Registered number
02182117
Electro Gear Limited
Filleted Accounts
31 December 2023
Electro Gear Limited
Registered number: 02182117
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,332 4,320
Current assets
Stocks 105,000 100,000
Debtors 4 35,051 29,037
Cash at bank and in hand 81,630 52,465
221,681 181,502
Creditors: amounts falling due within one year 5 (126,682) (79,382)
Net current assets 94,999 102,120
Total assets less current liabilities 99,331 106,440
Creditors: amounts falling due after more than one year 6 (18,333) (28,333)
Provisions for liabilities (823) (820)
Net assets 80,175 77,287
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 79,175 76,287
Shareholder's funds 80,175 77,287
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.
Iain Thatcher
Director
Approved by the board on 18 September 2024
Electro Gear Limited
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. 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.
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 15% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 43,537 23,224 66,761
Additions 893 - 893
At 31 December 2023 44,430 23,224 67,654
Depreciation
At 1 January 2023 40,827 21,614 62,441
Charge for the year 479 402 881
At 31 December 2023 41,306 22,016 63,322
Net book value
At 31 December 2023 3,124 1,208 4,332
At 31 December 2022 2,710 1,610 4,320
4 Debtors 2023 2022
£ £
Trade debtors 17,645 21,800
Other debtors 17,406 7,237
35,051 29,037
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 16,901 15,326
Amounts owed to group undertakings and undertakings in which the company has a participating interest 80,124 41,597
Taxation and social security costs 18,824 9,303
Other creditors 833 3,156
126,682 79,382
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,333 28,333
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,724 19,898
8 Related party transactions
Annual management fees of £38,000 have been charged by the parent company
Itech Services & Repairs Limited to Electro Gear Limited.
9 Controlling party
The company's sole shareholder is Itech Services & Repairs Limited. Registered at
Unit 4 Park Farm Kelvedon Road, Inworth, Colchester, Essex, England, CO5 9SH
The parent company is controlled by the directors as they own 100% of the issued share capital.
The company and its parent comprise a small group.   
The parent has taken advantage of the exemption provided by s.398 of the Companies
Act 2006 not to prepare group accounts.
10 Other information
Electro Gear Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Park Farm
Inworth
Colchester
Essex
CO5 9SH
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