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Registration number: SC599554

Eycon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Eycon Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Eycon Ltd

Company Information

Directors

Mr S Eynon

Mrs M Eynon

Registered office

 

4 Barrie Road
Hillington Industrial Estate
Glasgow
G52 4PX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Eycon Ltd

(Registration number: SC599554)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

130,087

150,509

Current assets

 

Stocks

5

-

77,623

Debtors

6

487,632

695,797

Cash at bank and in hand

 

53,899

415,696

 

541,531

1,189,116

Creditors: Amounts falling due within one year

7

(345,253)

(615,385)

Net current assets

 

196,278

573,731

Total assets less current liabilities

 

326,365

724,240

Creditors: Amounts falling due after more than one year

7

(105,998)

(141,129)

Provisions for liabilities

(23,788)

(21,805)

Net assets

 

196,579

561,306

Capital and reserves

 

Called up share capital

9

50

100

Capital redemption reserve

(329,950)

-

Retained earnings

526,479

561,206

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 21 February 2025 and signed on its behalf by:
 

.........................................
Mr S Eynon
Director

 

Eycon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4 Barrie Road
Hillington Industrial Estate
Glasgow
G52 4PX

These financial statements were authorised for issue by the Board on 21 February 2025.

2

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 4).

 

Eycon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

5,965

230,270

236,235

Additions

2,200

21,495

23,695

At 31 May 2024

8,165

251,765

259,930

Depreciation

At 1 June 2023

2,260

83,466

85,726

Charge for the year

2,042

42,075

44,117

At 31 May 2024

4,302

125,541

129,843

Carrying amount

At 31 May 2024

3,863

126,224

130,087

At 31 May 2023

3,705

146,804

150,509

5

Stocks

2024
£

2023
£

Work in progress

-

77,623

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

86,467

275,114

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

238,951

-

Prepayments

 

4,063

1,643

Other debtors

 

158,151

419,040

 

487,632

695,797

 

Eycon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

38,562

38,342

Trade creditors

 

249,853

459,984

Taxation and social security

 

56,565

116,925

Other creditors

 

273

134

 

345,253

615,385

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

105,998

141,129

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

94,954

119,796

Other borrowings

11,044

21,333

105,998

141,129

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

28,274

28,274

Other borrowings

10,288

10,068

38,562

38,342

The bank loan is supported by a 100% guarantee from the UK Government.

The finance lease/hire purchase liabilities are secured over the assets concerned.

 

Eycon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

The company operates a loan account with the directors, Mr S Eynon and Mrs M Eynon.
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.