55 false false false false false false false false false false true false false false false true false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10094986 2023-04-01 2024-03-31 10094986 2024-03-31 10094986 2023-03-31 10094986 2022-04-01 2023-03-31 10094986 2023-03-31 10094986 2022-03-31 10094986 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 10094986 core:MotorVehicles 2023-04-01 2024-03-31 10094986 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10094986 bus:Director1 2023-04-01 2024-03-31 10094986 core:WithinOneYear 2024-03-31 10094986 core:WithinOneYear 2023-03-31 10094986 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 10094986 core:FurnitureFittings 2023-03-31 10094986 core:MotorVehicles 2023-03-31 10094986 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 10094986 core:FurnitureFittings 2024-03-31 10094986 core:MotorVehicles 2024-03-31 10094986 core:AfterOneYear 2024-03-31 10094986 core:AfterOneYear 2023-03-31 10094986 core:ShareCapital 2024-03-31 10094986 core:ShareCapital 2023-03-31 10094986 core:RetainedEarningsAccumulatedLosses 2024-03-31 10094986 core:RetainedEarningsAccumulatedLosses 2023-03-31 10094986 core:BetweenOneFiveYears 2024-03-31 10094986 core:BetweenOneFiveYears 2023-03-31 10094986 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 10094986 core:FurnitureFittings 2023-03-31 10094986 core:MotorVehicles 2023-03-31 10094986 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 10094986 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 10094986 bus:Director1 2022-03-31 10094986 bus:Director1 2023-03-31 10094986 bus:Director1 2022-04-01 2023-03-31 10094986 bus:SmallEntities 2023-04-01 2024-03-31 10094986 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10094986 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10094986 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10094986 bus:FullAccounts 2023-04-01 2024-03-31 10094986 bus:OrdinaryShareClass1 2024-03-31 10094986 bus:OrdinaryShareClass1 2023-03-31 10094986 core:OfficeEquipment 2023-04-01 2024-03-31 10094986 core:OfficeEquipment 2023-03-31 10094986 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 10094986
EC BUSINESS SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
EC BUSINESS SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
97,980
138,527
Current assets
Debtors
6
190,958
216,156
Cash at bank and in hand
3,754,546
1,575,278
------------
------------
3,945,504
1,791,434
Creditors: amounts falling due within one year
7
2,360,832
1,572,337
------------
------------
Net current assets
1,584,672
219,097
------------
---------
Total assets less current liabilities
1,682,652
357,624
Creditors: amounts falling due after more than one year
8
21,297
33,154
Provisions
19,135
6,722
------------
---------
Net assets
1,642,220
317,748
------------
---------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
1,642,219
317,747
------------
---------
Shareholders funds
1,642,220
317,748
------------
---------
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 March 2024 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 .
EC BUSINESS SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr P Westoby
Director
Company registration number: 10094986
EC BUSINESS SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Blisworth Hill Farm , Stoke Road, Blisworth, Northampton, Northants, NN7 3DB.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Short leasehold property
-
20% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20% straight line
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2023: 53 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
46,867
5,700
119,952
138,359
310,878
Additions
15,301
15,301
Disposals
( 52,500)
( 52,500)
--------
-------
---------
---------
---------
At 31 March 2024
46,867
5,700
67,452
153,660
273,679
--------
-------
---------
---------
---------
Depreciation
At 1 April 2023
21,969
62,205
88,177
172,351
Charge for the year
7,567
11,550
22,969
42,086
Disposals
( 38,738)
( 38,738)
--------
-------
---------
---------
---------
At 31 March 2024
29,536
35,017
111,146
175,699
--------
-------
---------
---------
---------
Carrying amount
At 31 March 2024
17,331
5,700
32,435
42,514
97,980
--------
-------
---------
---------
---------
At 31 March 2023
24,898
5,700
57,747
50,182
138,527
--------
-------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
31,999
--------
At 31 March 2023
39,999
--------
6. Debtors
2024
2023
£
£
Trade debtors
151,004
164,227
Other debtors
39,954
51,929
---------
---------
190,958
216,156
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
957,514
675,061
Accruals and deferred income
8,261
73,437
Corporation tax
555,997
249,716
Social security and other taxes
651,460
306,971
Obligations under finance leases and hire purchase contracts
11,857
11,857
Director loan accounts
616
700
Other creditors
175,127
254,595
------------
------------
2,360,832
1,572,337
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
21,297
33,154
--------
--------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
11,857
11,857
Later than 1 year and not later than 5 years
21,297
33,154
--------
--------
33,154
45,011
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,908
21,500
Later than 1 year and not later than 5 years
21,734
8,958
--------
--------
34,642
30,458
--------
--------
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Westoby
1,252
( 1,252)
----
-------
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Westoby
76,467
680,444
( 757,611)
( 700)
--------
---------
---------
----
Interest charged to the P&L @ 2.5% and amounted to £nil (2023: £45).
13. Related party transactions
Included in Other Creditors is an amount of £0(2023: £90,995) owed to Energy Compare Ltd and £nil (2023: £5,000) owed to EC Outsourcing Ltd, both companies which are under common control. These loans were written off to the P&L during the year. Energy Compare Ltd also charge a monthly management to EC Business Services Ltd for support services undertaken. This is included in the profit and loss account and is conducted at arms length under normal trading conditions and unmounted to £5,000 (2023: £60,000).