton

NN1 4EP

FIXED ASSETS

Tangible assets

5

42,075

37,238

CURRENT ASSETS

Stocks

152,900

72,750

Debtors

6

180,351

588,083

Cash at bank

15,581

29,975

348,832

690,808

CREDITORS

Amounts falling due within one year

7

247,276

572,045

NET CURRENT ASSETS

101,556

118,763

TOTAL ASSETS LESS CURRENT LIABILITIES

143,631

156,001

CREDITORS

Amounts falling due after more than one year

8

(126,679

)

(67,829

)

PROVISIONS FOR LIABILITIES

10

(7,000

)

(7,000

)

NET ASSETS

9,952

81,172

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

9,852

81,072

SHAREHOLDERS' FUNDS

9,952

81,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14th December 2022 and were signed on its behalf by:

R A Brown - Director

1.	STATUTORY INFORMATION

ECO2LEC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company was that of commercial and domestic electrical work.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2021

1,136

5,584

93,917

6,404

107,041

Additions

-

-

19,489

-

19,489

At 31st March 2022

1,136

5,584

113,406

6,404

126,530

DEPRECIATION

At 1st April 2021

852

4,759

58,043

6,149

69,803

Charge for year

284

275

13,838

255

14,652

At 31st March 2022

1,136

5,034

71,881

6,404

84,455

NET BOOK VALUE

At 31st March 2022

-

550

41,525

-

42,075

At 31st March 2021

284

825

35,874

255

37,238

The net book value of tangible fixed assets includes £ 20,277 (2021 - £ 27,029 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

104,409

527,583

Amounts owed by group undertakings

59,710

59,659

Other debtors

16,232

841

180,351

588,083

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 9)

27,160

7,108

Hire purchase contracts

24,409

8,980

Trade creditors

65,465

388,142

Amounts owed to group undertakings

30,367

5,509

Taxation and social security

83,598

138,191

Other creditors

16,277

24,115

247,276

572,045

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 9)

111,999

42,893

Hire purchase contracts

14,680

24,936

126,679

67,829

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

2,651

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

9,675

7,108

Funding circle loan

17,485

-

27,160

7,108

Amounts falling due between one and two years:

Bank loans - 1-2 years

9,920

9,687

Funding circle loan - 1-2 year

18,823

-

28,743

9,687

Amounts falling due between two and five years:

Bank loans - 2-5 years

23,738

30,555

Funding circle loan - 2-5 year

59,518

-

83,256

30,555

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

2,651

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

7,000

7,000

Deferred

tax

£

Balance at 1st April 2021

7,000

Balance at 31st March 2022

7,000

The hire purchase liabilities are secured by the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.	CONTINGENT LIABILITIES

There are no contingent liabilities as at 31st March 2022 or at 31st March 2021.

13.	CAPITAL COMMITMENTS

There are no capital commitments as at 31st March 2022 or at 31st March 2021.