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Registration number: 01801461

Elecref Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Elecref Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Elecref Limited

(Registration number: 01801461)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

723,111

749,595

Current assets

 

Stocks

5

18,651

18,651

Debtors

6

2,730,565

1,924,123

Cash at bank and in hand

 

343,945

60,188

 

3,093,161

2,002,962

Creditors: Amounts falling due within one year

7

(1,573,524)

(570,963)

Net current assets

 

1,519,637

1,431,999

Total assets less current liabilities

 

2,242,748

2,181,594

Creditors: Amounts falling due after more than one year

7

(293,501)

(275,371)

Provisions for liabilities

(30,362)

(39,880)

Net assets

 

1,918,885

1,866,343

Capital and reserves

 

Called up share capital

8

8,000

8,000

Retained earnings

1,910,885

1,858,343

Shareholders' funds

 

1,918,885

1,866,343

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
R Bride
Director

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01801461.

The address of its registered office is:
20 Wilton Road
Wilton Rd Industrial Est
Humberston
Grimsby
N E Lincolnshire
DN36 4AW

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements reflect the position of Elecref Limited as an individual entity, the company not forming part of a group.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Grants are accounted for using the accruals model. Revenue is recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% per annum on written down value/ 10% per annum on cost

Office equipment

15% per annum on written down value/ 33% per annum on cost

Motor vehicles

25% per annum on written down value/ 25% per annum on cost to residual value

Freehold land and buildings

Land - not depreciated. Building - 2% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 38 (2022 - 33).

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

763,659

211,131

634,754

1,609,544

Additions

-

6,152

156,152

162,304

Disposals

-

-

(135,781)

(135,781)

At 31 August 2023

763,659

217,283

655,125

1,636,067

Depreciation

At 1 September 2022

347,541

191,490

320,918

859,949

Charge for the year

11,912

5,887

133,454

151,253

Eliminated on disposal

-

-

(98,246)

(98,246)

At 31 August 2023

359,453

197,377

356,126

912,956

Carrying amount

At 31 August 2023

404,206

19,906

298,999

723,111

At 31 August 2022

416,118

19,641

313,836

749,595

Included within the net book value of land and buildings above is £404,206 (2022 - £416,118) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's land and buildings was revalued on 4 March 2011 by an independent valuer.
they have been revalued downwards to reflect an open market valuation.. The name and qualification of the independent valuer are J L Pannell (FRICS IRRV) of Turner evans Stevens .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £613,659 (2022 - £613,659).

5

Stocks

2023
£

2022
£

Other inventories

18,651

18,651

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,429,395

594,518

Prepayments

52,886

78,199

Other debtors

1,248,284

1,251,406

 

2,730,565

1,924,123

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

119,177

120,446

Trade creditors

 

1,134,441

364,088

Taxation and social security

 

47,296

47,397

Other creditors

 

139,116

23,343

Accruals and deferred income

 

133,494

15,689

 

1,573,524

570,963

Due after one year

 

Loans and borrowings

9

293,501

275,371

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £119,177 (2022 - £120,446).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

293,501

275,371

2023
£

2022
£

Due after more than five years

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £293,501 (2022 - £275,371).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

8,000

8,000

8,000

8,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

139,785

167,390

HP and finance lease liability 1 (1-2 yrs)

153,716

107,981

293,501

275,371

 

Elecref Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

29,954

29,539

HP and finance lease

89,223

90,907

119,177

120,446

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,092 (2022 - £1,966).