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REGISTERED NUMBER: 03131115 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MELCOM ELECTRONICS LIMITED

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MELCOM ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E Melas
B Melas
D Brame
J P Melas





SECRETARY: E Melas





REGISTERED OFFICE: Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL





REGISTERED NUMBER: 03131115 (England and Wales)





ACCOUNTANTS: RJP LLP
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 88,748 63,979
Investments 5 22,219 30,064
110,967 94,043

CURRENT ASSETS
Stocks 192,171 262,186
Debtors 6 1,934,890 2,307,528
Cash at bank 2,114,332 1,615,776
4,241,393 4,185,490
CREDITORS
Amounts falling due within one year 7 817,036 892,821
NET CURRENT ASSETS 3,424,357 3,292,669
TOTAL ASSETS LESS CURRENT LIABILITIES 3,535,324 3,386,712

PROVISIONS FOR LIABILITIES 8 22,187 4,885
NET ASSETS 3,513,137 3,381,827

CAPITAL AND RESERVES
Called up share capital 9 21,053 21,053
Share premium 2,948 2,948
Retained earnings 3,489,136 3,357,826
SHAREHOLDERS' FUNDS 3,513,137 3,381,827

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.

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





E Melas - Director


MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Melcom 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 represents amounts chargeable, net of Value Added Tax, in respect of the sale of electrical components.

Revenue is recognised when goods are delivered and title has passed.

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 - 20% on cost

The buildings element of freehold property is not depreciated as the carrying value of the property is not materially different from the market value of the property. This is a departure from the Companies Act 2006 which requires buildings to be depreciated over their useful economic lives. The directors consider that depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true and fair view.

Stocks
Stock comprises goods held for resale, which are valued at the lower of cost or net realisable value.

Cost is based on the cost of purchase including delivery charges.

Net realisable value is based on estimated selling prices less costs to complete and sell.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 16 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 166,204
Additions 87,607
Disposals (44,664 )
At 31 December 2023 209,147
DEPRECIATION
At 1 January 2023 102,225
Charge for year 28,778
Eliminated on disposal (10,604 )
At 31 December 2023 120,399
NET BOOK VALUE
At 31 December 2023 88,748
At 31 December 2022 63,979

5. FIXED ASSET INVESTMENTS
Other
loans
£   
At 1 January 2023 30,064
Repayment in year (8,499 )
Interest charged 654
At 31 December 2023 22,219

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 903,256 1,225,062
Amounts owed by group undertakings 1,001,997 1,061,159
Other debtors 29,637 21,307
1,934,890 2,307,528

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 264,376 360,801
Taxation and social security 389,650 227,675
Other creditors 163,010 304,345
817,036 892,821

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 22,187 4,885

Deferred
tax
£   
Balance at 1 January 2023 4,885
Provided during year 17,302
Balance at 31 December 2023 22,187

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20,000 Ordinary £1.00 20,000 20,000
1,053 A Ordinary £1.00 1,053 1,053
21,053 21,053

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Director
Balance outstanding at start of year (162,912 ) (84,350 )
Amounts advanced 184,739 26,807
Amounts repaid (61,835 ) (105,369 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (40,008 ) (162,912 )

MELCOM ELECTRONICS LIMITED (REGISTERED NUMBER: 03131115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Director
Balance outstanding at start of year 397 397
Amounts advanced 9,991 -
Amounts repaid (10,388 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 397

Director
Balance outstanding at start of year (30,997 ) (22,231 )
Amounts advanced 53,061 40,911
Amounts repaid (50,000 ) (49,677 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (27,936 ) (30,997 )

Interest was charged at 2.25% on overdrawn balances during the year, otherwise loans are interest free.

11. PARENT COMPANY

The immediate and ultimate parent company is Attica Holdings Limited, a company registered in England and Wales.

These accounts present information about the company as an individual undertaking. Group accounts are not prepared because the group qualifies as a small group.