Eurotechnology Incon Limited - Period Ending 2015-12-31

Registration number: SC151310

Eurotechnology Incon Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

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 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					740			2,430
Current assets
Stocks					20,919			117,432
Debtors					105,365			58,267
Cash at bank and in hand					849			77
					127,133			175,776
Creditors: Amounts falling due within one year					(53,414)			(92,168)
Net current assets					73,719			83,608
Net assets					74,459			86,038
Capital and reserves
Called up share capital		3			100,000			100,000
Share premium account					10,000			10,000
Profit and loss account					(35,541)			(23,962)
Shareholders' funds					74,459			86,038

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 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 28 September 2016 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 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 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 2015
......... 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 2015		151,456			151,456
At 31 December 2015		151,456			151,456
Depreciation
At 1 January 2015		149,026			149,026
Charge for the year		1,690			1,690
At 31 December 2015		150,716			150,716
Net book value
At 31 December 2015		740			740
At 31 December 2014		2,430			2,430

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		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.

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