Eco-Airvent Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07624658 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

ECO-AIRVENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C E Broom

G Morgan

REGISTERED OFFICE:

Suite 1, 3rd Floor

11-12 St. James's Square

London

SW1Y 4LB

REGISTERED NUMBER:

07624658 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

3

1,566

2,415

CURRENT ASSETS

Stocks

70,525

61,435

Debtors

4

80,645

209,266

Cash at bank

3,437

12,589

154,607

283,290

CREDITORS

Amounts falling due within one year

5

59,026

157,319

NET CURRENT ASSETS

95,581

125,971

TOTAL ASSETS LESS CURRENT LIABILITIES

97,147

128,386

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

96,947

128,186

SHAREHOLDERS' FUNDS

97,147

128,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 1 November 2017 and were signed on its behalf by:

G Morgan - Director

1.	STATUTORY INFORMATION

Eco-Airvent Limited is a private company limited by share capital, incorporated in England and Wales,

registration number 07624658. The address of the registered office is Suite 1, 3rd Floor, 11-12 St. James's

Square, London.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery

- 50% straight line and 33.33% reducing balance

Computer equipment

- 50% straight line and 33.33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recogised immediately in profit

or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by deposits held at call with financial institutions.

Creditors

Basic financial liabilities, including trade and other creditors and loans from related parties, are initially

recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future payments discounted at a market rate of interest. Such

instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Share capital

Ordinary Shares are classified as equity

Interim dividends

Interim dividends are accounted for when paid.

3.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 June 2016

1,753

3,986

5,739

Additions

176

851

1,027

At 31 May 2017

1,929

4,837

6,766

DEPRECIATION

At 1 June 2016

1,504

1,820

3,324

Charge for year

213

1,663

1,876

At 31 May 2017

1,717

3,483

5,200

NET BOOK VALUE

At 31 May 2017

212

1,354

1,566

At 31 May 2016

249

2,166

2,415

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

73,537

209,266

Other debtors

7,108

-

80,645

209,266

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

27,248

85,620

Taxation and social security

10,936

43,418

Other creditors

20,842

28,281

59,026

157,319

6.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 31 May 2017 and

31 May 2016:

31.5.17

31.5.16

£

£

G Morgan

Balance outstanding at start of year

26,416

31,416

Amounts advanced

32,000

46,208

Amounts repaid

(49,489

)

(51,208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,927

26,416

The maximum amount overdrawn in the year on G Morgan's loan account was £820.

At the year end C E Broom, a director, was owed £10,000 (2016: £nil).

The loans are interest free and repayable on demand.

7.	TRANSITION TO FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31 May 2016. The date of transition to FRS 102 was 1 June 2015.

There are no transitional adjustments arising from the first time adoption of FRS 102.