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REGISTERED NUMBER: 02492970 (England and Wales)

















Engineering Control Supplies Limited

Financial Statements

for the Year Ended 31 July 2020






Engineering Control Supplies Limited (Registered number: 02492970)

Contents of the Financial Statements
for the year ended 31 July 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Engineering Control Supplies Limited

Company Information
for the year ended 31 July 2020







DIRECTORS: R Jones
K Perrin



SECRETARY: Mrs E Jones



REGISTERED OFFICE: Roman Hill Trading Estate
Broadmayne
Dorchester
Dorset
DT2 8LY



REGISTERED NUMBER: 02492970 (England and Wales)



ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX



BANKERS: HSBC Bank plc
15 Cornhill
Dorchester
Dorset
DT1 1BJ

Engineering Control Supplies Limited (Registered number: 02492970)

Statement of Financial Position
31 July 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,170 29,290
Property, plant and equipment 5 1,222,692 1,288,041
Investments 6 15,075 15,075
1,254,937 1,332,406

CURRENT ASSETS
Inventories 195,206 109,713
Debtors 7 176,617 462,791
Cash at bank and in hand 156,961 32,954
528,784 605,458
CREDITORS
Amounts falling due within one year 8 472,388 578,138
NET CURRENT ASSETS 56,396 27,320
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,311,333

1,359,726

CREDITORS
Amounts falling due after more than one
year

9

(178,617

)

(205,649

)

PROVISIONS FOR LIABILITIES (66,546 ) (77,191 )
NET ASSETS 1,066,170 1,076,886

CAPITAL AND RESERVES
Called up share capital 154 154
Capital redemption reserve 288 288
Retained earnings 1,065,728 1,076,444
SHAREHOLDERS' FUNDS 1,066,170 1,076,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2021 and were signed on its behalf by:




R Jones - Director


Engineering Control Supplies Limited (Registered number: 02492970)

Notes to the Financial Statements
for the year ended 31 July 2020


1. STATUTORY INFORMATION

Engineering Control Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents and licences
Amortisation was provided at 10% on cost per annum in order to write off patents and licences over their estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation charge for the year is nil. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.


Engineering Control Supplies Limited (Registered number: 02492970)

Notes to the Financial Statements - continued
for the year ended 31 July 2020


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2019
and 31 July 2020 242,400 6,778 249,178
AMORTISATION
At 1 August 2019 213,110 6,778 219,888
Amortisation for year 12,120 - 12,120
At 31 July 2020 225,230 6,778 232,008
NET BOOK VALUE
At 31 July 2020 17,170 - 17,170
At 31 July 2019 29,290 - 29,290

Engineering Control Supplies Limited (Registered number: 02492970)

Notes to the Financial Statements - continued
for the year ended 31 July 2020


5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2019 826,416 901,260 77,324 78,770 1,883,770
Additions - 1,167 7,800 - 8,967
At 31 July 2020 826,416 902,427 85,124 78,770 1,892,737
DEPRECIATION
At 1 August 2019 - 510,772 48,769 36,188 595,729
Charge for year - 58,704 4,966 10,646 74,316
At 31 July 2020 - 569,476 53,735 46,834 670,045
NET BOOK VALUE
At 31 July 2020 826,416 332,951 31,389 31,936 1,222,692
At 31 July 2019 826,416 390,488 28,555 42,582 1,288,041

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2019 159,000 68,380 227,380
Transfer to ownership - (41,931 ) (41,931 )
At 31 July 2020 159,000 26,449 185,449
DEPRECIATION
At 1 August 2019 54,400 27,827 82,227
Charge for year 15,690 4,856 20,546
Transfer to ownership - (20,802 ) (20,802 )
At 31 July 2020 70,090 11,881 81,971
NET BOOK VALUE
At 31 July 2020 88,910 14,568 103,478
At 31 July 2019 104,600 40,553 145,153

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2019
and 31 July 2020 15,075
NET BOOK VALUE
At 31 July 2020 15,075
At 31 July 2019 15,075

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 123,865 430,623
Other debtors 52,752 32,168
176,617 462,791

Engineering Control Supplies Limited (Registered number: 02492970)

Notes to the Financial Statements - continued
for the year ended 31 July 2020


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 142,440 57,623
Hire purchase contracts 31,641 57,921
Trade creditors 174,939 278,265
Taxation and social security 28,637 120,455
Other creditors 94,731 63,874
472,388 578,138

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans 152,147 147,538
Hire purchase contracts 26,470 58,111
178,617 205,649

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 8,333 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank overdraft 97,382 -
Hire purchase contracts 58,111 116,032
Bank loans 147,205 205,161
302,698 321,193

HSBC Bank plc loan, overdraft and credit card facilities are secured by a debenture created on 8 October 2014 comprising fixed and floating charges over all property and assets, present and future, together with a legal mortgage over the company's freehold property created 4 November 2014.

Hire purchase liabilities are secured on the assets concerned.

11. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £26,125.