REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
CLIFF ELECTRONIC COMPONENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
CLIFF ELECTRONIC COMPONENTS LIMITED |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
CLIFF ELECTRONIC COMPONENTS LIMITED |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Granary |
Brewer Street |
Bletchingley |
Surrey |
RH1 4QP |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Statement of Financial Position |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
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. |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Statement of Financial Position - continued |
30 September 2023 |
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 Board of Directors and authorised for issue on |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Cliff Electronic Components Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset , the company estimates the recoverable amount of the cash-generating unit to which the assets belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use . In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an assets is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount . An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount , in which case the impairment loss is treated as a revaluation decrease. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and where applicable direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its Financial Instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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 statement of financial position date. |
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. |
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. |
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 |
CLIFF ELECTRONIC COMPONENTS LIMITED (REGISTERED NUMBER: 01332056) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
As at 30 September 2023, the company owed £58,464 (2022: £86,681) to the directors of the company. |