Company Registration No. 02817302 (England and Wales)
E-TEC INTERCONNECT (UK) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
E-TEC INTERCONNECT (UK) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
549,069
578,794
Current assets
Stocks
322,443
271,188
Debtors
321,992
362,785
Cash at bank and in hand
291,679
208,014
936,114
841,987
Creditors: amounts falling due within one year
3
(348,113)
(371,316)
Net current assets
588,001
470,671
Total assets less current liabilities
1,137,070
1,049,465
Creditors: amounts falling due after more than one year
4
(45,108)
(95,100)
Provisions for liabilities
(4,668)
-
1,087,294
954,365
Capital and reserves
Called up share capital
5
9,000
9,000
Share premium account
9,000
9,000
Other reserves
6,000
6,000
Profit and loss account
1,063,294
930,365
Shareholders' funds
1,087,294
954,365
For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 July 2017
Mr G E Carter
Director
Company Registration No. 02817302
E-TEC INTERCONNECT (UK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
4% per annum on cost
Plant and machinery
25% per annum on net book value
Fixtures, fittings & equipment
25% per annum on net book value
Motor vehicles
25% per annum on net book value
No depreciation is provided in respect of freehold land.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its director and employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
E-TEC INTERCONNECT (UK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2015
959,637
Additions
4,960
Disposals
(2,717)
At 31 October 2016
961,880
Depreciation
At 1 November 2015
380,843
On disposals
(2,550)
Charge for the year
34,518
At 31 October 2016
412,811
Net book value
At 31 October 2016
549,069
At 31 October 2015
578,794
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £49,319 (2015 - £55,560).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £45,108 (2015 - £95,100).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
9,000 Ordinary 'A' shares of £1 each
9,000
9,000
E-TEC INTERCONNECT (UK) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 4 -
6
Related party relationships and transactions
Advances and credits to directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr G E Carter - Interest free loan
-
32,135
-
32,135
32,135
-
-
-
32,135
Guarantees
Directors guarantees during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr G E Carter - bank loan guarantee
-
150,000
-
-
-
150,000
150,000
-
-
-
150,000
The bank loans guarantee is limited to £150,000.