IRIS Accounts Production v24.3.2.46 01976186 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh019761862023-03-31019761862024-03-31019761862023-04-012024-03-31019761862022-03-31019761862022-04-012023-03-31019761862023-03-3101976186ns15:EnglandWales2023-04-012024-03-3101976186ns14:PoundSterling2023-04-012024-03-3101976186ns10:Director12023-04-012024-03-3101976186ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101976186ns10:SmallEntities2023-04-012024-03-3101976186ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101976186ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101976186ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101976186ns10:FullAccounts2023-04-012024-03-3101976186ns10:Director22023-04-012024-03-3101976186ns10:Director32023-04-012024-03-3101976186ns10:RegisteredOffice2023-04-012024-03-3101976186ns5:CurrentFinancialInstruments2024-03-3101976186ns5:CurrentFinancialInstruments2023-03-3101976186ns5:Non-currentFinancialInstruments2024-03-3101976186ns5:Non-currentFinancialInstruments2023-03-3101976186ns5:ShareCapital2024-03-3101976186ns5:ShareCapital2023-03-3101976186ns5:RetainedEarningsAccumulatedLosses2024-03-3101976186ns5:RetainedEarningsAccumulatedLosses2023-03-3101976186ns5:LeaseholdImprovements2023-04-012024-03-3101976186ns5:PlantMachinery2023-04-012024-03-3101976186ns5:FurnitureFittings2023-04-012024-03-3101976186ns5:MotorVehicles2023-04-012024-03-3101976186ns5:ComputerEquipment2023-04-012024-03-3101976186ns5:LeaseholdImprovements2023-03-3101976186ns5:PlantMachinery2023-03-3101976186ns5:FurnitureFittings2023-03-3101976186ns5:LeaseholdImprovements2024-03-3101976186ns5:PlantMachinery2024-03-3101976186ns5:FurnitureFittings2024-03-3101976186ns5:LeaseholdImprovements2023-03-3101976186ns5:PlantMachinery2023-03-3101976186ns5:FurnitureFittings2023-03-3101976186ns5:MotorVehicles2023-03-3101976186ns5:ComputerEquipment2023-03-3101976186ns5:MotorVehicles2024-03-3101976186ns5:ComputerEquipment2024-03-3101976186ns5:MotorVehicles2023-03-3101976186ns5:ComputerEquipment2023-03-3101976186ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101976186ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3101976186ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3101976186ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101976186ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101976186ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101976186ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3101976186ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3101976186ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3101976186ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31
REGISTERED NUMBER: 01976186 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ECONOTECH LIMITED

ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ECONOTECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R. D. Twentyman
A. G. Thomas
E M Wilkinson





REGISTERED OFFICE: First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY





REGISTERED NUMBER: 01976186 (England and Wales)





ACCOUNTANTS: Galloways Accounting
First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY

ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,754 58,601

CURRENT ASSETS
Stocks 5 563,518 579,618
Debtors 6 917,785 866,723
Cash at bank 59 58
1,481,362 1,446,399
CREDITORS
Amounts falling due within one year 7 1,554,512 1,216,116
NET CURRENT (LIABILITIES)/ASSETS (73,150 ) 230,283
TOTAL ASSETS LESS CURRENT
LIABILITIES

(28,396

)

288,884

CREDITORS
Amounts falling due after more than one
year

8

223,155

333,618
NET LIABILITIES (251,551 ) (44,734 )

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Retained earnings (257,551 ) (50,734 )
SHAREHOLDERS' FUNDS (251,551 ) (44,734 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





E M Wilkinson - Director


ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Econotech Limited is a private company, limited by shares , registered in England and Wales. 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on a going concern basis on the assumption of the continued support of the directors, shareholders and creditors of the company and that the directors are confident that the company has access to sufficient resources to continue to trade for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 - 545 8,464
Additions 4,826 1,148 -
Reclassification/transfer 5,534 - (5,534 )
At 31 March 2024 10,360 1,693 2,930
DEPRECIATION
At 1 April 2023 - 136 4,210
Charge for year 4,718 389 26
Reclassification/transfer 1,384 - (1,384 )
At 31 March 2024 6,102 525 2,852
NET BOOK VALUE
At 31 March 2024 4,258 1,168 78
At 31 March 2023 - 409 4,254

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 256,990 44,617 310,616
Additions - 258 6,232
Reclassification/transfer - - -
At 31 March 2024 256,990 44,875 316,848
DEPRECIATION
At 1 April 2023 212,056 35,613 252,015
Charge for year 11,858 3,088 20,079
Reclassification/transfer - - -
At 31 March 2024 223,914 38,701 272,094
NET BOOK VALUE
At 31 March 2024 33,076 6,174 44,754
At 31 March 2023 44,934 9,004 58,601

ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 46,800
DEPRECIATION
At 1 April 2023 9,360
Charge for year 9,360
At 31 March 2024 18,720
NET BOOK VALUE
At 31 March 2024 28,080
At 31 March 2023 37,440

5. STOCKS
31.3.24 31.3.23
£    £   
Raw materials 31,118 31,118
Work-in-progress 532,400 548,500
563,518 579,618

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 659,319 662,957
Other debtors 116,020 -
Retention 103,399 119,156
Directors' current accounts 726 40,279
VAT - 3,025
Prepayments 38,321 41,306
917,785 866,723

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 1,000,054 675,451
Hire purchase contracts 10,463 10,462
Trade creditors 325,507 332,333
Social security and other taxes 46,243 42,468
VAT 17,375 -
Other creditors 56,568 77,243
Accruals and deferred income - 49,505
Accrued expenses 98,302 28,654
1,554,512 1,216,116

ECONOTECH LIMITED (REGISTERED NUMBER: 01976186)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 100,000 100,000
Bank loans - 2-5 years 108,333 208,333
Hire purchase contracts 14,822 25,285
223,155 333,618