IRIS Accounts Production v24.2.0.383 01389153 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 24.9.2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013891532022-12-31013891532023-12-31013891532023-01-012023-12-31013891532021-12-31013891532022-01-012022-12-31013891532022-12-3101389153ns15:EnglandWales2023-01-012023-12-3101389153ns14:PoundSterling2023-01-012023-12-3101389153ns10:Director12023-01-012023-12-3101389153ns10:Director22023-01-012023-12-3101389153ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101389153ns10:SmallEntities2023-01-012023-12-3101389153ns10:Audited2023-01-012023-12-3101389153ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101389153ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101389153ns10:FullAccounts2023-01-012023-12-3101389153ns10:Director62023-01-012023-12-3101389153ns10:Director82023-01-012023-12-3101389153ns10:Director92023-01-012023-12-3101389153ns10:Director102023-01-012023-12-3101389153ns10:CompanySecretary12023-01-012023-12-3101389153ns10:RegisteredOffice2023-01-012023-12-3101389153ns5:CurrentFinancialInstruments2023-12-3101389153ns5:CurrentFinancialInstruments2022-12-3101389153ns5:ShareCapital2023-12-3101389153ns5:ShareCapital2022-12-3101389153ns5:SharePremium2023-12-3101389153ns5:SharePremium2022-12-3101389153ns5:CapitalRedemptionReserve2023-12-3101389153ns5:CapitalRedemptionReserve2022-12-3101389153ns5:RetainedEarningsAccumulatedLosses2023-12-3101389153ns5:RetainedEarningsAccumulatedLosses2022-12-3101389153ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3101389153ns5:LeaseholdImprovements2023-01-012023-12-3101389153ns5:PlantMachinery2023-01-012023-12-3101389153ns5:MotorVehicles2023-01-012023-12-3101389153ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3101389153ns5:LeaseholdImprovements2022-12-3101389153ns5:PlantMachinery2022-12-3101389153ns5:MotorVehicles2022-12-3101389153ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3101389153ns5:LeaseholdImprovements2023-12-3101389153ns5:PlantMachinery2023-12-3101389153ns5:MotorVehicles2023-12-3101389153ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3101389153ns5:LeaseholdImprovements2022-12-3101389153ns5:PlantMachinery2022-12-3101389153ns5:MotorVehicles2022-12-3101389153ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101389153ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101389153ns5:DeferredTaxation2022-12-3101389153ns5:DeferredTaxation2023-01-012023-12-3101389153ns5:DeferredTaxation2023-12-31
REGISTERED NUMBER: 01389153 (England and Wales)












RELEC ELECTRONICS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RELEC ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J R Read
R D Shaffer
L C Ansell-Kleszcz
M T Rehm
N S Pain
C G Beal


SECRETARY: Ms A C A K Edward-Smithson


REGISTERED OFFICE: Animal House
Justin Business Park
Sandford Lane
Wareham
Dorset
BH20 4DY


REGISTERED NUMBER: 01389153 (England and Wales)


SENIOR STATUTORY AUDITOR: Gary Brown FCCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: HSBC Bank Plc
165-167 High Street
Poole
Dorset
BH15 1AU

RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 57,601 58,728

CURRENT ASSETS
Stocks 1,237,525 1,405,526
Debtors 5 4,502,715 4,082,892
Cash at bank 905,977 753,542
6,646,217 6,241,960
CREDITORS
Amounts falling due within one year 6 (1,031,603 ) (1,174,955 )
NET CURRENT ASSETS 5,614,614 5,067,005
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,672,215

5,125,733

PROVISIONS FOR LIABILITIES 8 (5,974 ) (5,539 )
NET ASSETS 5,666,241 5,120,194

CAPITAL AND RESERVES
Called up share capital 10,796 10,796
Share premium 220,242 220,242
Capital redemption reserve 18,750 18,750
Retained earnings 5,416,453 4,870,406
SHAREHOLDERS' FUNDS 5,666,241 5,120,194

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:



L C Ansell-Kleszcz - Director



M T Rehm - Director


RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Relec Electronics 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.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
The turnover shown in the profit and loss account represents the invoiced value of sales of goods, net of Value Added Tax, during the period.

Invoices are raised as the goods are despatched and the risks and rewards of ownership pass to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Over 80 years, the length of the lease
Leasehold improvements - Straight line over 5 years
Fixtures, fittings, equipment & computers - Straight line over 5 years and Straight line over 4 years
Motor vehicles - Straight line over 4 years

The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

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


RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic Financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial Liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings,
Long Leasehold equipment & Motor
leasehold improvements computers vehicles Totals
£ £ £ £ £
COST
At 1 January 2023 20,000 55,362 236,346 92,615 404,323
Additions - - 19,252 - 19,252
Disposals - - (1,281 ) - (1,281 )
At 31 December 2023 20,000 55,362 254,317 92,615 422,294
DEPRECIATION
At 1 January 2023 3,604 51,264 219,771 70,956 345,595
Charge for year 250 1,346 9,821 8,962 20,379
Eliminated on disposal - - (1,281 ) - (1,281 )
At 31 December 2023 3,854 52,610 228,311 79,918 364,693
NET BOOK VALUE
At 31 December 2023 16,146 2,752 26,006 12,697 57,601
At 31 December 2022 16,396 4,098 16,575 21,659 58,728


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 812,307 1,129,733
Amounts owed by group undertakings 3,614,968 2,878,173
Other debtors 75,440 74,986
4,502,715 4,082,892

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 360,682 415,670
Taxation and social security 287,502 429,161
Other creditors 383,419 330,124
1,031,603 1,174,955

7. LEASING AGREEMENTS
At the balance sheet date the company had future commitments under operating leases which totalled £21,500 (2022 - £21,500).

RELEC ELECTRONICS LIMITED (REGISTERED NUMBER: 01389153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 5,974 5,539

Deferred tax
£
Balance at 1 January 2023 5,539
Utilised during year 435
Balance at 31 December 2023 5,974

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with S444 (5B) of the Companies Act 2006:

- The audit report was unqualified
- The senior statutory auditor was Gary Brown (FCCA)
- The auditor was Hopper Williams & Bell Limited.

10. ULTIMATE PARENT COMPANY

Giga-tronics, incorporated d/b/a Gresham Worldwide is regarded by the directors as the company's ultimate parent company.

Copies of the consolidated financial statements of Giga-tronics, incorporated d/b/a Gresham Worldwide can be obtained from 5990 Gleason Drive, Dublin, CA, 94568, USA.