Registration number:
Eycon Ltd
for the Year Ended 31 May 2024
Eycon Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Eycon Ltd
Company Information
Directors |
Mr S Eynon Mrs M Eynon |
Registered office |
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Accountants |
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Eycon Ltd
(Registration number: SC599554)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
50 |
100 |
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Capital redemption reserve |
(329,950) |
- |
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Retained earnings |
526,479 |
561,206 |
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Shareholders' funds |
196,579 |
561,306 |
Eycon Ltd
(Registration number: SC599554)
Balance Sheet as at 31 May 2024
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Revenue recognition
Turnover comprises the fair value of the consideration derived from project management within the construction industry. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% reducing balance |
Office Equipment |
25% on cost |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
- |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Prepayments |
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Other debtors |
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Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Other borrowings |
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The bank loan is supported by a 100% guarantee from the UK Government. |
Eycon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
During the year, the company repaid loans totalling £114 to the directors. At the year end, the balance due to
the directors was £22 (2023 - £134). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Eycon Electrical Ltd, a company controlled by Mr S Eynon and Mr C McInnes .
During the year, the company sold goods and services totalling £8,568 (2023 - £8,568) to Eycon Electrical Ltd and purchased goods and services totalling £603,290 (2023 - £617,042) from Eycon Electrical Ltd. This was conducted under normal commercial terms.
During the year, Eycon Electrical Ltd received loans totalling £8,568 from the company. At the year end, the balance due from Eycon Electrical Ltd was £33,350 (2023 - £38,568). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with GLME Estates Ltd, a company controlled by Mr S Eynon and Mrs M Eynon.
During the year, GLME Estates Ltd repaid loans totalling £40,000 (2023 - £NIL) to the company. At the year end the balance due from GLME Estates was £238,951 (2023 - £300,000). This loan is unsecured, interest free and has no fixed repayment terms.