Company registration number: 02913865
Unaudited financial statements
for the year ended 31 March 2024
for
The Electric Incentive Company Limited
Pages for filing with the Registrar
Company registration number: 02913865
The Electric Incentive Company Limited
Balance sheet
as at 31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 425,458 210
425,458 210
Current assets
Stocks 206,299 228,336
Debtors 662,747 797,657
Cash at bank and in hand 173,011 201,285
1,042,057 1,227,278
Creditors: amounts falling due within
one year
(673,656) (708,190)
Net current assets 368,401 519,088
Total assets less current liabilities 793,859 519,298
Creditors: Amounts falling due after
more than one year
(240,794) (19,830)
Provisions for liabilities (611) (611)
NET ASSETS 552,454 498,857
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 551,454 497,857
TOTAL EQUITY 552,454 498,857
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 02913865
The Electric Incentive Company Limited
Balance sheet - continued
as at 31 March 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 11 October 2024 and signed on its behalf by:
Mr G Hodgson, Director Mr R Jobsz, Director
11 October 2024 11 October 2024
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The Electric Incentive Company Limited
Notes to the financial statements
for the year ended 31 March 2024
1 Company information
The Electric Incentive Company Limited is a private company registered in England and Wales. Its registered number is 02913865. The company is limited by shares. Its registered office is The Electric Incentive Co Ltd, Bakers Lane, Braintree, Essex, CM77 8QS.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 0% reducing balance
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 0% straight line
Long leasehold property - 10% reducing balance
Plant and machinery etc.:
Plant and machinery - 25% reducing balance
3
The Electric Incentive Company Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
2 Accounting policies - continued
Stocks
Stocks 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 taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 9 (2023 - 8).
4 Intangible assets
Goodwill
£
Cost
At 1 April 2023 250,000
At 31 March 2024 250,000
4
The Electric Incentive Company Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
4 Intangible assets - continued
Amortisation
At 1 April 2023 250,000
At 31 March 2024 250,000
Net book value
At 31 March 2024 -
At 31 March 2023 -
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 April 2023 5,270 39,500 44,770
Additions 400,445 25,647 426,092
At 31 March 2024 405,715 65,147 470,862
Depreciation
At 1 April 2023 5,270 39,290 44,560
Charge for year - 844 844
At 31 March 2024 5,270 40,134 45,404
Net book value
At 31 March 2024 400,445 25,013 425,458
At 31 March 2023 - 210 210
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