Registered number
03112795
Ecco Finishing Supplies Limited
Filleted Accounts
31 December 2023
Ecco Finishing Supplies Limited
Registered number: 03112795
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 419,414 314,853
Current assets
Stocks 535,906 692,866
Debtors 4 955,075 910,155
Cash at bank and in hand 186,398 52,629
1,677,379 1,655,650
Creditors: amounts falling due within one year 5 (1,104,431) (1,085,742)
Net current assets 572,948 569,908
Total assets less current liabilities 992,362 884,761
Creditors: amounts falling due after more than one year 6 (127,267) (113,827)
Provisions for liabilities (71,887) -
Net assets 793,208 770,934
Capital and reserves
Called up share capital 100 100
Profit and loss account 793,108 770,834
Shareholder's funds 793,208 770,934
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
K M Miller
Director
Approved by the board on 21 August 2024
Ecco Finishing Supplies Limited
Notes to the Accounts
for the year ended 31 December 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 discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

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.
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.
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
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 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.
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
Current tax
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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.
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 15 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 1 802,640 78,210 880,851
Additions - 26,322 126,366 152,688
At 31 December 2023 1 828,962 204,576 1,033,539
Depreciation
At 1 January 2023 - 491,181 74,817 565,998
Charge for the year - 39,855 8,272 48,127
At 31 December 2023 - 531,036 83,089 614,125
Net book value
At 31 December 2023 1 297,926 121,487 419,414
At 31 December 2022 1 311,459 3,393 314,853
4 Debtors 2023 2022
£ £
Trade debtors 955,075 905,383
Deferred tax asset - 4,559
Other debtors - 213
955,075 910,155
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 47,281 37,351
Obligations under finance lease and hire purchase contracts 8,908 -
Trade creditors 605,418 625,828
Taxation and social security costs 37,468 20,067
Other creditors 405,356 402,496
1,104,431 1,085,742
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 74,321 113,827
Obligations under finance lease and hire purchase contracts 52,946 -
127,267 113,827
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
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