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REGISTERED NUMBER: 03284096 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ELECTRA FIT LIMITED

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELECTRA FIT LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2023







DIRECTOR: Mr J V Watson





REGISTERED OFFICE: 260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: 37 Elm Avenue
Caddington
Bedfordshire
LU1 4HS





REGISTERED NUMBER: 03284096 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 90,590 104,968

CURRENT ASSETS
Stocks 5 95,004 202,487
Debtors 6 160,332 115,382
Cash at bank and in hand 144,226 164,608
399,562 482,477
CREDITORS
Amounts falling due within one year 7 143,959 142,897
NET CURRENT ASSETS 255,603 339,580
TOTAL ASSETS LESS CURRENT
LIABILITIES

346,193

444,548

CREDITORS
Amounts falling due after more than one
year

8

(47,318

)

(70,594

)

PROVISIONS FOR LIABILITIES 11 (6,744 ) (5,854 )
NET ASSETS 292,131 368,100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 292,031 368,000
SHAREHOLDERS' FUNDS 292,131 368,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 October 2023 and were signed by:





Mr J V Watson - Director


ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Electra Fit 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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

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 - not provided
Improvements to property - not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

The freehold property and improvements to property are being depreciated to their estimated residual value over their deemed useful economic life. The director believes the residual value to be at least the current carrying value in these accounts and therefore the depreciation would be negligible. The maintenance costs are charged to the profit and loss account in the year incurred. The director reviews the estimated residual value at the end of each accounting year.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

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

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 10 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2022 29,363 9,314 9,536
Additions - - -
At 31 March 2023 29,363 9,314 9,536
DEPRECIATION
At 1 April 2022 - - 9,144
Charge for year - - 98
At 31 March 2023 - - 9,242
NET BOOK VALUE
At 31 March 2023 29,363 9,314 294
At 31 March 2022 29,363 9,314 392

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 22,811 225,652 55,248 351,924
Additions - - 3,298 3,298
At 31 March 2023 22,811 225,652 58,546 355,222
DEPRECIATION
At 1 April 2022 18,298 170,095 49,419 246,956
Charge for year 677 13,890 3,011 17,676
At 31 March 2023 18,975 183,985 52,430 264,632
NET BOOK VALUE
At 31 March 2023 3,836 41,667 6,116 90,590
At 31 March 2022 4,513 55,557 5,829 104,968

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 90,396
DEPRECIATION
At 1 April 2022 46,920
Charge for year 10,869
At 31 March 2023 57,789
NET BOOK VALUE
At 31 March 2023 32,607
At 31 March 2022 43,476

5. STOCKS
2023 2022
£    £   
Stocks 56,538 71,654
Work-in-progress 38,466 130,833
95,004 202,487

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 96,089 47,559
Other debtors 58,527 59,867
Prepayments 5,716 7,956
160,332 115,382

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 9,996
Hire purchase contracts (see note 9) 13,626 12,991
Trade creditors 61,091 74,594
Corporation tax 3,627 4,150
Taxation and social security 46,518 32,184
Other creditors 559 -
Directors' loan accounts 19 -
Accruals and deferred income 8,519 8,982
143,959 142,897

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 22,500 32,508
Hire purchase contracts (see note 9) 24,818 38,086
47,318 70,594

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 13,626 12,991
Between one and five years 24,818 38,086
38,444 51,077

Non-cancellable operating leases
2023 2022
£    £   
Within one year 4,219 3,516
Between one and five years 9,126 9,962
13,345 13,478

ELECTRA FIT LIMITED (REGISTERED NUMBER: 03284096)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 32,500 42,504
Hire purchase contracts 38,444 51,077
70,944 93,581

The debts are covered by floating charge on the assets and the bounce back loan amount is guaranteed by the UK government.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances 6,744 5,854

Deferred
tax
£   
Balance at 1 April 2022 5,854
Capital allowances 890
Balance at 31 March 2023 6,744