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Registered number: 07429465
Prototype Electronics Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Advoco (SW) Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07429465
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,587,624 1,124,415
1,587,624 1,124,415
CURRENT ASSETS
Stocks 5 3,883,758 3,156,643
Debtors 6 1,826,488 1,562,596
Cash at bank and in hand 68,117 142,213
5,778,363 4,861,452
Creditors: Amounts Falling Due Within One Year 7 (3,384,492 ) (2,509,879 )
NET CURRENT ASSETS (LIABILITIES) 2,393,871 2,351,573
TOTAL ASSETS LESS CURRENT LIABILITIES 3,981,495 3,475,988
Creditors: Amounts Falling Due After More Than One Year 8 (2,192,369 ) (2,084,012 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (396,906 ) (213,639 )
NET ASSETS 1,392,220 1,178,337
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,392,120 1,178,237
SHAREHOLDERS' FUNDS 1,392,220 1,178,337
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Wayne Masterman
Director
Mr Duane Street
Director
30 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Prototype Electronics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07429465 . The registered office is Unit 50b The Enterprise Park, Piddlehinton, Dorchester, Dorset, DT2 7UA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% on reducing balance
Plant & Machinery 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 78 (2022: 72)
78 72
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 243,867 1,192,849 40,454 146,591 1,623,761
Additions 255,328 392,307 - 3,706 651,341
As at 30 November 2023 499,195 1,585,156 40,454 150,297 2,275,102
Depreciation
As at 1 December 2022 33,734 402,635 22,080 40,897 499,346
Provided during the period 9,977 144,656 2,758 30,741 188,132
As at 30 November 2023 43,711 547,291 24,838 71,638 687,478
Net Book Value
As at 30 November 2023 455,484 1,037,865 15,616 78,659 1,587,624
As at 1 December 2022 210,133 790,214 18,374 105,694 1,124,415
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5. Stocks
2023 2022
£ £
Stock & WIP 3,883,758 3,156,643
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,648,005 1,252,965
Other debtors 178,483 309,631
1,826,488 1,562,596
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 324,770 172,393
Trade creditors 424,188 911,831
Bank loans and overdrafts 200,246 182,643
Corporation tax liability - 104,211
Social security and other tax 41,583 47,101
VAT 118,108 8,171
Credit cards 268,033 216,680
Invoice financing 1,482,862 860,865
Evergreen 518,634 -
Accrued expenses 4,470 3,965
Directors' loan accounts 1,598 2,019
3,384,492 2,509,879
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 542,546 313,933
Loan more than 1 year 649,823 770,079
Other creditors 1,000,000 1,000,000
2,192,369 2,084,012
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 324,770 172,393
Later than one year and not later than five years 542,546 313,933
867,316 486,326
867,316 486,326
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10. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
100 Ordinary A shares of £ 1.00 each 100 100
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