Company registration number 08142465 (England and Wales)
ECOTECT ENGINEERING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ECOTECT ENGINEERING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ECOTECT ENGINEERING LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
340,619
312,203
Current assets
Stocks
238,420
163,218
Debtors
4
1,525,462
1,074,306
Cash at bank and in hand
84
262
1,763,966
1,237,786
Creditors: amounts falling due within one year
5
(1,131,108)
(553,257)
Net current assets
632,858
684,529
Total assets less current liabilities
973,477
996,732
Creditors: amounts falling due after more than one year
6
(157,583)
(189,636)
Provisions for liabilities
(44,133)
(30,717)
Net assets
771,761
776,379
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
770,761
775,379
Total equity
771,761
776,379

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ECOTECT ENGINEERING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Ms S M Taylor
Director
Company registration number 08142465 (England and Wales)
ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Ecotect Engineering Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Underbank Way, Rossendale, Lancashire, BB4 5HR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Nil/10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
27
28
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022 (as restated)
252,446
280,279
532,725
Additions
-
0
105,898
105,898
Disposals
-
0
(11,495)
(11,495)
At 31 March 2023
252,446
374,682
627,128
Depreciation and impairment
At 1 April 2022
63,113
157,409
220,522
Depreciation charged in the year
25,245
45,502
70,747
Eliminated in respect of disposals
-
0
(4,760)
(4,760)
At 31 March 2023
88,358
198,151
286,509
Carrying amount
At 31 March 2023
164,088
176,531
340,619
At 31 March 2022
189,333
122,870
312,203

Fixed assets held under hire purchase contracts had a net book value of £140,959 (2022: £84,183). Depreciation on these assets was charged in the year £35,453 (2022: £13,694).

ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,362,262
972,084
Other debtors
163,200
102,222
1,525,462
1,074,306
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
67,649
53,212
Trade creditors
562,230
229,137
Corporation tax
110,527
100,536
Other taxation and social security
60,937
35,359
Other creditors
329,765
135,013
1,131,108
553,257

Other creditors include amounts payable under hire purchase contracts of £40,079 (2022: £20,681). The obligations are secured on the related assets.

 

Other creditors also include an amount due to a connected company of £202,729 (2022: £83,370).

 

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
104,000
152,000
Other creditors
53,583
37,636
157,583
189,636

Other creditors include amounts payable under hire purchase contracts of £53,583 (2022: £37,636). The obligations are secured on the related assets.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
271,124
237,572
ECOTECT ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Leasehold improvement write off
(28,470)
(28,470)
Equity as previously reported
841,564
804,849
Equity as adjusted
813,094
776,379
Analysis of the effect upon equity
Profit and loss reserves
(28,470)
(28,470)
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
13,285
Profit as adjusted
13,285
Notes to reconciliation
Leasehold improvement write off

Leasehold improvements to the value of £28,470 have been written off as a prior period adjustment as the premises were vacated in a prior period.

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