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COMPANY REGISTRATION NUMBER: NI038522
Electronic Excellence Ltd
Filleted Unaudited Financial Statements
31 July 2024
Electronic Excellence Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
393,418
257,798
Current assets
Stocks
913,903
740,480
Debtors
7
2,547,119
3,001,329
Cash at bank and in hand
604,311
99,089
------------
------------
4,065,333
3,840,898
Creditors: amounts falling due within one year
8
1,997,557
2,563,080
------------
------------
Net current assets
2,067,776
1,277,818
------------
------------
Total assets less current liabilities
2,461,194
1,535,616
Provisions
Taxation including deferred tax
78,834
64,450
------------
------------
Net assets
2,382,360
1,471,166
------------
------------
Capital and reserves
Called up share capital
50
50
Profit and loss account
2,382,310
1,471,116
------------
------------
Shareholder funds
2,382,360
1,471,166
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Electronic Excellence Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
Mr JE Rountree
Director
Company registration number: NI038522
Electronic Excellence Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 7 Silverwood Industrial Area, Lurgan, Co Armagh, BT66 6LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 24 (2023: 20 ).
5. Review of the accounting period
Electronic Excellence Ltd takes great encouragement in returning this set of accounts for the financial year just passed. There have been many highlights during the year both in terms of successes in winning new customers, and from growth within long established partnerships. Neither happen by accident, and once again through the dedication and hard work of a strong workforce and supply base, we have much to be grateful for. This has been a year like no other in terms of results when our company has continued to excel in a challenging marketplace.
We do not rest however and continue to investigate and address new customers, their markets and potential partnerships with likeminded manufacturers and suppliers investing for future years.
As an organisation we continue to hold International Standards ISO 9001:2015, 14001:2015 and Investors in People. Continuous improvement, communication and efficiencies of resource, remain key to sustaining a company focused on a successful future. As per our commitment, we continue to reduce our carbon footprint despite growth in turnover. Our CO2 emissions reduced by 10.95% from a base line of 2018. Our turnover growth during that same timeframe has been +255%, with an additional +153% in terms of of headcount. These are successes beyond this set of accounts and speak volumes for the type of organisation that we desire to be.
Our management team remains unchanged during the year, key in delivering results like these. As a team we shape and steer the company, strengthening and building on firm foundations and positively moving into the future. This coming year will be our 25th Financial year and whilst we look back with gratitude for the past, we once again look forward with confidence and excitement for the potential of a new year. Success is never guaranteed and to be measured in more ways than just profit and loss, so step forward, building on a firm foundation, giving of our best and striving for Excellence.
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 August 2023
308,799
180,916
489,715
Additions
169,254
145,223
314,477
Disposals
( 16,314)
( 120,355)
( 136,669)
---------
---------
---------
At 31 July 2024
461,739
205,784
667,523
---------
---------
---------
Depreciation
At 1 August 2023
167,112
64,805
231,917
Charge for the year
61,493
36,861
98,354
Disposals
( 12,839)
( 43,327)
( 56,166)
---------
---------
---------
At 31 July 2024
215,766
58,339
274,105
---------
---------
---------
Carrying amount
At 31 July 2024
245,973
147,445
393,418
---------
---------
---------
At 31 July 2023
141,687
116,111
257,798
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,381,778
2,663,693
Other debtors
165,341
337,636
------------
------------
2,547,119
3,001,329
------------
------------
Trade debt is insured, with individual levels set and agreed by our insurers.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
438,786
Trade creditors
915,278
1,383,950
Corporation tax
455,245
243,246
Social security and other taxes
490,297
398,252
Other creditors
136,737
98,846
------------
------------
1,997,557
2,563,080
------------
------------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J E Rountree
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J E Rountree
( 10,220)
10,220
--------
--------
----
10. Related party transactions
The company was under the control of Mr J E Rountree throughout the current and previous year. Mr J E Rountree is the managing director and sole shareholder.