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REGISTERED NUMBER: SC617473 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ENGINEERED COMPOSITE SOLUTIONS LIMITED

ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

ENGINEERED COMPOSITE SOLUTIONS LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: Mrs J M Noble
Mr G Innes
Mr S Frost





REGISTERED OFFICE: 57 Howe Moss Avenue
Kirkhill Industrial Estate
Dyce
Aberdeen
AB21 0GP





REGISTERED NUMBER: SC617473 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS

ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,468 6,047

CURRENT ASSETS
Stocks 51,248 35,041
Debtors 6 1,091,117 558,978
Cash at bank 77,015 65,332
1,219,380 659,351
CREDITORS
Amounts falling due within one year 7 527,874 319,841
NET CURRENT ASSETS 691,506 339,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

694,974

345,557

CREDITORS
Amounts falling due after more than one year 8 (133,283 ) (277,630 )

PROVISIONS FOR LIABILITIES (867 ) (1,149 )
NET ASSETS 560,824 66,778

CAPITAL AND RESERVES
Called up share capital 10 150 150
Retained earnings 560,674 66,628
SHAREHOLDERS' FUNDS 560,824 66,778

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:



Mr G Innes - Director



Mrs J M Noble - Director


ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Engineered Composite Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset and is included in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.


ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 6,992 3,567 4,005 14,564
Additions - 727 316 1,043
Disposals (3,992 ) (489 ) - (4,481 )
At 31 January 2024 3,000 3,805 4,321 11,126
DEPRECIATION
At 1 February 2023 4,456 2,286 1,775 8,517
Charge for year 600 737 854 2,191
Eliminated on disposal (2,801 ) (249 ) - (3,050 )
At 31 January 2024 2,255 2,774 2,629 7,658
NET BOOK VALUE
At 31 January 2024 745 1,031 1,692 3,468
At 31 January 2023 2,536 1,281 2,230 6,047

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 810,169 232,226
Other debtors 78,312 3,625
Directors' current accounts 199,551 225,403
Tax - 73,525
VAT - 22,570
Prepayments 3,085 1,629
1,091,117 558,978

ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,347 23,047
Other loans 120,000 60,000
Trade creditors 78,095 107,971
Tax 221,307 116,965
Social security and other taxes 17,844 -
VAT 58,531 -
Other creditors 2,610 7,718
Directors' current accounts 2,140 1,140
Accrued expenses 3,000 3,000
527,874 319,841

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 25,725 24,347
Bank loans - 2-5 years 23,624 49,349
Other loans - 1-2 years 83,934 60,000
Other loans - 2-5 years - 143,934
133,283 277,630

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Business Loans Scotland Loan 64,732 84,448

The company has granted a floating charge over all present and future undertakings and assets in favour of Scottish Growth Scheme - Business Loans Scotland Debt Finance L.P.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary A 1 50 150
50 Ordinary B 1 50 -
50 Ordinary C 1 50 -
150 150

The following shares were allotted and fully paid for cash at par during the year:

50 Ordinary A shares of 1 each
50 Ordinary B shares of 1 each
50 Ordinary C shares of 1 each

11. CONTINGENT LIABILITIES

As at the balance sheet date, the company has agreed to pay £110,000 to the widow of a former director in lieu of a death in service benefit.

No provision has been made for this amount within these financial statements as the terms of payment are yet to be agreed.

ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs J M Noble
Balance outstanding at start of year 128,284 103,248
Amounts advanced - 25,036
Amounts repaid (1,835 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 126,449 128,284

Mr G Innes
Balance outstanding at start of year 97,119 92,681
Amounts advanced - 4,438
Amounts repaid (24,018 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,101 97,119

Mr S Frost
Balance outstanding at start of year (1,140 ) (1,140 )
Amounts repaid (1,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,140 ) (1,140 )

These amounts bear no interest and have no fixed repayment terms.

Included within other loans is a loan made by S Frost to the company of £203,934 (2023: £263,934). The loan bears no interest and is repayable in installments of £10,000 per calendar month until such point the balance is repaid in full.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors by virtue of their combined 100% ownership of the issued share capital.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ENGINEERED COMPOSITE SOLUTIONS LIMITED (REGISTERED NUMBER: SC617473)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Engineered Composite Solutions Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Engineered Composite Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Engineered Composite Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Engineered Composite Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Engineered Composite Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Engineered Composite Solutions Limited. You consider that Engineered Composite Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Engineered Composite Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS


31 October 2024