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Registration number: 04480402

Etech Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Etech Engineering Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Etech Engineering Ltd

Company Information

Directors

Mr P J Eddleston

Ms L Booth

Registered office

Unit 1,
Norden Court,
Alan Ramsbottom Way,
Great Harwood,
Lancashire.
BB6 7UR

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Etech Engineering Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Etech Engineering Ltd for the year ended 31 May 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Etech Engineering Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Etech Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of Etech Engineering Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Etech Engineering Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Etech Engineering Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Etech Engineering Ltd. You consider that Etech Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Etech Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

15 May 2025

 

Etech Engineering Ltd

(Registration number: 04480402)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

48,713

27,848

Tangible assets

5

353,796

319,273

 

402,509

347,121

Current assets

 

Stocks

6

6,975

5,864

Debtors

7

214,909

203,974

Cash at bank and in hand

 

154,709

185,768

 

376,593

395,606

Creditors: Amounts falling due within one year

8

(203,475)

(203,670)

Net current assets

 

173,118

191,936

Total assets less current liabilities

 

575,627

539,057

Creditors: Amounts falling due after more than one year

8

(45,268)

(55,458)

Provisions for liabilities

(88,450)

(63,854)

Net assets

 

441,909

419,745

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

41,942

41,942

Retained earnings

399,867

377,703

Shareholders' funds

 

441,909

419,745

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.

 

Etech Engineering Ltd

(Registration number: 04480402)
Balance Sheet as at 31 May 2024

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 15 May 2025 and signed on its behalf by:
 

.........................................
Mr P J Eddleston
Director

 

Etech Engineering 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 England and Wales.

The address of its registered office is:
Unit 1,
Norden Court,
Alan Ramsbottom Way,
Great Harwood,
Lancashire.
BB6 7UR

These financial statements were authorised for issue by the Board on 15 May 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.

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

Plant and machinery

Reducing balance 0%

Fixtures and fittings

Reducing balance 25%

Office equipment

Reducing balance 25%

Motor vehicles

Reducing balance 25%

 

Etech Engineering Ltd

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research and development

Reducing balance 33.333%

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.

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.

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.

 

Etech Engineering Ltd

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

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.

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.

 

Etech Engineering Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2023 - 7).

4

Intangible assets

Research and development
£

Total
£

Cost or valuation

At 1 June 2023

132,907

132,907

Additions internally developed

45,221

45,221

At 31 May 2024

178,128

178,128

Amortisation

At 1 June 2023

105,059

105,059

Amortisation charge

24,356

24,356

At 31 May 2024

129,415

129,415

Carrying amount

At 31 May 2024

48,713

48,713

At 31 May 2023

27,848

27,848

 

Etech Engineering Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

697,639

-

697,639

Additions

-

38,500

38,500

At 31 May 2024

697,639

38,500

736,139

Depreciation

At 1 June 2023

378,366

-

378,366

Charge for the year

769

3,208

3,977

At 31 May 2024

379,135

3,208

382,343

Carrying amount

At 31 May 2024

318,504

35,292

353,796

At 31 May 2023

319,273

-

319,273

6

Stocks

2024
£

2023
£

Other inventories

6,975

5,864

7

Debtors

2024
£

2023
£

Trade debtors

90,975

61,566

Prepayments

9,959

6,530

Other debtors

113,975

135,878

214,909

203,974

 

Etech Engineering Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

55,021

62,009

Trade creditors

 

24,274

21,990

Taxation and social security

 

45,311

40,728

Accruals and deferred income

 

3,140

3,140

Other creditors

 

75,729

75,803

 

203,475

203,670

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

45,268

55,458

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
The finance leases are secured on the assets concerned.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,087

13,519

Hire purchase contracts

43,181

41,939

45,268

55,458

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,000

12,000

Bank overdrafts

6,576

20,040

Hire purchase contracts

36,445

29,395

Other borrowings

-

574

55,021

62,009

 

Etech Engineering Ltd

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

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Unsecured and repayable on demand with interest charged at the official rate

79,526

93,817

(98,412)

74,931

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Unsecured and repayable on demand with interest charged at the official rate

31,613

89,913

(42,000)

79,526

 

Loans from related parties
PMP (Great Harwood) Ltd
Mr P J Eddleston is identified as the controlling party.

2024

Entities with joint control or significant influence
£

Total
£

At start of period

75,404

75,404

At end of period

75,404

75,404

2023

Entities with joint control or significant influence
£

Total
£

At start of period

74,030

74,030

Advanced

1,374

1,374

At end of period

75,404

75,404