Company registration number 09299399 (England and Wales)
EC & S DEVELOPMENTS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
EC & S DEVELOPMENTS UK LIMITED
COMPANY INFORMATION
Directors
S Cohen
E McAuley
I Cohen
R Mond
Secretary
S Mond
Company number
09299399
Registered office
3 The Beeches
15 Heald Road
Bowdon
Cheshire
WA14 2HZ
Accountants
Azets
Laurel House
173 Chorley New Road
Bolton
BL1 4QZ
EC & S DEVELOPMENTS UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
EC & S DEVELOPMENTS UK LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
58,024
72,694
Investment property
5
1,039,150
1,039,150
1,097,174
1,111,844
Current assets
Debtors
6
293,383
295,950
Cash at bank and in hand
116,370
168,996
409,753
464,946
Creditors: amounts falling due within one year
7
(56,140)
(156,800)
Net current assets
353,613
308,146
Total assets less current liabilities
1,450,787
1,419,990
Creditors: amounts falling due after more than one year
8
(45,706)
(51,969)
Provisions for liabilities
(138,644)
(139,378)
Net assets
1,266,437
1,228,643
Capital and reserves
Called up share capital
9
50,000
50,000
Revaluation reserve
10
412,500
412,500
Profit and loss reserves
803,937
766,143
Total equity
1,266,437
1,228,643
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EC & S DEVELOPMENTS UK LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
S Cohen
Director
Company Registration No. 09299399
EC & S DEVELOPMENTS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
50,000
445,500
704,926
1,200,426
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
65,217
65,217
Dividends
-
-
(4,000)
(4,000)
Other movements
-
(33,000)
-
(33,000)
Balance at 30 June 2023
50,000
412,500
766,143
1,228,643
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
41,794
41,794
Dividends
-
-
(4,000)
(4,000)
Balance at 30 June 2024
50,000
412,500
803,937
1,266,437
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
EC & S Developments UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 The Beeches, 15 Heald Road, Bowdon, Cheshire, United Kingdom, WA14 2HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant upon the ongoing financial support from the directors and this has been formally provided. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises of revenue recognised by the company in respect of property rental income (comprising rents and service charges) accounted for on an accruals basis, exclusive of Value Added Tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery, etc.
20% straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
10,760
14,883
Deferred tax
Origination and reversal of timing differences
(734)
1,623
Total tax charge
10,026
16,506
4
Tangible fixed assets
Plant and machinery, etc.
£
Cost
At 1 July 2023 and 30 June 2024
84,996
Depreciation and impairment
At 1 July 2023
12,302
Depreciation charged in the year
14,670
At 30 June 2024
26,972
Carrying amount
At 30 June 2024
58,024
At 30 June 2023
72,694
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,039,150
The fair value of the investment property has been determined by the directors of the company, on an open market value for existing use basis. The valuation has been based on the directors' knowledge of the investment property taking account of the geographical location and estimated rental value.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
293,383
295,950
Other debtors totalling £293,383 (2023: £295,950) relate to a commercial loan to a third party to be repaid over a period of 12 months, The company has taken a 1st charge on a property as security for this loan, and is charging interest on the loan of 5%.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,160
4,899
Directors' loan account
3,310
88,747
Corporation tax
10,760
14,883
Other creditors
19,303
19,303
Accruals and deferred income
16,607
28,968
56,140
156,800
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
45,706
51,969
EC & S DEVELOPMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
12,000
12,000
12,000
12,000
Ordinary B shares of £1 each
12,000
12,000
12,000
12,000
Ordinary C shares of £1 each
8,000
8,000
8,000
8,000
Ordinary D shares of £1 each
4,000
4,000
4,000
4,000
Ordinary E shares of £1 each
4,000
4,000
4,000
4,000
Ordinary F shares of £1 each
4,000
4,000
4,000
4,000
Ordinary G shares of £1 each
1,500
1,500
1,500
1,500
Ordinary H shares of £1 each
1,500
1,500
1,500
1,500
Ordinary I shares of £1 each
1,500
1,500
1,500
1,500
Ordinary J shares of £1 each
1,500
1,500
1,500
1,500
50,000
50,000
50,000
50,000
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
412,500
445,500
Other movements
-
(33,000)
At the end of the year
412,500
412,500
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