ECOSPILL_LTD - Accounts

ECOSPILL LTD - Company Information

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Company Registration No. 07339577 (England and Wales)

ECOSPILL LTD

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

ECOSPILL LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

ECOSPILL LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Intangible assets

1,871

Tangible assets

78,584

63,254

Investments

50,000

130,455

63,254

Current assets

Stocks

426,689

359,563

Debtors

1,159,810

1,006,748

Cash at bank and in hand

105,366

92,662

1,691,865

1,458,973

Creditors: amounts falling due within one year

(1,389,693)

(1,182,081)

Net current assets

302,172

276,892

Total assets less current liabilities

432,627

340,146

Creditors: amounts falling due after more than one year

(517,193)

(482,207)

Provisions for liabilities

(5,427)

(89,993)

(142,061)

Capital and reserves

Called up share capital

Profit and loss account

(89,997)

(142,065)

Shareholders' funds

(89,993)

(142,061)

ECOSPILL LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 2 -

For the financial year ended 31 December 2014 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 September 2015

Mr M A N Hutchinson

Mr M E Sanderson

Director

Company Registration No. 07339577

ECOSPILL LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

Following the acquisition of ESP LLC's interest in Ecospill Limited by Schoeller Industries SAS (SI SAS) on the 19th February 2014, SI SAS have confirmed that they will continue to support Ecospill Ltd financially. SI SAS will also not request repayment of the £482,207 loans outstanding from Ecospill Ltd until the company is solvent and in a financial position to do so. The directors expect this to be within the next 2 to 5 years.

On the above basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the financial assistance by ESP LLC or SI SAS.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 10 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20 % Reducing Balance

Fixtures, fittings & equipment

20% Reducing Balance

Motor vehicles

25% Reducing Balance

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

ECOSPILL LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 January 2014

93,087

Additions

2,079

40,420

50,000

92,499

Disposals

(8,226)

At 31 December 2014

2,079

125,281

50,000

177,360

Depreciation

At 1 January 2014

29,833

On disposals

(1,969)

Charge for the year

208

18,833

19,041

At 31 December 2014

208

46,697

46,905

Net book value

At 31 December 2014

1,871

78,584

50,000

130,455

At 31 December 2013

63,254

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Participating interests

Yourlink Limited

England

Ordinary shares of £1 each

50.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

Yourlink Limited

Wholesaler of cleaning & safety equipment

101,419

35,683

The company agreed with the other shareholders of Yourlink Limited when the investment by the company was made that the company would waive the first £200,000 of its share of dividends voted.

The directors consider that there has been no diminution in the value of the investment in Yourlink limited and no provision is required.

ECOSPILL LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

Fixed assets (Continued)

- 5 -

Debtors

Debtors include an amount of £208,159 (2013 - £165,591) which is due after more than one year.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £651,777 (2013 - £581,848).

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

482,207

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Share capital

2014

2013

Allotted, called up and fully paid

4 Ordinary of £1 each

Related party relationships and transactions

The following directors had interest free loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr M A N Hutchinson -

81,035

20,984

102,019

Mr M E Sanderson -

84,555

13,071

97,626

165,590

34,055

199,645