Eico Paints Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07014552

Eico Paints Ltd

Filleted Unaudited Financial Statements

31 December 2024

Eico Paints Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4	27,775	42,249
Investments	5	560,842	83,426
		---------	---------
		588,617	125,675

Current assets

Stocks		166,068	194,649
Debtors	6	408,668	421,690
Cash at bank and in hand		143,264	48,243
		---------	---------
		718,000	664,582

Creditors: amounts falling due within one year	7	339,205		168,063
		---------		---------
Net current assets			378,795	496,519
			---------	---------
Total assets less current liabilities			967,412	622,194

Creditors: amounts falling due after more than one year	8		23,335	38,602

Provisions

Taxation including deferred tax	6,944	8,027
	---------	---------
Net assets	937,133	575,565
	---------	---------

Capital and reserves

Called up share capital	9,988	9,988
Share premium account	449,587	449,587
Profit and loss account	477,558	115,990
	---------	---------
Shareholders funds	937,133	575,565
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Eico Paints Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 19 September 2025 , and are signed on behalf of the board by:

Mr R Subeathar
Director

Company registration number: 07014552

Eico Paints Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 861/863 Fulham Road, London, SW6 5HP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and Fittings	-	25% straight line
Motor Vehicle	-	20% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	38,896	–	40,584	44,204	123,684
Additions	377	828	–	–	1,205
	--------	----	--------	--------	---------
At 31 December 2024	39,273	828	40,584	44,204	124,889
	--------	----	--------	--------	---------
Depreciation
At 1 January 2024	37,188	–	10,653	33,594	81,435
Charge for the year	1,550	34	8,117	5,978	15,679
	--------	----	--------	--------	---------
At 31 December 2024	38,738	34	18,770	39,572	97,114
	--------	----	--------	--------	---------
Carrying amount
At 31 December 2024	535	794	21,814	4,632	27,775
	--------	----	--------	--------	---------
At 31 December 2023	1,708	–	29,931	10,610	42,249
	--------	----	--------	--------	---------

5. Investments

	Shares in group undertakings	Loans to group undertakings	Other investments other than loans	Total
	£	£	£	£
Cost
At 1 January 2024	16,012	46,581	20,833	83,426
Additions	–	481,419	–	481,419
Disposals	( 4,003)	–	–	( 4,003)
	--------	---------	--------	---------
At 31 December 2024	12,009	528,000	20,833	560,842
	--------	---------	--------	---------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–	–
	--------	---------	--------	---------

Carrying amount
At 31 December 2024	12,009	528,000	20,833	560,842
	--------	---------	--------	---------
At 31 December 2023	16,012	46,581	20,833	83,426
	--------	---------	--------	---------

In June 2013, the company acquired 25% shareholding in Eico (HK) Ltd, a Private Limited Company, registered in Hong Kong with Company Number 1622972.

In August 2021, the company acquired 70% shareholding in As Eican Ltd. a Limited Company, registered in Estonia with a Company Number 16270859. For the year ending 31st December 2024, the Company's turnover was Eur 3,600 (31.12.2023 - Eur 600) and Loss for the year was Eur 94,833 (31.12.2023 - Loss Eur 29,380). As at 31 December 2024 the Company's net liabilities were Eur 100,916 (31.12.2023 - Net liabilities Eur 6,083). During the year ended 31 December 2024, the company disposed 25% of its shareholding in As Eican Ltd.

6. Debtors

	2024	2023
	£	£
Trade debtors	371,232	358,196
Other debtors	37,436	63,494
	---------	---------
	408,668	421,690
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	17,802	27,075
Trade creditors	63,755	110,277
Corporation tax	110,789	–
Social security and other taxes	2,989	–
Other creditors	143,870	30,711
	---------	---------
	339,205	168,063
	---------	---------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	3,273	13,764
Other creditors	20,062	24,838
	--------	--------
	23,335	38,602
	--------	--------

9. Financial instruments

The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr R Subeathar	3,406	–	3,406
Mr A White	( 25,000)	( 45,000)	( 70,000)
	--------	--------	--------
	( 21,594)	( 45,000)	( 66,594)
	--------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr R Subeathar	3,406	–	3,406
Mr A White	–	( 25,000)	( 25,000)
	-------	--------	--------
	3,406	( 25,000)	( 21,594)
	-------	--------	--------

11. Related party transactions

The company had the following related party transactions: Management fees of £230,000 (2023 - £100,000) are payable to related party companies. These companies are related parties by virtue of the significant influence exerted by the director and shareholder. At 31 December 2024, other debtors included amounts due from related parties amounting to £36,000 (2023: £40,000), in respect of loans to related party companies. The companies are related parties by virtue of the significant common influence exerted by the director and shareholder. The loans are interest free, unsecured and payable on demand.