Company Registration No. 09786496 (England and Wales)
Eirotech Engineering Limited
Unaudited accounts
for the year ended 30 September 2023
Eirotech Engineering Limited
Unaudited accounts
Contents
Eirotech Engineering Limited
Company Information
for the year ended 30 September 2023
Directors
D S Axinte
G G Quinn
K Quinn
L Quinn
Company Number
09786496 (England and Wales)
Registered Office
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Accountants
King & Taylor
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Eirotech Engineering Limited
Statement of financial position
as at 30 September 2023
Tangible assets
21,653
29,261
Debtors
2,301,812
2,082,654
Cash at bank and in hand
7,150
210,615
Creditors: amounts falling due within one year
(206,945)
(146,338)
Net current assets
2,102,017
2,146,931
Net assets
2,123,670
2,176,192
Called up share capital
100
100
Profit and loss account
2,123,570
2,176,092
Shareholders' funds
2,123,670
2,176,192
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
G G Quinn
Director
Company Registration No. 09786496
Eirotech Engineering Limited
Notes to the Accounts
for the year ended 30 September 2023
Eirotech Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 09786496. The registered office is 123 Cross Lane East, Gravesend, Kent, DA12 5HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance basis
Computer equipment
5 year straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Expenditure on research and development is written off in the year in which it is incurred.
Eirotech Engineering Limited
Notes to the Accounts
for the year ended 30 September 2023
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 October 2022
80,958
4,016
84,974
At 30 September 2023
80,958
4,016
84,974
At 1 October 2022
53,741
1,972
55,713
Charge for the year
6,804
804
7,608
At 30 September 2023
60,545
2,776
63,321
At 30 September 2023
20,413
1,240
21,653
At 30 September 2022
27,217
2,044
29,261
Amounts falling due within one year
Trade debtors
138,491
194,231
Other debtors
2,163,321
1,888,423
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
197,768
125,011
Loans from directors
-
9,187
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director
183,845
3,520
-
187,365
Director
33,144
663
-
33,807
Director
12,225
-
12,225
-
229,214
4,183
12,225
221,172
8
Transactions with related parties
Included within other debtors is the sum of £1,747,538 (2022 - £1,550,000) due from KGLC Trust Limited (673262, a company registered in Ireland), a company controlled by K Quinn, G Quinn and L Quinn.
Eirotech Engineering Limited
Notes to the Accounts
for the year ended 30 September 2023
9
Average number of employees
During the year the average number of employees was 0 (2022: 8).