Company registration number 06634313 (England and Wales)
ECOTEC SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ECOTEC SYSTEMS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ECOTEC SYSTEMS LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,462
1,300
Current assets
Stocks
295,802
226,595
Debtors
4
147,092
211,876
Cash at bank and in hand
33,348
13,610
476,242
452,081
Creditors: amounts falling due within one year
5
(112,439)
(97,573)
Net current assets
363,803
354,508
Total assets less current liabilities
365,265
355,808
Creditors: amounts falling due after more than one year
6
(4,440)
(9,636)
Net assets
360,825
346,172
Capital and reserves
Called up share capital
1,445,000
1,445,000
Profit and loss reserves
(1,084,175)
(1,098,828)
Total equity
360,825
346,172
ECOTEC SYSTEMS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Mr TJ A Goddard
Director
Company registration number 06634313 (England and Wales)
ECOTEC SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Ecotec Systems Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Upper Bruntingthorpe Industrial Estate, Lutterworth, Leicestershire, UK, LE17 5QZ.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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 equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ECOTEC SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
ECOTEC SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2023
5,050
48,671
3,206
56,927
Additions
1,093
1,093
At 31 August 2024
5,050
48,671
4,299
58,020
Depreciation and impairment
At 1 September 2023
5,050
48,671
1,906
55,627
Depreciation charged in the year
931
931
At 31 August 2024
5,050
48,671
2,837
56,558
Carrying amount
At 31 August 2024
1,462
1,462
At 31 August 2023
1,300
1,300
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
135,157
204,057
Other debtors
3,625
3,625
Prepayments and accrued income
8,310
4,194
147,092
211,876
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,156
5,028
Trade creditors
87,170
55,913
Taxation and social security
14,650
29,453
Other creditors
1,598
2,829
Accruals and deferred income
3,865
4,350
112,439
97,573
ECOTEC SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
3,911
9,107
Other borrowings
529
529
4,440
9,636
7
Share Issue
In the previous year there was a share issue at par.
8
Secured Debts
A debenture has been registered in favour of The Royal Bank of Scotland by way of a fixed charge against stocks and other assets of the company's issued share capital.
9
COVID-19
The bank loan consists of £9,067 which is a Bounce Back Loan for a period of six years at an interest rate of 2.5% per annum which is fixed for the duration of the loan. During the first twelve months of the loan no repayment of capital is required and the UK Government will pay the interest due. Capital repayments commenced in equal instalments in June 2021 and there is no amount payable more than five years from the balance sheet date.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,545
1,545
11
Parent company
S R Sverdloff is considered to be the company's ultimate controlling party, by virtue of his controlling interest in the company's issued share capital.