Registered number
05349397
Electrodex Limited
Filleted Accounts
31 January 2024
Electrodex Limited
Registered number: 05349397
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,382 23,025
Current assets
Stocks 2,136 375
Debtors 4 32,484 14,201
Cash at bank and in hand 1,362 882
35,982 15,458
Creditors: amounts falling due within one year 5 (20,203) (1,850)
Net current assets 15,779 13,608
Total assets less current liabilities 49,161 36,633
Creditors: amounts falling due after more than one year 6 (42,120) (36,200)
Provisions for liabilities (6,343) -
Net assets 698 433
Capital and reserves
Called up share capital 1 1
Profit and loss account 697 432
Shareholders' funds 698 433
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Derek James Alsop
Director
Approved by the board on 24 October 2024
Electrodex Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at the following rates:
Motor Vehicles 25% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 23,667 29,442 53,109
Additions 808 32,975 33,783
Disposals (23,667) (29,442) (53,109)
At 31 January 2024 808 32,975 33,783
Depreciation
At 1 February 2023 22,723 7,361 30,084
Charge for the year 40 5,639 5,679
On disposals (22,723) (12,639) (35,362)
At 31 January 2024 40 361 401
Net book value
At 31 January 2024 768 32,614 33,382
At 31 January 2023 944 22,081 23,025
4 Debtors 2024 2023
£ £
Trade debtors 9,665 -
Other debtors 22,819 14,201
32,484 14,201
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,501 14,720
Obligations under finance lease and hire purchase contracts 7,151 4,458
Trade creditors 14,741 5,344
Taxation and social security costs 58,885 47,841
Other creditors (70,075) (70,513)
20,203 1,850
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,693 20,881
Obligations under finance lease and hire purchase contracts 30,427 15,319
42,120 36,200
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors loan account (70,513) (67,888) 68,326 (70,075)
(70,513) (67,888) 68,326 (70,075)
8 Controlling party
The company is controlled by its director.
9 Other information
Electrodex Limited is a private company limited by shares and incorporated in England. Its registered office is:
20 Plover Drive
Burnopfield
Newcastle upon Tyne
NE16 6LR
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