Eurotechnology Incon Limited - Period Ending 2014-12-31

Registration number: SC151310

Eurotechnology Incon Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 December 2014
 

Eurotechnology Incon Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Eurotechnology Incon Limited
(Registration number: SC151310)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					2,430			6,440
Current assets
Stocks					117,432			87,953
Debtors					58,267			59,159
Cash at bank and in hand					77			659
					175,776			147,771
Creditors: Amounts falling due within one year					(92,168)			(29,402)
Net current assets					83,608			118,369
Net assets					86,038			124,809
Capital and reserves
Called up share capital		3			100,000			100,000
Share premium account					10,000			10,000
Profit and loss account					(23,962)			14,809
Shareholders' funds					86,038			124,809

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 September 2015 and signed on its behalf by:

.........................................
E Robb
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Eurotechnology Incon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents net invoiced sales of goods and services, excluding Value Added Tax.

Depreciation

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.

Asset class	Depreciation method and rate
Tangible fixed assets	25% on cost

Stock and work in progress

Stocks 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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currency

Assets and liabilities in foreign currencies are translated 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 to the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Eurotechnology Incon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		151,456			151,456
At 31 December 2014		151,456			151,456
Depreciation
At 1 January 2014		145,016			145,016
Charge for the year		4,010			4,010
At 31 December 2014		149,026			149,026
Net book value
At 31 December 2014		2,430			2,430
At 31 December 2013		6,440			6,440

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
A Ordinary of £1 each		50,000			50,000			50,000			50,000
B Ordinary of £1 each		50,000			50,000			50,000			50,000
		100,000			100,000			100,000			100,000

4

Control

The company is controlled by Eurotechnology Limited. The ultimate controlling party is Eurotechnology International Co. Ltd, a company incorporated in Saudi Arabia.

Page 3