Emtec Corporation Limited Filleted accounts for Companies House (small and micro)

Emtec Corporation Limited Filleted accounts for Companies House (small and micro)

EMTEC CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10857542
Emtec Corporation Limited
Filleted Unaudited Financial Statements
31 December 2021
Emtec Corporation Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
5,589
7,281
Current assets
Stocks
53,760
18,634
Debtors
6
40,692
11,072
Cash at bank and in hand
3,433
59,910
--------
--------
97,885
89,616
Creditors: amounts falling due within one year
7
63,199
27,485
--------
--------
Net current assets
34,686
62,131
--------
--------
Total assets less current liabilities
40,275
69,412
Creditors: amounts falling due after more than one year
8
38,079
50,000
--------
--------
Net assets
2,196
19,412
--------
--------
Capital and reserves
Called up share capital
23,802
23,481
Share premium account
741,482
656,417
Profit and loss account
( 763,088)
( 660,486)
---------
---------
Shareholders funds
2,196
19,412
---------
---------
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 December 2021 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 .
Emtec Corporation Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 14 January 2022 , and are signed on behalf of the board by:
K H P Mullock
Director
Company registration number: 10857542
Emtec Corporation Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 88 Sheep Street, Bicester, Oxfordshire, OX26 6LP.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2020: 6 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2021
2,041
7,393
9,434
Additions
–
1,554
1,554
Disposals
( 2,041)
–
( 2,041)
-------
-------
-------
At 31 December 2021
–
8,947
8,947
-------
-------
-------
Depreciation
At 1 January 2021
427
1,726
2,153
Charge for the year
–
1,632
1,632
Disposals
( 427)
–
( 427)
-------
-------
-------
At 31 December 2021
–
3,358
3,358
-------
-------
-------
Carrying amount
At 31 December 2021
–
5,589
5,589
-------
-------
-------
At 31 December 2020
1,614
5,667
7,281
-------
-------
-------
6. Debtors
2021
2020
£
£
Trade debtors
240
9,810
Other debtors
40,452
1,262
--------
--------
40,692
11,072
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,566
–
Trade creditors
41,903
20,224
Social security and other taxes
3,225
4,811
Other creditors
8,505
2,450
--------
--------
63,199
27,485
--------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
38,079
50,000
--------
--------