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REGISTERED NUMBER: 05337637 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Neotek Electrics Limited

Neotek Electrics Limited (Registered number: 05337637)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Neotek Electrics Limited (Registered number: 05337637)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 721,311 651,983

CURRENT ASSETS
Stocks 81,793 20,500
Debtors 5 354,343 326,123
Cash at bank and in hand 648,121 470,429
1,084,257 817,052
CREDITORS
Amounts falling due within one year 6 (444,221 ) (224,226 )
NET CURRENT ASSETS 640,036 592,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,361,347

1,244,809

CREDITORS
Amounts falling due after more than one
year

7

-

(104,607

)

PROVISIONS FOR LIABILITIES (22,814 ) -
NET ASSETS 1,338,533 1,140,202

CAPITAL AND RESERVES
Called up share capital 101 101
Fair value reserve 9 68,441 91,254
Retained earnings 1,269,991 1,048,847
1,338,533 1,140,202

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

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

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.

Neotek Electrics Limited (Registered number: 05337637)

Balance Sheet - continued
31 December 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





D Demetriou - Director


Neotek Electrics Limited (Registered number: 05337637)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Neotek Electrics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05337637

Registered office: Unit 70, Hillgrove Business Park
Nazeing Road
Nazeing
Waltham Abbey
EN9 2HB

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

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 5 (2022 - 5 ) .

Neotek Electrics Limited (Registered number: 05337637)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 600,000 132,643 732,643
Additions - 101,218 101,218
Disposals - (23,207 ) (23,207 )
At 31 December 2023 600,000 210,654 810,654
DEPRECIATION
At 1 January 2023 - 80,660 80,660
Charge for year - 27,759 27,759
Eliminated on disposal - (19,076 ) (19,076 )
At 31 December 2023 - 89,343 89,343
NET BOOK VALUE
At 31 December 2023 600,000 121,311 721,311
At 31 December 2022 600,000 51,983 651,983

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 91,254 - 91,254
Cost 508,746 210,654 719,400
600,000 210,654 810,654

If freehold property had not been revalued it would have been included at the following historical cost:

31/12/23 31/12/22
£    £   
Cost 508,746 508,746

Freehold property was valued on fair value basis on 31 December 2022 by directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 318,255 297,687
Other debtors 36,088 28,436
354,343 326,123

Neotek Electrics Limited (Registered number: 05337637)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts - 17,866
Trade creditors 60,733 67,415
Taxation and social security 161,426 57,249
Other creditors 222,062 81,696
444,221 224,226

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans - 104,607

8. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans - 122,473

Bank loans are secured on Freehold Property held within the company.

9. RESERVES
Fair
value
reserve
£   
At 1 January 2023 91,254
Deferred tax (22,813 )

At 31 December 2023 68,441

10. ULTIMATE CONTROLLING PARTY

The controlling party is D Demetriou.