Company Registration No. 06083205 (England and Wales)
ECO2 SOLAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
ECO2 SOLAR LIMITED
COMPANY INFORMATION
Directors
Mr P T Hutchens
Mrs T C Hutchens
Mr R Mee
Mr L J Chadwick
Mr K A Dixon
Secretary
Mr P T Hutchens
Company number
06083205
Registered office
Unit 8
John Samuel Building
Arthur Drive Hoo Farm Industrial Estate
Kidderminster
Worcestershire
DY11 7RA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
24 High Street
Kidderminster
Worcestershire
DY10 2DL
ECO2 SOLAR LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ECO2 SOLAR LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ECO2 SOLAR LIMITED FOR THE YEAR ENDED 30 JUNE 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Eco2 Solar Limited for the year ended 30 June 2018 which comprise, the Balance Sheet and the related notes 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/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Eco2 Solar Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Eco2 Solar Limited
and state those matters that we have agreed to state to the Board of Directors of Eco2 Solar Limited, 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 Eco2 Solar Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Eco2 Solar Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Eco2 Solar Limited. You consider that Eco2 Solar Limited 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 financial statements of Eco2 Solar Limited. 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 financial statements.
Ormerod Rutter Limited
2 October 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ECO2 SOLAR LIMITED
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
69,651
39,317
Current assets
Stocks
246,232
197,465
Debtors
4
1,446,247
1,196,637
Cash at bank and in hand
266,186
13,936
1,958,665
1,408,038
Creditors: amounts falling due within one year
5
(1,479,392)
(1,017,704)
Net current assets
479,273
390,334
Total assets less current liabilities
548,924
429,651
Creditors: amounts falling due after more than one year
6
(102,838)
(71,720)
Provisions for liabilities
(8,967)
(3,196)
Net assets
437,119
354,735
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
437,019
354,635
Total equity
437,119
354,735
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ECO2 SOLAR LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018
30 June 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2018 and are signed on its behalf by:
Mr P T Hutchens
Director
Company Registration No. 06083205
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
1
Accounting policies
Company information
Eco2 Solar Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 8, John Samuel Building, Arthur Drive Hoo Farm Industrial Estate, Kidderminster, Worcestershire, United Kingdom, DY11 7RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
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
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the lease term
Plant and machinery
20% on cost
Fixtures and fittings
20% on cost
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
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.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 32 (2017 - 28).
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2017
24,343
13,185
5,221
43,131
13,460
99,340
Additions
24,110
8,896
-
21,521
-
54,527
Disposals
(5,539)
-
-
-
(6,210)
(11,749)
At 30 June 2018
42,914
22,081
5,221
64,652
7,250
142,118
Depreciation and impairment
At 1 July 2017
11,330
7,461
5,018
28,508
7,741
60,058
Depreciation charged in the year
6,360
2,149
202
7,959
902
17,572
Eliminated in respect of disposals
(1,939)
-
-
-
(3,224)
(5,163)
At 30 June 2018
15,751
9,610
5,220
36,467
5,419
72,467
Carrying amount
At 30 June 2018
27,163
12,471
1
28,185
1,831
69,651
At 30 June 2017
13,013
5,724
203
14,658
5,719
39,317
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,274,047
1,099,893
Other debtors
172,200
96,744
1,446,247
1,196,637
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
31,146
114,679
Trade creditors
1,037,443
686,421
Amounts due to group undertakings
10,494
2,082
Corporation tax
33,287
8,416
Other taxation and social security
28,028
23,258
Other creditors
338,994
182,848
1,479,392
1,017,704
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
102,838
71,720
7
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Bank overdrafts
-
73,940
Bank loans
133,984
112,459
133,984
186,399
Bank loans are secured by way of a floating charge over all assets.
ECO2 SOLAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 9 -
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
8,967
3,196
8,967
3,196
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Eco2 Solutions Group Limited a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr P T Hutchens and Mrs T C Hutchens by virtue of their controlling interest in the ultimate parent company.