Emtec Fire Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC416998 (Scotland)

Financial Statements for the Year Ended 31 May 2021

for

EMTEC FIRE SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S P Stevenson

S Barclay

C Sands

M J Clinch

A T McKenzie

W Ottilinger

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC416998 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

Bank of Scotland plc

Glasgow Chief Office

PO Box 17235

Edinburgh

EH11 1YH

FIXED ASSETS

Tangible assets

5

26,909

19,753

CURRENT ASSETS

Debtors

6

1,613,601

1,267,703

Cash at bank

131,626

161,393

1,745,227

1,429,096

CREDITORS

Amounts falling due within one year

7

1,738,710

1,397,943

NET CURRENT ASSETS

6,517

31,153

TOTAL ASSETS LESS CURRENT LIABILITIES

33,426

50,906

PROVISIONS FOR LIABILITIES

5,113

3,753

NET ASSETS

28,313

47,153

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

28,213

47,053

SHAREHOLDERS' FUNDS

28,313

47,153

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 23 February 2022 and were signed on its behalf by:

S P Stevenson - Director

1.	STATUTORY INFORMATION

Emtec Fire Systems Ltd is a private company, limited by shares , registered in Scotland. 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 (£).

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover and revenue recognition

Turnover is derived from the various activities of the company operating as a contractor.

Turnover therefore represents the fair value of work done and service supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £5,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Grants

Grants which are considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

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

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 46 (2020 - 36 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2020

66,750

Additions

17,752

Disposals

(12,283

)

At 31 May 2021

72,219

DEPRECIATION

At 1 June 2020

46,997

Charge for year

7,737

Eliminated on disposal

(9,424

)

At 31 May 2021

45,310

NET BOOK VALUE

At 31 May 2021

26,909

At 31 May 2020

19,753

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/21

31/5/20

£

£

Trade debtors

267,770

320,041

Amounts recoverable on contracts

1,339,024

816,450

Other debtors

6,807

131,212

1,613,601

1,267,703

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/21

31/5/20

£

£

Trade creditors

858,326

729,351

Amounts owed to group undertakings

489,815

297,317

Taxation and social security

315,753

346,462

Other creditors

74,816

24,813

1,738,710

1,397,943

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

This balance was unsecured, interest free and had no fixed repayment terms.

10.	RELATED PARTY DISCLOSURES

The company has an intercompany loan balance with Emtec Group Ltd and its subsidiary undertakings. The loan is unsecured, interest free and has no fixed repayment terms. At the year end the company owed £489,815 (2020 - £297,317) to Emtec Group Ltd and its subsidiary undertakings.

During the year intercompany loans of £200,000 which were due by the company to Emtec Group and its subsidiary undertakings and had previously been provided against were reinstated (2020 - £200,000 provision).

11.	CONTROLLING PARTY

The controlling party is Emtec Group Limited.

The company had no ultimate controlling party during the year to 31 May 2021. Since the year end Fr. Sauter Ag has become the ultimate controlling party.