E.C. Products Limited
Registered number: 05933449
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,267 26,815
Current assets
Stocks 282,100 167,100
Debtors 4 80,593 138,841
Cash at bank and in hand 74,778 106,406
437,471 412,347
Creditors: amounts falling due within one year 5 (215,121) (165,653)
Net current assets 222,350 246,694
Net assets 248,617 273,509
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 148,617 173,509
Shareholders' funds 248,617 273,509
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P K Manaktala
Director
Approved by the board on 29 September 2023
E.C. Products Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added tax an discounts. Turnover includes revenue earned from the sales of goods and rendering of services. Turnover from the sales of goods and rendering of services are recognised when received.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and equipment 20% reducing balance basis
Motor vehicles 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 16
3 Tangible fixed assets
Leasehold premises Plant, machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 24,075 29,274 7,300 60,649
At 31 March 2023 24,075 29,274 7,300 60,649
Depreciation
At 1 April 2022 - 26,682 7,152 33,834
Charge for the year - 518 30 548
At 31 March 2023 - 27,200 7,182 34,382
Net book value
At 31 March 2023 24,075 2,074 118 26,267
At 31 March 2022 24,075 2,592 148 26,815
4 Debtors 2023 2022
£ £
Trade debtors 80,593 138,841
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors' current account - 2,074
Trade creditors 196,827 129,225
Corporation tax (2,102) 2,102
Salaries control account - 8,614
Other taxes and social security costs 16,596 19,838
Other creditors and accruals 3,800 3,800
215,121 165,653
6 Controlling party
The directors control the company.
7 Other information
E.C. Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Leeland Mansions
Leeland Road
West Ealing
London
W13 9HE
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