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Registration number: 05348595

C-Elect Associates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

(filleted for filing purposes)

 

C-Elect Associates Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

C-Elect Associates Ltd

Company Information

Director

Mr C Miller

Registered office

Oliver House Park Farm Close
Park Farm Industrial Estate
Folkestone
CT19 5DU

 

C-Elect Associates Ltd

(Registration number: 05348595)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

252,916

282,189

Investment property

5

200,000

200,000

 

452,916

482,189

Current assets

 

Stocks

2,200

1,350

Debtors

6

248,998

172,543

Cash at bank and in hand

 

50,498

250,706

 

301,696

424,599

Creditors: Amounts falling due within one year

7

(433,369)

(320,048)

Net current (liabilities)/assets

 

(131,673)

104,551

Total assets less current liabilities

 

321,243

586,740

Creditors: Amounts falling due after more than one year

7

(9,722)

(84,328)

Provisions for liabilities

(39,067)

(53,268)

Net assets

 

272,454

449,144

Capital and reserves

 

Called up share capital

8

1

1

Other reserves

57,318

58,216

Retained earnings

215,135

390,927

Shareholders' funds

 

272,454

449,144

For the financial year ending 31 January 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 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2024
 

 

C-Elect Associates Ltd

(Registration number: 05348595)
Balance Sheet as at 31 January 2024

.........................................
Mr C Miller
Director

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Oliver House Park Farm Close
Park Farm Industrial Estate
Folkestone
CT19 5DU
England

These financial statements were authorised for issue by the director on 30 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold property improvements

25 years straight line

Freehold property

25 years straight line

Motor vehicles

20% reducing balance

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2023 - 14).

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

155,188

256,591

191,923

603,702

Additions

-

5,853

-

5,853

At 31 January 2024

155,188

262,444

191,923

609,555

Depreciation

At 1 February 2023

37,409

147,979

136,125

321,513

Charge for the year

6,207

17,760

11,159

35,126

At 31 January 2024

43,616

165,739

147,284

356,639

Carrying amount

At 31 January 2024

111,572

96,705

44,639

252,916

At 31 January 2023

117,779

108,612

55,798

282,189

5

Investment properties

2024
£

At 1 February

200,000

At 31 January

200,000


An independent valuation of investment property was carried out by Smith Woolley Chartered Surveyors on 6 December 2022

6

Debtors

Current

2024
£

2023
£

Trade debtors

200,473

126,216

Prepayments

7,829

9,772

Other debtors

40,696

36,555

 

248,998

172,543

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

46,667

22,550

Trade creditors

 

250,814

105,422

Other related parties

50,410

43,818

Taxation and social security

 

57,451

24,063

Other creditors

 

28,027

124,195

 

433,369

320,048

Due after one year

 

Loans and borrowings

9

9,722

84,328


Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £46,667 (2023 - £22,550).

Creditors due after one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,722 (2022 - £84,328)

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

57,939

Hire purchase contracts

9,722

26,389

9,722

84,328

 

C-Elect Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,000

5,883

Hire purchase contracts

16,667

16,667

46,667

22,550

10

Parent and ultimate parent undertaking

The company's immediate parent is C-Elect Holdings Limited, incorporated in England and Wales.