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Registration number: 02407523

ECS Computers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

ECS Computers Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ECS Computers Ltd

Company Information

Directors

Mrs TE Heraghty

Mr S Heraghty

Mr AR Ryan

Mrs C Ryan

Mr PB Heraghty

Registered office

98-99 London Road,
King's Lynn
Norfolk
PE30 5HA

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

ECS Computers Ltd

(Registration number: 02407523)
Statement of financial position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

33,878

40,709

Current assets

 

Stocks

5

39,132

45,723

Debtors

6

105,010

46,272

Cash at bank and in hand

 

317,053

262,381

 

461,195

354,376

Creditors: Amounts falling due within one year

7

(368,753)

(273,199)

Net current assets

 

92,442

81,177

Total assets less current liabilities

 

126,320

121,886

Provisions for liabilities

(4,849)

(6,046)

Net assets

 

121,471

115,840

Capital and reserves

 

Called up share capital

8

120

120

Retained earnings

121,351

115,720

Shareholders' funds

 

121,471

115,840

For the financial year ending 31 December 2021 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income has been taken.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

 

ECS Computers Ltd

(Registration number: 02407523)
Statement of financial position as at 31 December 2021

.........................................
Mrs TE Heraghty
Director

 

ECS Computers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
98-99 London Road,
King's Lynn
Norfolk
PE30 5HA

These financial statements were authorised for issue by the Board on 13 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

ECS Computers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Website

Fully depreciated

Plant & Machinery

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

ECS Computers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2020 - 21).

 

ECS Computers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

64,049

46,585

110,634

Additions

1,150

-

1,150

Disposals

(508)

-

(508)

At 31 December 2021

64,691

46,585

111,276

Depreciation

At 1 January 2021

31,301

38,623

69,924

Charge for the year

5,992

1,990

7,982

Eliminated on disposal

(508)

-

(508)

At 31 December 2021

36,785

40,613

77,398

Carrying amount

At 31 December 2021

27,906

5,972

33,878

At 31 December 2020

32,748

7,961

40,709

5

Stocks

2021
£

2020
£

Finished goods and goods for resale

39,132

45,723

6

Debtors

Current

2021
£

2020
£

Trade debtors

95,137

41,758

Prepayments

4,024

4,514

Other debtors

5,849

-

 

105,010

46,272

 

ECS Computers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

50,000

-

Trade Creditors

 

26,116

16,016

Taxation and social security

 

63,160

53,449

Accruals and deferred income

 

2,859

2,755

Other creditors

 

191,928

162,295

Tax liability

 

34,690

38,684

 

368,753

273,199

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A shares of £1 each

20

20

20

20

Ordinary B shares of £1 each

20

20

20

20

Ordinary C shares of £1 each

20

20

20

20

Ordinary D shares of £1 each

20

20

20

20

Ordinary E shares of £1 each

20

20

20

20

Ordinary F shares of £1 each

20

20

20

20

 

120

120

120

120

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.