Electroline Limited |
Registered number: |
01452210 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
3,039 |
|
|
4,394 |
Investments |
4 |
|
|
800,000 |
|
|
800,000 |
|
|
|
|
803,039 |
|
|
804,394 |
|
Current assets |
Stocks |
|
|
31,595 |
|
|
33,245 |
Debtors |
5 |
|
1,140 |
|
|
5,279 |
Cash at bank and in hand |
|
|
143,009 |
|
|
136,395 |
|
|
|
175,744 |
|
|
174,919 |
|
Creditors: amounts falling due within one year |
6 |
|
(62,769) |
|
|
(53,624) |
|
Net current assets |
|
|
|
112,975 |
|
|
121,295 |
|
Total assets less current liabilities |
|
|
|
916,014 |
|
|
925,689 |
|
|
Provisions for liabilities |
|
|
|
(47,281) |
|
|
(47,281) |
|
|
Net assets |
|
|
|
868,733 |
|
|
878,408 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
50,000 |
|
|
50,000 |
Profit and loss account |
|
|
|
818,733 |
|
|
828,408 |
|
Shareholders' funds |
|
|
|
868,733 |
|
|
878,408 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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. |
|
|
|
|
N S Redston |
Director |
Approved by the board on 9 September 2024 |
|
Electroline Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
|
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. Turnover from the rendering of services is recognised in the period in which the services are provided. Turnover is generated through the letting of commercial property and the hire, repair and sale of electronic amusement machines |
|
|
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 |
25% reducing balance and 8% straight line |
|
Rental jukeboxes |
25% reducing balance |
|
|
Investment properties |
|
Investment properties are recognised using the fair value method, fair value being the price that would be received to sell an asset or paid to transfer a liability in an orderly trnsaction between market participants at the measeurment date |
|
|
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). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is not recognised in respect of timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is considered not material to the true and fair view of the financial statements. Provision is made for tax on gains arising from the revaluation of freehold land and buildings using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted. |
|
|
Pensions |
|
Contributions to plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery |
|
Rental juke boxes |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
49,742 |
|
58,723 |
|
108,465 |
|
Disposals |
(36,830) |
|
(58,723) |
|
(95,553) |
|
At 31 March 2024 |
12,912 |
|
- |
|
12,912 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
45,348 |
|
58,723 |
|
104,071 |
|
Charge for the year |
1,355 |
|
- |
|
1,355 |
|
On disposals |
(36,830) |
|
(58,723) |
|
(95,553) |
|
At 31 March 2024 |
9,873 |
|
- |
|
9,873 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
3,039 |
|
- |
|
3,039 |
|
At 31 March 2023 |
4,394 |
|
- |
|
4,394 |
|
|
4 |
Investments |
Other |
investments |
£ |
|
Cost |
|
At 1 April 2023 |
800,000 |
|
|
At 31 March 2024 |
800,000 |
|
|
The directors consider that the current market value is £3,000,000, based on the annual rental income |
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
1,140 |
|
5,279 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Tenants deposits |
35,849 |
|
32,849 |
|
Trade creditors |
1,333 |
|
(1,461) |
|
Taxation and social security costs |
25,587 |
|
22,236 |
|
|
|
|
|
|
62,769 |
|
53,624 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Electroline Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
Electroline House |
|
15 Lion Road |
|
Twickenham |
|
Middlesex |
|
TW1 4JH |