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REGISTERED NUMBER: 03151126 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Foremost Electronics Limited

Foremost Electronics Limited (Registered number: 03151126)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Foremost Electronics Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: A J Cook
Mrs F Cook





SECRETARY: A J Cook





REGISTERED OFFICE: 14 Bluegate Business Park
Great Bardfield
Braintree
Essex
CM7 4PZ





REGISTERED NUMBER: 03151126 (England and Wales)





ACCOUNTANTS: Passmore Weeks & Richardson
A Xeinadin Company
4 - 8 The Centre
Lakes Industrial Park
Braintree
Essex
CM7 3RU

Foremost Electronics Limited (Registered number: 03151126)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,105 5,790

CURRENT ASSETS
Stocks 278,903 269,166
Debtors 5 845,182 629,391
Cash at bank and in hand 363,151 597,095
1,487,236 1,495,652
CREDITORS
Amounts falling due within one year 6 1,285,331 1,229,400
NET CURRENT ASSETS 201,905 266,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,010

272,042

PROVISIONS FOR LIABILITIES 699 1,048
NET ASSETS 205,311 270,994

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Share premium 13,900 13,900
Retained earnings 190,311 255,994
SHAREHOLDERS' FUNDS 205,311 270,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

Foremost Electronics Limited (Registered number: 03151126)

Balance Sheet - continued
30 April 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





A J Cook - Director


Foremost Electronics Limited (Registered number: 03151126)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Foremost Electronics 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.

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.
Plant and machinery etc - 33% 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 and deferred tax. Tax is recognised in the Income Statement, 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.

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
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 14 (2023 - 15 ) .

Foremost Electronics Limited (Registered number: 03151126)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 158,416
Additions 368
At 30 April 2024 158,784
DEPRECIATION
At 1 May 2023 152,626
Charge for year 2,053
At 30 April 2024 154,679
NET BOOK VALUE
At 30 April 2024 4,105
At 30 April 2023 5,790

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 725,201 543,563
Other debtors 119,981 85,828
845,182 629,391

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 390,089 399,596
Amounts owed to group undertakings 747,582 728,885
Taxation and social security 56,205 92,867
Other creditors 91,455 8,052
1,285,331 1,229,400

7. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   

Fixed and floating charges over the undertaking and all property and assets present and future.

8. PARENT COMPANY

Foremost Electronics Technology Group Ltd is the company's parent company.