Euroclean (NI) Ltd - Period Ending 2015-12-31

Registration number: NI603928

Euroclean (NI) Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Euroclean (NI) Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Euroclean (NI) Ltd
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Euroclean (NI) Ltd for the year ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements.

This report is made solely to the Board of Directors of Euroclean (NI) Ltd, as a body, in accordance with the terms of our engagement letter dated 19 March 2014. Our work has been undertaken solely to prepare for your approval the accounts of Euroclean (NI) Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Euroclean (NI) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Euroclean (NI) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Euroclean (NI) Ltd. You consider that Euroclean (NI) Ltd 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 accounts of Euroclean (NI) Ltd. 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 accounts.

......................................

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

19 June 2016

Page 1

Euroclean (NI) Ltd
(Registration number: NI603928)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					62,500			75,000
Tangible fixed assets					149,197			89,038
					211,697			164,038
Current assets
Stocks					5,500			5,102
Debtors					230,198			162,644
Cash at bank and in hand					83			315
					235,781			168,061
Creditors: Amounts falling due within one year					(395,758)			(340,756)
Net current liabilities					(159,977)			(172,695)
Total assets less current liabilities					51,720			(8,657)
Creditors: Amounts falling due after more than one year					(7,218)			(3,055)
Net assets/(liabilities)					44,502			(11,712)
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					44,501			(11,713)
Shareholders' funds/(deficit)					44,502			(11,712)

For the year ending 31 December 2015 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 director acknowledges his 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 director on 19 April 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Euroclean (NI) Ltd
(Registration number: NI603928)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Mr Russell R Larmour
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Euroclean (NI) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... 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 January 2015).

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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Property	5% straight line
Assets for Rental	33.33% straight line
Plant & Machjnery	20% reducing balance
Fixtures & Fittings	15% reducing balance
Motor Vehicles	20% reducing balance
Other Tangible Costs	33.33% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Page 4

Euroclean (NI) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		125,000			264,258			389,258
Additions		-			96,523			96,523
At 31 December 2015		125,000			360,781			485,781
Depreciation
At 1 January 2015		50,000			175,220			225,220
Charge for the year		12,500			36,364			48,864
At 31 December 2015		62,500			211,584			274,084
Net book value
At 31 December 2015		62,500			149,197			211,697
At 31 December 2014		75,000			89,038			164,038

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		20,000			30,734

Page 5

Euroclean (NI) Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

Page 6