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Registered number: 04330830
Elektrotech Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Alex Mathew T/A TaxAssist Accountant
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04330830
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 944 609
944 609
CURRENT ASSETS
Debtors 5 16,947 13,521
Cash at bank and in hand 10,664 3,091
27,611 16,612
Creditors: Amounts Falling Due Within One Year 6 (17,832 ) (9,961 )
NET CURRENT ASSETS (LIABILITIES) 9,779 6,651
TOTAL ASSETS LESS CURRENT LIABILITIES 10,723 7,260
PROVISIONS FOR LIABILITIES
Deferred Taxation (179 ) (116 )
NET ASSETS 10,544 7,144
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Profit and Loss Account 9,544 6,144
SHAREHOLDERS' FUNDS 10,544 7,144
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For the year ending 31 March 2024 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 Paul Day
Director
05/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Elektrotech Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04330830 . The registered office is 5 Longhurst, Burgess Hill, West Sussex, RH15 0TG.
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:
Plant & Machinery 25% RBM
Motor Vehicles 25% RBM
Fixtures & Fittings 25% RBM
2.4. 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.
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2.5. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense .
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation . Any adj ustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises .
2.6. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided . Prepaid contribut ions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service , the liability  is  measured  on  a  discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises .
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 12,814 300 2,465 15,579
Additions - - 648 648
As at 31 March 2024 12,814 300 3,113 16,227
Depreciation
As at 1 April 2023 12,704 75 2,191 14,970
Provided during the period 27 56 230 313
As at 31 March 2024 12,731 131 2,421 15,283
Net Book Value
As at 31 March 2024 83 169 692 944
As at 1 April 2023 110 225 274 609
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,974 1,548
Corporation tax recoverable assets 3,247 3,247
Directors' loan accounts 8,726 8,726
16,947 13,521
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 300
Corporation tax 5,909 1,565
VAT 10,138 5,954
Accruals and deferred income 1,785 2,142
17,832 9,961
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Paul Day 4,363 12,014 (12,014 ) - 4,363
Mrs Lynne Day 4,363 12,014 (12,014 ) - 4,363
The above loan is unsecured, interest free and repayable on demand.
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 21,815 16,056
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