Ec-Ex Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03002134 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

EC-EX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J G Grenville

J Hamilton

P M Leese

REGISTERED OFFICE:

Unit H

Venture House

Bone Lane

Newbury

Berkshire

RG14 5SH

REGISTERED NUMBER:

03002134 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy LLP

Chartered Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

4

743,623

735,587

Investments

5

2

2

743,625

735,589

CURRENT ASSETS

Stocks

15,181

3,279

Debtors

6

686,361

742,868

Cash at bank

5

35,701

701,547

781,848

CREDITORS

Amounts falling due within one year

7

777,090

837,446

NET CURRENT LIABILITIES

(75,543

)

(55,598

)

TOTAL ASSETS LESS CURRENT LIABILITIES

668,082

679,991

CREDITORS

Amounts falling due after more than one year

8

(426,463

)

(443,390

)

PROVISIONS FOR LIABILITIES

(9,580

)

(11,467

)

NET ASSETS

232,039

225,134

CAPITAL AND RESERVES

Called up share capital

10

700

700

Retained earnings

231,339

224,434

SHAREHOLDERS' FUNDS

232,039

225,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 June 2018 and were signed on its behalf by:

J Hamilton - Director

1.	STATUTORY INFORMATION

Ec-ex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

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.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have

transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits

associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the

transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

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

Plant & machinery

- 25% straight line

Computer equipment

- 33% straight line

Fixtures & fittings

- 25% straight line

Motor vehicles

- 25% straight line

Land and buildings are not depreciated on the grounds that the estimated residual value is sufficiently large to make any

depreciation charge immaterial.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is estimated and

compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in the profit and loss, unless it's carried at a revalued amount, where the impairment loss is a revaluation

decrease.

Short-term employees benefits

Short-term employees' benefits are recognised as an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2016

696,558

4,491

28,382

Additions

-

670

1,112

Disposals

-

-

(7,326

)

At 30 September 2017

696,558

5,161

22,168

DEPRECIATION

At 1 October 2016

-

2,759

28,057

Charge for year

-

1,052

448

Eliminated on disposal

-

-

(7,326

)

At 30 September 2017

-

3,811

21,179

NET BOOK VALUE

At 30 September 2017

696,558

1,350

989

At 30 September 2016

696,558

1,732

325

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2016

45,057

92,789

867,277

Additions

14,276

18,806

34,864

Disposals

-

(25,688

)

(33,014

)

At 30 September 2017

59,333

85,907

869,127

DEPRECIATION

At 1 October 2016

20,396

80,478

131,690

Charge for year

12,834

12,494

26,828

Eliminated on disposal

-

(25,688

)

(33,014

)

At 30 September 2017

33,230

67,284

125,504

NET BOOK VALUE

At 30 September 2017

26,103

18,623

743,623

At 30 September 2016

24,661

12,311

735,587

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2016

and 30 September 2017

27,807

DEPRECIATION

At 1 October 2016

10,083

Charge for year

6,952

At 30 September 2017

17,035

NET BOOK VALUE

At 30 September 2017

10,772

At 30 September 2016

17,724

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2016

and 30 September 2017

2

NET BOOK VALUE

At 30 September 2017

2

At 30 September 2016

2

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade debtors

467,617

679,194

Amounts recoverable on contract

185,373

32,305

Other debtors

33,371

31,369

686,361

742,868

Included in trade debtors are factored debtors amounting to £437,808 (2016 - £594,383) which have not been paid by the

customer to the invoice discounting company at the balance sheet date.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans and overdrafts

48,051

57,286

Hire purchase contracts

9,673

9,856

Trade creditors

383,097

338,069

Taxation and social security

136,290

106,700

Other creditors

199,979

325,535

777,090

837,446

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans

422,767

429,655

Hire purchase contracts

3,696

13,735

426,463

443,390

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

296,411

251,739

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/17

30/9/16

£

£

Bank overdrafts

16,462

12,807

Bank loans

454,356

474,134

Hire purchase contracts

13,369

23,591

Factoring

148,105

321,592

632,292

832,124

The factoring debt is secured by way of a fixed and floating charge over all property of the Company.

The bank overdraft and loan is secured by a charge over the property of the Company.

The hire purchase debt is secured against the relevant asset.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/17

30/9/16

value:

£

£

700

Ordinary

£1

700

700

11.	FRS 102 TRANSITION

This is the first year that the Company had presented its financial statements under Financial Reporting Standards 102

Section 1A (FRS 102) issued by Financial Reporting Council. The last financial statements prepared under the previous UK

GAAP were for the year ended 30 September 2016 and the date of transition is therefore 01 October 2015. As a

consequence of adopting FRS 102 the Directors are of the opinion that no changes need to be made upon transition to this

accounting standard as the effect of any changes are not material.