Electric Light Co (S-O-T) Ltd 09283077 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is electrical retail. Digita Accounts Production Advanced 6.30.9574.0 true 09283077 2023-01-01 2023-12-31 09283077 2023-12-31 09283077 core:RetainedEarningsAccumulatedLosses 2023-12-31 09283077 core:ShareCapital 2023-12-31 09283077 core:CurrentFinancialInstruments 2023-12-31 09283077 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09283077 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09283077 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09283077 core:Goodwill 2023-12-31 09283077 core:FurnitureFittingsToolsEquipment 2023-12-31 09283077 core:MotorVehicles 2023-12-31 09283077 bus:SmallEntities 2023-01-01 2023-12-31 09283077 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09283077 bus:FullAccounts 2023-01-01 2023-12-31 09283077 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09283077 bus:RegisteredOffice 2023-01-01 2023-12-31 09283077 bus:Director2 2023-01-01 2023-12-31 09283077 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09283077 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 09283077 core:Goodwill 2023-01-01 2023-12-31 09283077 core:ComputerEquipment 2023-01-01 2023-12-31 09283077 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09283077 core:MotorCars 2023-01-01 2023-12-31 09283077 core:MotorVehicles 2023-01-01 2023-12-31 09283077 countries:EnglandWales 2023-01-01 2023-12-31 09283077 2022-12-31 09283077 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09283077 core:Goodwill 2022-12-31 09283077 core:FurnitureFittingsToolsEquipment 2022-12-31 09283077 core:MotorVehicles 2022-12-31 09283077 2022-01-01 2022-12-31 09283077 2022-12-31 09283077 core:RetainedEarningsAccumulatedLosses 2022-12-31 09283077 core:ShareCapital 2022-12-31 09283077 core:CurrentFinancialInstruments 2022-12-31 09283077 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09283077 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 09283077 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09283077 core:Goodwill 2022-12-31 09283077 core:FurnitureFittingsToolsEquipment 2022-12-31 09283077 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09283077

Electric Light Co (S-O-T) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Electric Light Co (S-O-T) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Electric Light Co (S-O-T) Ltd

(Registration number: 09283077)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

3,200

Tangible assets

5

31,658

18,974

 

31,658

22,174

Current assets

 

Stocks

6

108,665

101,174

Debtors

7

290,235

269,641

Cash at bank and in hand

 

70,063

119,746

 

468,963

490,561

Creditors: Amounts falling due within one year

8

(294,005)

(322,946)

Net current assets

 

174,958

167,615

Total assets less current liabilities

 

206,616

189,789

Creditors: Amounts falling due after more than one year

8

(6,879)

-

Provisions for liabilities

(7,915)

(3,605)

Net assets

 

191,822

186,184

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

191,722

186,084

Shareholders' funds

 

191,822

186,184

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Electric Light Co (S-O-T) Ltd

(Registration number: 09283077)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

.........................................
R Morris
Director

 

Electric Light Co (S-O-T) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Electric Light Co (S-O-T) Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

25% reducing balance

Computer equipment

25% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Electric Light Co (S-O-T) Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Electric Light Co (S-O-T) Ltd

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

4

Intangible assets

Goodwill
 £

Website costs
 £

Total
£

Cost or valuation

At 1 January 2023

265,000

11,600

276,600

At 31 December 2023

265,000

11,600

276,600

Amortisation

At 1 January 2023

265,000

8,400

273,400

Amortisation charge

-

3,200

3,200

At 31 December 2023

265,000

11,600

276,600

Carrying amount

At 31 December 2023

-

-

-

At 31 December 2022

-

3,200

3,200

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

31,272

27,780

59,052

Additions

-

27,724

27,724

Disposals

-

(15,436)

(15,436)

At 31 December 2023

31,272

40,068

71,340

Depreciation

At 1 January 2023

23,285

16,793

40,078

Charge for the year

2,005

8,557

10,562

Eliminated on disposal

-

(10,958)

(10,958)

At 31 December 2023

25,290

14,392

39,682

Carrying amount

At 31 December 2023

5,982

25,676

31,658

At 31 December 2022

7,987

10,987

18,974

 

Electric Light Co (S-O-T) Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

108,665

101,174

7

Debtors

2023
£

2022
£

Trade debtors

250,304

237,421

Other debtors

39,931

32,220

290,235

269,641

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,589

-

Trade creditors

 

111,151

111,103

Other creditors

 

179,265

211,843

 

294,005

322,946

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6,879

-