Registered number
04326791
Ormal Electronics Ltd
Filleted Accounts
31 December 2023
Ormal Electronics Ltd
Registered number: 04326791
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,265 1,687
Current assets
Stocks 92,634 89,821
Debtors 4 61,587 44,313
Cash at bank and in hand 3,613 10,577
157,834 144,711
Creditors: amounts falling due within one year 5 (24,417) (25,763)
Net current assets 133,417 118,948
Net assets 134,682 120,635
Capital and reserves
Called up share capital 20,004 20,004
Profit and loss account 114,678 100,631
Shareholder's funds 134,682 120,635
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Armitage
Director
Approved by the board on 15 March 2024
Ormal Electronics Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023 35,956
At 31 December 2023 35,956
Depreciation
At 1 January 2023 34,269
Charge for the year 422
At 31 December 2023 34,691
Net book value
At 31 December 2023 1,265
At 31 December 2022 1,687
4 Debtors 2023 2022
£ £
Trade debtors 60,987 43,713
Other debtors 600 600
61,587 44,313
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,697 751
Taxation and social security costs 12,616 12,398
Other creditors 10,104 12,614
24,417 25,763
6 Controlling party
Mr D Armitage is the ultimate controlling party owning 100% of the shares in issue
7 Other information
Ormal Electronics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hotel' Manor Farm
Queen's Road
Hannington
Swindon
SN6 7SY
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