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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2019 |
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EFFECTECH LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2019 |
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FOR |
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EFFECTECH LIMITED |
EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 August 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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EFFECTECH LIMITED |
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COMPANY INFORMATION |
for the year ended 31 August 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 2 |
Charnwood Edge Business Park |
Syston Road |
Leicester |
LE7 4UZ |
EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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BALANCE SHEET |
31 August 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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BALANCE SHEET - continued |
31 August 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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EffecTech Limited is a limited company, registered in England and Wales. Its registered office address is Dove |
House, Dove Fields, Uttoxeter, Staffordshire, ST14 8HU and the register number is 03226474. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable |
assurance that the grant conditions will be met and the grants will be received. |
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A grant that specifies performance conditions is recognised in income when the performance conditions are met. |
Where a grant does not specify performance conditions it is recognised in income when the proceeds are |
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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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. |
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At each balance sheet date stocks are assessed for impairment. Any excess of the carrying amount of stocks |
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or |
loss. Reversals of impairment losses are also recognised in profit or loss. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there |
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis |
or to realise the asset and settle the liability simultaneously. |
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EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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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. |
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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. |
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Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the |
dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in |
foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on |
translation are included in the profit and loss account for the period. |
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Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank |
overdrafts are shown within borrowings in current liabilities. |
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Employer-financed retirement benefit schemes |
The company has established trusts for the benefit of employees and persons connected with them. Monies held |
in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to |
provide both retirement and other employee benefits. |
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Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of |
the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an |
allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust |
vest in identified individuals. |
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Where monies held in a trust are determined by the company on the basis of employees' past services to the |
business and the company can obtain no future economic benefit from those monies, such monies, whether in |
the trust or accrued for by the company are charged to the profit and loss account in the period to which they |
relate. |
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Where monies held in a trust are determined by the company on the basis of employees' past services to the |
business and are payable after completion of the employment, such monies are charged to the profit and loss |
account in the period during which services are rendered by employees. |
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Research and development expenditure |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development |
expenditure is capitalised to the extent that the, technical, commercial and financial feasibility can be |
demonstrated. |
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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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EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2019 |
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4. | TANGIBLE FIXED ASSETS |
Long |
leasehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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EFFECTECH LIMITED (REGISTERED NUMBER: 03226474) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2019 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary A shares | 1 | 72 | 72 |
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Ordinary B shares | 1 | 5 | 5 |
77 | 77 |
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9. | CONTINGENT LIABILITIES |
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The company has signed a guarantee dated 10 July 2015 in favour of Svenska Handelsbanken AB (Publ) |
amounting to £44,000. |