0 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07014552 2023-01-01 2023-12-31 07014552 2023-12-31 07014552 2022-12-31 07014552 2022-12-31 07014552 2021-12-31 07014552 core:PlantMachinery 2023-01-01 2023-12-31 07014552 core:MotorVehicles 2023-01-01 2023-12-31 07014552 bus:Director1 2023-01-01 2023-12-31 07014552 bus:Director3 2023-01-01 2023-12-31 07014552 core:PlantMachinery 2022-12-31 07014552 core:MotorVehicles 2022-12-31 07014552 core:PlantMachinery 2023-12-31 07014552 core:MotorVehicles 2023-12-31 07014552 core:WithinOneYear 2023-12-31 07014552 core:WithinOneYear 2022-12-31 07014552 core:AfterOneYear 2023-12-31 07014552 core:AfterOneYear 2022-12-31 07014552 core:ShareCapital 2023-12-31 07014552 core:ShareCapital 2022-12-31 07014552 core:SharePremium 2023-12-31 07014552 core:SharePremium 2022-12-31 07014552 core:RetainedEarningsAccumulatedLosses 2023-12-31 07014552 core:RetainedEarningsAccumulatedLosses 2022-12-31 07014552 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 07014552 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 07014552 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 07014552 core:Non-currentFinancialInstruments 2023-12-31 07014552 core:Non-currentFinancialInstruments 2022-12-31 07014552 core:PlantMachinery 2022-12-31 07014552 core:MotorVehicles 2022-12-31 07014552 bus:Director1 2022-12-31 07014552 bus:Director1 2023-12-31 07014552 bus:Director3 2023-12-31 07014552 bus:Director1 2021-12-31 07014552 bus:Director1 2022-12-31 07014552 bus:SmallEntities 2023-01-01 2023-12-31 07014552 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07014552 bus:FullAccounts 2023-01-01 2023-12-31 07014552 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07014552 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07014552 core:Non-currentFinancialInstruments core:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments 2023-12-31 07014552 core:OfficeEquipment 2023-01-01 2023-12-31 07014552 core:OfficeEquipment 2023-12-31 07014552 core:OfficeEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: 07014552
Eico Paints Ltd
Filleted Unaudited Financial Statements
31 December 2023
Eico Paints Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
42,249
59,902
Investments
5
83,426
52,266
---------
---------
125,675
112,168
Current assets
Stocks
194,649
184,289
Debtors
6
421,690
432,354
Cash at bank and in hand
48,243
90,955
---------
---------
664,582
707,598
Creditors: amounts falling due within one year
7
168,063
128,451
---------
---------
Net current assets
496,519
579,147
---------
---------
Total assets less current liabilities
622,194
691,315
Creditors: amounts falling due after more than one year
8
38,602
53,147
Provisions
Taxation including deferred tax
8,027
---------
---------
Net assets
575,565
638,168
---------
---------
Capital and reserves
Called up share capital
9,988
9,988
Share premium account
449,587
449,587
Profit and loss account
115,990
178,593
---------
---------
Shareholders funds
575,565
638,168
---------
---------
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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Eico Paints Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr R Subeathar
Director
Company registration number: 07014552
Eico Paints Ltd
Notes to the Financial Statements
Year ended 31 December 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 861/863 Fulham Road, London, SW6 5HP.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and machinery
-
25% straight line
Motor Vehicle
-
20% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
38,896
40,584
44,204
123,684
--------
--------
--------
---------
Depreciation
At 1 January 2023
35,278
2,536
25,968
63,782
Charge for the year
1,910
8,117
7,626
17,653
--------
--------
--------
---------
At 31 December 2023
37,188
10,653
33,594
81,435
--------
--------
--------
---------
Carrying amount
At 31 December 2023
1,708
29,931
10,610
42,249
--------
--------
--------
---------
At 31 December 2022
3,618
38,048
18,236
59,902
--------
--------
--------
---------
5. Investments
Shares in group undertakings
Loans to group undertakings
Other investments other than loans
Total
£
£
£
£
Cost
At 1 January 2023
52,266
52,266
Additions
31,160
31,160
Transfers
16,012
15,421
( 31,433)
--------
--------
--------
--------
At 31 December 2023
16,012
46,581
20,833
83,426
--------
--------
--------
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
--------
--------
--------
Carrying amount
At 31 December 2023
16,012
46,581
20,833
83,426
--------
--------
--------
--------
At 31 December 2022
52,266
52,266
--------
--------
--------
--------
In June 2013, the company acquired 25% shareholding in Eico (HK) Ltd, a Private Limited Company, registered in Hong Kong with Company Number 1622972.
In August 2021, the company acquired 70% shareholding in As Eican Ltd. a Limited Company, registered in Estonia with a Company Number 16270859. For the year ending 31st December 2023, the Company's turnover was Eur 600 (31.12.2022 - Nil) and Loss for the year was Eur 29,380 (31.12.2022 - Loss Eur 1703). As at 31 December 2023 the Company's net liabilities were Eur 6083 (31.12.2022 - Net assets Eur 23,297)
6. Debtors
2023
2022
£
£
Trade debtors
358,196
378,948
Other debtors
63,494
53,406
---------
---------
421,690
432,354
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
27,075
17,810
Trade creditors
110,277
93,930
Social security and other taxes
4,555
Other creditors
30,711
12,156
---------
---------
168,063
128,451
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,764
23,533
Other creditors
24,838
29,614
--------
--------
38,602
53,147
--------
--------
9. Financial instruments
The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.
10. Events after the end of the reporting period
During 2024, the Company disposed 25% of its shareholding in As Eican and Eico (HK) Limited.
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Subeathar
3,406
3,406
Mr A White
( 25,000)
( 25,000)
-------
--------
--------
3,406
( 25,000)
( 21,594)
-------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Subeathar
3,406
3,406
Mr A White
-------
----
-------
3,406
3,406
-------
----
-------
12. Related party transactions
The company had the following related party transactions: Management fees of £100,000 (2022 - £80,000) are payable to related party companies. These companies are related parties by virtue of the significant influence exerted by the director and shareholder. At 31 December 2023, other debtors included amounts due from related parties amounting to £40,000 (2022: £50,000), in respect of loans to related party companies. The companies are related parties by virtue of the significant common influence exerted by the director and shareholder. The loans are interest free, unsecured and payable on demand.