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COMPANY REGISTRATION NUMBER: 02805111
E C Creative Services Ltd
Filleted Unaudited Financial Statements
31 October 2023
E C Creative Services Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
753,413
800,564
Current assets
Stocks
140,458
122,509
Debtors
6
246,373
142,056
Cash at bank and in hand
1,026,404
845,892
------------
------------
1,413,235
1,110,457
Creditors: amounts falling due within one year
7
467,198
488,396
------------
------------
Net current assets
946,037
622,061
------------
------------
Total assets less current liabilities
1,699,450
1,422,625
------------
------------
Net assets
1,699,450
1,422,625
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,699,350
1,422,525
------------
------------
Shareholders funds
1,699,450
1,422,625
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
E C Creative Services Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 18 July 2024 , and are signed on behalf of the board by:
Mr B Crowther
Director
Company registration number: 02805111
E C Creative Services Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prince of Wales House, 18/19 Salmon Fields, Business Village, Royton, Oldham, OL2 6HT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Free hold property
-
10% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
863,957
204,110
60,617
658,063
1,786,747
Additions
147,634
147,634
Disposals
( 99,939)
( 99,939)
---------
---------
--------
---------
------------
At 31 October 2023
863,957
204,110
60,617
705,758
1,834,442
---------
---------
--------
---------
------------
Depreciation
At 1 November 2022
416,009
167,883
47,906
354,385
986,183
Charge for the year
44,795
5,435
1,907
102,893
155,030
Disposals
( 60,184)
( 60,184)
---------
---------
--------
---------
------------
At 31 October 2023
460,804
173,318
49,813
397,094
1,081,029
---------
---------
--------
---------
------------
Carrying amount
At 31 October 2023
403,153
30,792
10,804
308,664
753,413
---------
---------
--------
---------
------------
At 31 October 2022
447,948
36,227
12,711
303,678
800,564
---------
---------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
210,428
118,596
Other debtors
35,945
23,460
---------
---------
246,373
142,056
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
123,454
151,709
Corporation tax
96,280
69,663
Social security and other taxes
57,462
47,029
Other creditors
190,002
219,995
---------
---------
467,198
488,396
---------
---------
8. Director's advances, credits and guarantees
The directors' current account remained in credit throughout the period, the credit balances being £51,945 as at the 1st of November 2022 and £36,700 as at the period end.
9. Related party transactions
The company was under the control of Mr B Crowther , a director and members of his close family throughout the current year. Mr Crowther is personally interested in 50% (2020 - 50%) of the company's share capital. In addition, his father controls in aggregate a further 50% (2020- 50%) of the company's issued share capital. Mr E Crowther, a 50% shareholder of the company, owns the business premises that the company operates from. The company has been given a rent free period. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.