Ecotecworld Limited - Period Ending 2018-02-28

Registration number: 07332022

Ecotecworld Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Ecotecworld Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Ecotecworld Limited

(Registration number: 07332022)
Balance Sheet as at 28 February 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	4,365	9,524
Current assets
Debtors	4	397,355	2,042,223
Cash at bank and in hand		276	278,023
		397,631	2,320,246
Creditors: Amounts falling due within one year	5	(881,659)	(2,588,002)
Net current liabilities		(484,028)	(267,756)
Net liabilities		(479,663)	(258,232)
Capital and reserves
Called up share capital	6	2	2
Profit and loss account		(479,665)	(258,234)
Total equity		(479,663)	(258,232)

For the financial year ending 28 February 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 March 2018 and signed on its behalf by:
 

.........................................

N Criado-Perez
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Ecotecworld Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 20 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent on the support of its directors. On the assumption that this support will continue, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Contract revenue recognition

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measure by reference to costs incurred to date as a percentage of total estimated costs from each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recongised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Page 2

Ecotecworld Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33.33% straight line

3	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 March 2017	19,049	19,049
Additions	1,189	1,189
At 28 February 2018	20,238	20,238
Depreciation
At 1 March 2017	9,524	9,524
Charge for the year	6,349	6,349
At 28 February 2018	15,873	15,873
Carrying amount
At 28 February 2018	4,365	4,365
At 28 February 2017	9,524	9,524

Page 3

Ecotecworld Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Debtors

	Note	2018 £	2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		5,366	1,105,393
Prepayments		-	5,200
Other debtors		391,989	931,630
		397,355	2,042,223

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		900	3,407
Amounts owed to group undertakings and undertakings in which the company has a participating interest		878,539	2,347,684
Accruals and deferred income		2,220	5,000
Other creditors		-	231,911
		881,659	2,588,002

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

7	Transition to FRS 102

The company has adopted FRS 102 for the first time in year ended 28 February 2018.
There were no adjustments resulting from the transition to FRS 102 that impact upon the net surplus for the period ended 28 February 2017. Total capital and reserves reported in these accounts as at 1 September 2015 and 28 February 2017 are as reported previously.

Page 4