Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 6 | ( |
( |
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Provisions for liabilities | ( |
- | |||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholder's funds | |||||||
K M Miller | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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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. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets | ||||||||
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. | ||||||||
Classification of financial liabilities | ||||||||
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 company after deducting all of its liabilities. | ||||||||
Basic financial liabilities | ||||||||
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. | ||||||||
Tangible fixed assets | ||||||||
Plant and machinery | 15% on reducing balance | |||||||
Fixtures, fittings and equipment | 20% on cost | |||||||
Computer equipment | 20% on cost | |||||||
Motor vehicles | 20% on 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. |
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Stocks | ||||||||
Debtors | ||||||||
Creditors | ||||||||
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 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. |
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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. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Provisions | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
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. |
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Pensions | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 January 2023 | ||||||||
Additions | - | |||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | - | |||||||
Charge for the year | - | |||||||
At 31 December 2023 | - | |||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
4 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Deferred tax asset | - | |||||||
Other debtors | - | |||||||
5 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Obligations under finance lease and hire purchase contracts | - | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
6 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Obligations under finance lease and hire purchase contracts | - | |||||||
7 | Other information | |||||||
Ecco Finishing Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Unit 6 | ||||||||
Letitia Industrial Estate | ||||||||
Middlesbrough | ||||||||
Cleveland | ||||||||
TS5 4BE |