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COMPANY REGISTRATION NUMBER: 09411642
Express Transformers & Controls (2015) Limited
Filleted Unaudited Financial Statements
31 March 2024
Express Transformers & Controls (2015) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
26,358
11,493
Current assets
Stocks
203,495
201,541
Debtors
7
258,132
334,991
Cash at bank and in hand
42,798
43,747
---------
---------
504,425
580,279
Creditors: amounts falling due within one year
8
367,067
459,448
---------
---------
Net current assets
137,358
120,831
---------
---------
Total assets less current liabilities
163,716
132,324
Creditors: amounts falling due after more than one year
9
17,003
26,875
Provisions
5,008
2,184
---------
---------
Net assets
141,705
103,265
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
141,605
103,165
---------
---------
Shareholders funds
141,705
103,265
---------
---------
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 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Express Transformers & Controls (2015) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mrs S Sage
Director
Company registration number: 09411642
Express Transformers & Controls (2015) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Picow Farm Road, Runcorn, Cheshire, WA7 4UJ, UK.
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
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 historical cost convention .
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 .
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.
Debtors
Short term debtors are measured at transition price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 33 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
100,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
100,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
66,728
15,708
82,436
Additions
4,178
475
14,936
19,589
--------
--------
--------
---------
At 31 March 2024
70,906
16,183
14,936
102,025
--------
--------
--------
---------
Depreciation
At 1 April 2023
60,155
10,788
70,943
Charge for the year
1,701
1,032
1,991
4,724
--------
--------
--------
---------
At 31 March 2024
61,856
11,820
1,991
75,667
--------
--------
--------
---------
Carrying amount
At 31 March 2024
9,050
4,363
12,945
26,358
--------
--------
--------
---------
At 31 March 2023
6,573
4,920
11,493
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
252,875
330,275
Other debtors
5,257
4,716
---------
---------
258,132
334,991
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,606
9,606
Trade creditors
77,771
109,061
Corporation tax
6,192
308
Social security and other taxes
45,596
53,443
Factoring account
176,190
185,744
Other creditors
51,712
101,286
---------
---------
367,067
459,448
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,003
26,875
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Kelly
( 46,056)
28,556
( 17,500)
Mrs S Sage
( 580)
( 119)
( 699)
--------
--------
--------
( 46,636)
28,437
( 18,199)
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Kelly
( 51,056)
5,000
( 46,056)
Mrs S Sage
( 580)
( 580)
--------
-------
--------
( 51,636)
5,000
( 46,636)
--------
-------
--------