Emtec Branding Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC484310 (Scotland)

Financial Statements for the Year Ended 31 May 2018

for

EMTEC BRANDING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M McCabe

A McCabe

J G Workman

S P Stevenson

R H McArthur

J Leathem

P Harrison

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC484310 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

12,405

18,607

CURRENT ASSETS

Stocks

892

29,070

Debtors

6

229,393

364,117

Cash at bank

43,471

63,082

273,756

456,269

CREDITORS

Amounts falling due within one year

7

259,645

451,720

NET CURRENT ASSETS

14,111

4,549

TOTAL ASSETS LESS CURRENT LIABILITIES

26,516

23,156

PROVISIONS FOR LIABILITIES

2,357

3,535

NET ASSETS

24,159

19,621

CAPITAL AND RESERVES

Called up share capital

5

5

Retained earnings

24,154

19,616

SHAREHOLDERS' FUNDS

24,159

19,621

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 29 January 2019 and were signed on its behalf by:

S P Stevenson - Director

1.	STATUTORY INFORMATION

Emtec Branding Ltd is a private company, limited by shares , registered in Scotland. The company's registered

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition

Turnover is derived from the various activities of the company operating as a signboard manufacturer.

Turnover therefore represents the fair value of work done and service supplied, net of discounts and excluding

value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets

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

Plant and machinery etc

-

Straight line over 4 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is

not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of

the cash-generating unit to which the asset belongs.

Expenditure of £5,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets

below this threshold is charged directly to the income statement in the period it is incurred.

Stocks and long term contracts

Stocks are valued at the lower of cost and expected selling price less costs to complete, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The

amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the

work carried out to date. The amount by which measured turnover exceeds the payments received to date on

individual contracts is shown within debtors as amounts recoverable on contracts. Attributable profit is

recognised as the difference between recorded turnover and related costs.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2017 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

and 31 May 2018

24,809

DEPRECIATION

At 1 June 2017

6,202

Charge for year

6,202

At 31 May 2018

12,404

NET BOOK VALUE

At 31 May 2018

12,405

At 31 May 2017

18,607

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

228,722

364,116

Other debtors

671

1

229,393

364,117

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

93,608

236,673

Amounts owed to group undertakings

135,769

202,837

Taxation and social security

27,499

9,906

Other creditors

2,769

2,304

259,645

451,720

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

9.	RELATED PARTY DISCLOSURES

The company has an intercompany loan balance with Emtec Group Ltd and its subsidiary undertakings. The loan

is unsecured, interest free and has no fixed repayment terms. At the year end the company owed £135,769 (2017

- £202,837) to Emtec Group Ltd and its subsidiary undertakings.

During the year intercompany loans and debtor balances totalling £75,000 (2017 - £nil) which had been due by

the company to Emtec Group Ltd and its subsidiary undertakings were written off.

At the year end the company had a loan balance of £115 (2017 - £nil) due to P Harrison. This loan is unsecured,

interest free and has no fixed repayment terms.

10.	CONTROLLING PARTY

The controlling party is Emtec Group Ltd.