EC Designs (USA) Limited - Period Ending 2016-05-31

Registration number: 04960665

EC Designs (USA) Limited

Unaudited abbreviated accounts

for the year ended 31 May 2016
 

EC Designs (USA) Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 4

EC Designs (USA) Limited
(Registration number: 04960665)
Abbreviated balance sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			299			399
Current assets
Stock					6,971			7,231
Debtors					470,754			148,562
Cash at bank and in hand					102,477			403,294
					580,202			559,087
Creditors: amounts falling due within one year					(240,226)			(275,445)
Net current assets					339,976			283,642
Net assets					340,275			284,041
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					339,275			283,041
Shareholders' funds					340,275			284,041

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 1

EC Designs (USA) Limited
(Registration number: 04960665)
Abbreviated balance sheet at 31 May 2016
......... continued

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board on 28 February 2017 and signed on its behalf by:

 Mr P Daly
 Director

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 2

EC Designs (USA) Limited
Notes to the abbreviated accounts for the year ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation rate and method
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

EC Designs (USA) Limited
Notes to the abbreviated accounts for the year ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		1,014			1,014
At 31 May 2016		1,014			1,014
Depreciation
At 1 June 2015		615			615
Charge for the year		100			100
At 31 May 2016		715			715
Net book value
At 31 May 2016		299			299
At 31 May 2015		399			399

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £ 1 each		1,000			1,000			1,000			1,000

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