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Electronic Technicians Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 01575674

 

Electronic Technicians Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Electronic Technicians Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

629,375

476,169

Other financial assets

6

153

153

 

629,528

476,322

Current assets

 

Stocks

7

643,596

552,854

Debtors

8

1,362,381

1,079,692

Cash at bank and in hand

 

500,455

204,174

 

2,506,432

1,836,720

Creditors: Amounts falling due within one year

9

(2,476,778)

(1,865,206)

Net current assets/(liabilities)

 

29,654

(28,486)

Total assets less current liabilities

 

659,182

447,836

Creditors: Amounts falling due after more than one year

9

(239,396)

(257,984)

Provisions for liabilities

(149,193)

(72,354)

Net assets

 

270,593

117,498

Capital and reserves

 

Called up share capital

422

422

Other reserves

30

30

Profit and loss account

270,141

117,046

Shareholders' funds

 

270,593

117,498

 

Electronic Technicians Limited

Balance Sheet

30 June 2024

For the financial year ending 30 June 2024 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
J Arnold
Director

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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:
41/43 Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7QZ

These financial statements were authorised for issue by the Board on 15 October 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A 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.

These financial statements have been presented in British pound sterling and rounded to the nearest whole pound.

Revenue recognition

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

The company recognises revenue when the goods are delivered and the significant risks and rewards of ownership have passed to the buyer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

15% p.a reducing balance basis

Fixtures and fittings

15% p.a reducing balance basis

Motor vehicles

25% p.a reducing balance basis

Improvement of leasehold property

Over the lease term

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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

Goodwill

20% p.a straight line basis

Investments

Investments in subsidiaries are stated at historical cost less provision for any diminution in value.

Other investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Stocks

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans and overdrafts;
• Hire purchase liabilities; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2023 - 41).

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

140,654

140,654

At 30 June 2024

140,654

140,654

Amortisation

At 1 July 2023

140,654

140,654

At 30 June 2024

140,654

140,654

Carrying amount

At 30 June 2024

-

-

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

64,371

323,708

1,423,483

1,811,562

Additions

-

1,078

234,868

235,946

Disposals

-

-

(13,883)

(13,883)

At 30 June 2024

64,371

324,786

1,644,468

2,033,625

Depreciation

At 1 July 2023

33,736

259,185

1,042,472

1,335,393

Charge for the year

4,500

10,082

62,563

77,145

Eliminated on disposal

-

-

(8,288)

(8,288)

At 30 June 2024

38,236

269,267

1,096,747

1,404,250

Carrying amount

At 30 June 2024

26,135

55,519

547,721

629,375

At 30 June 2023

30,635

64,523

381,011

476,169

6

Other investments

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

153

153

7

Stocks

2024
£

2023
£

Work in progress

643,596

552,854

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,184,267

982,918

Amounts owed by group undertakings

12

66,860

62,860

Prepayments

 

33,992

33,877

Other debtors

 

77,262

37

 

1,362,381

1,079,692

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

617,140

748,500

Trade creditors

 

1,009,442

982,590

Taxation and social security

 

92,546

103,314

Other creditors

 

18,528

21,957

Accruals and deferred income

 

739,122

8,845

 

2,476,778

1,865,206

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

139,396

257,984

Deferred income

 

100,000

-

 

239,396

257,984

 

Electronic Technicians Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

10

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

59,634

125,616

HP and finance lease liabilities

79,762

132,368

139,396

257,984

Hire purchase agreements of £79,762 (2023: £132,368) are secured against the relevant asset.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

65,982

60,383

Hire purchase contracts

52,607

49,043

Other borrowings

498,551

639,074

617,140

748,500

Creditors amounts falling due under one year for which security has been given by the company include:

RBS factoring account £498,551 (2023: £639,074) is secured against the trade debtors.
Hire purchase agreements of £52,607 (2023: £49,043) are secured against the relevant assets.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £62,616 (2023 - £58,437).

12

Parent company

The company is 100% owned by its parent company, Electronic Technicians Holdings Limited, a company incorporated England and Wales.