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Registration number: 06939070

Echo Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Echo Finance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Echo Finance Limited

Company Information

Directors

LK Trett

JS Tarazi

Registered office

The 1812 Building
Wheatley Park
Mirfield
WF14 8HE

 

Echo Finance Limited

(Registration number: 06939070)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

2,109

2,642

Current assets

 

Debtors

5

419,947

198,902

Cash at bank and in hand

 

140,789

257,004

 

560,736

455,906

Creditors: Amounts falling due within one year

6

(50,762)

(87,728)

Net current assets

 

509,974

368,178

Total assets less current liabilities

 

512,083

370,820

Creditors: Amounts falling due after more than one year

6

(27,905)

(28,333)

Net assets

 

484,178

342,487

Capital and reserves

 

Called up share capital

100

100

Retained earnings

484,078

342,387

Shareholders' funds

 

484,178

342,487

 

Echo Finance Limited

(Registration number: 06939070)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 28 March 2025 and signed on its behalf by:
 

.........................................
LK Trett
Director

.........................................
JS Tarazi
Director

 
     
 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The 1812 Building
Wheatley Park
Mirfield
WF14 8HE
England

These financial statements were authorised for issue by the Board on 28 March 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures & Fittings

25% reducing balance

Computer Equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

780

12,022

12,802

At 30 June 2024

780

12,022

12,802

Depreciation

At 1 July 2023

676

9,484

10,160

Charge for the year

26

507

533

At 30 June 2024

702

9,991

10,693

Carrying amount

At 30 June 2024

78

2,031

2,109

At 30 June 2023

104

2,538

2,642

5

Debtors

Note

2024
£

(As restated)

2023
£

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

8

321,243

120,061

Prepayments

 

6,311

4,834

Other debtors

 

92,393

74,007

 

419,947

198,902

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Taxation and social security

 

37,041

74,132

Accruals and deferred income

 

2,262

1,920

Other creditors

 

1,459

1,676

 

50,762

87,728

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,000 (2023 - £10,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

27,905

28,333

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £27,905 (2023 - £28,333).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,905

23,333

Other borrowings

5,000

5,000

27,905

28,333

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

8

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

JS Tarazi

Interest has been charged at 2.25%. There are no conditions attached to this loan.

37,642

39,475

(37,642)

39,475

LK Trett

Interest has been charged at 2.25%. There are no conditions attached to this loan.

34,650

51,206

(34,650)

51,206

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

JS Tarazi

Interest has been charged at 2.25%. There are no conditions attached to this loan.

37,182

124,460

(124,000)

37,642

LK Trett

Interest has been charged at 2.25%. There are no conditions attached to this loan.

34,883

123,767

(124,000)

34,650

 

Echo Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans to related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

33,841

86,220

120,061

Advanced

160,000

177,350

337,350

Repaid

(136,169)

-

(136,169)

At end of period

57,672

263,570

321,242

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

5,841

48,401

54,242

Advanced

28,000

37,819

65,819

At end of period

33,841

86,220

120,061

9

Parent and ultimate parent undertaking

The company's immediate parent is Echo Holdings Group Limited, incorporated in England and Wales.