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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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EUROPEAN CIRCUIT SOLUTIONS LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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EUROPEAN CIRCUIT SOLUTIONS LTD |
EUROPEAN CIRCUIT SOLUTIONS LTD (REGISTERED NUMBER: 03152622) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EUROPEAN CIRCUIT SOLUTIONS LTD |
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COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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& Statutory Auditors |
Savoy House |
Savoy Circus |
London |
W3 7DA |
EUROPEAN CIRCUIT SOLUTIONS LTD (REGISTERED NUMBER: 03152622) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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EUROPEAN CIRCUIT SOLUTIONS LTD (REGISTERED NUMBER: 03152622) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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European Circuit Solutions Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts are presented for a longer period of 15 months in order to align the year-end date to that of group companies. |
The comparative amounts presented in the financial statements may therefore not be entirely comparable. |
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Turnover |
Turnover represents net sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an |
expense in the period in which the related revenue is recognised. |
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At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified |
stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and |
loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original |
impairment loss, and is recognised as a credit in the profit and loss account. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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EUROPEAN CIRCUIT SOLUTIONS LTD (REGISTERED NUMBER: 03152622) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Provisions |
Provisions for warranties are recognised when the company has a legal or constructive obligation as a result of a past event; |
it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably |
estimated. Provisions are not recognised for future operating losses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 1,416,809 | 1,239,603 |
Other debtors |
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EUROPEAN CIRCUIT SOLUTIONS LTD (REGISTERED NUMBER: 03152622) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
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Ordinary | £1 | 80,000 | 80,000 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Profit for the year |
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At 31 December 2017 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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European Safety Systems Ltd ("E2S") owns 25% of the company and has common directors. During the year the company |
made sales of £1,812,405 (2016: £1,682,991) to E2S and at the year-end it was owed £1,416,498 (2016: £1,239,603) by |
E2S. |