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REGISTERED NUMBER: 01963289 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

Elcomponent Limited

Elcomponent Limited (Registered number: 01963289)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Elcomponent Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C W Gysin
J E Gysin
G R Aislabie
T J Hooper





SECRETARY: C W Gysin





REGISTERED OFFICE: Unit 5 Southmill Trading Centre
Southmill Road
Bishops Stortford
Hertfordshire
CM23 3DY





REGISTERED NUMBER: 01963289 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Elcomponent Limited (Registered number: 01963289)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 30,570 45,044
30,570 45,044

CURRENT ASSETS
Inventories 124,874 92,650
Debtors 6 520,643 477,139
Cash at bank 792,207 455,741
1,437,724 1,025,530
CREDITORS
Amounts falling due within one year 7 838,525 441,952
NET CURRENT ASSETS 599,199 583,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

629,769

628,622

PROVISIONS FOR LIABILITIES 7,642 8,558
NET ASSETS 622,127 620,064

CAPITAL AND RESERVES
Called up share capital 42,000 42,000
Retained earnings 580,127 578,064
SHAREHOLDERS' FUNDS 622,127 620,064

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





G R Aislabie - Director


Elcomponent Limited (Registered number: 01963289)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Elcomponent 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 the value of goods sold and services provided, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Fixtures and fittings - 15% - 33% on cost
Motor vehicles - 33.33% on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is charged to the profit and loss account as incurred unless it is attributable to a major new product. In this case the expenditure is capitalised and charged to the profit and loss account broadly in line with the period over which income is expected to be derived from the new product.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Elcomponent Limited (Registered number: 01963289)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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 constant periodic rates of charge on the net obligations outstanding in each period.

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.

Intangible fixed assets
These comprise development costs of computer software to be licenced to third party users. The development costs were to be amortised in equal instalments over 3 years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 51,113
Disposals (23,544 )
At 31 December 2023 27,569
AMORTISATION
At 1 January 2023 51,113
Eliminated on disposal (23,544 )
At 31 December 2023 27,569
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Elcomponent Limited (Registered number: 01963289)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 43,440 115,244 127,621 286,305
Additions - 7,816 - 7,816
Disposals - (35,028 ) (19,395 ) (54,423 )
At 31 December 2023 43,440 88,032 108,226 239,698
DEPRECIATION
At 1 January 2023 43,440 113,111 84,710 241,261
Charge for year - 1,460 20,830 22,290
Eliminated on disposal - (35,028 ) (19,395 ) (54,423 )
At 31 December 2023 43,440 79,543 86,145 209,128
NET BOOK VALUE
At 31 December 2023 - 8,489 22,081 30,570
At 31 December 2022 - 2,133 42,911 45,044

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 511,013 467,359
Prepayments and accrued income 9,630 9,780
520,643 477,139

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,723 31,310
Tax 26,858 11,964
Social security and other taxes 104,010 26,487
VAT 130,591 61,449
Other creditors 2,424 -
Directors' current accounts 70,240 25,904
Accruals and deferred income 466,679 284,838
838,525 441,952

8. LEASING AGREEMENTS
At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £54,258 (2022: £69,858).