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Registration number: 05147534

Elliott Electrical Supplies Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Elliott Electrical Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Elliott Electrical Supplies Limited

Company Information

Directors

Mr DJ Burridge

Mr A Gardner

Company secretary

Mr A Gardner

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Elliott Electrical Supplies Limited

(Registration number: 05147534)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

152,856

155,501

Current assets

 

Stocks

6

22,816

28,829

Debtors

7

87,169

99,858

Cash at bank and in hand

 

169,106

191,564

 

279,091

320,251

Creditors: Amounts falling due within one year

8

(75,213)

(78,192)

Net current assets

 

203,878

242,059

Total assets less current liabilities

 

356,734

397,560

Provisions for liabilities

(7)

(16)

Net assets

 

356,727

397,544

Capital and reserves

 

Called up share capital

4

4

Retained earnings

356,723

397,540

Shareholders' funds

 

356,727

397,544

 

Elliott Electrical Supplies Limited

(Registration number: 05147534)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 8 October 2024 and signed on its behalf by:
 

.........................................
Mr DJ Burridge
Director

.........................................
Mr A Gardner
Company secretary and director

 

Elliott Electrical Supplies Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 05147534.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 8 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.

Turnover

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.

 

Elliott Electrical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Land and buildings

in accordance with the property

Furniture and fittings

20% on cost

Office equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Elliott Electrical Supplies Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 during the year, including directors, was 3 (2023 - 3).

 

Elliott Electrical Supplies Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

6,950

6,950

At 31 March 2024

6,950

6,950

Amortisation

At 1 April 2023

6,950

6,950

At 31 March 2024

6,950

6,950

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

190,147

366

934

191,447

At 31 March 2024

190,147

366

934

191,447

Depreciation

At 1 April 2023

34,730

366

850

35,946

Charge for the year

2,590

-

55

2,645

At 31 March 2024

37,320

366

905

38,591

Carrying amount

At 31 March 2024

152,827

-

29

152,856

At 31 March 2023

155,417

-

84

155,501

6

Stocks

2024
£

2023
£

Inventory

22,816

28,829

 

Elliott Electrical Supplies Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

77,027

79,297

Prepayments

533

506

Other debtors

600

850

Director loan account

9,009

19,205

87,169

99,858

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

51,252

51,660

Accruals

1,570

1,493

Pension contributions unpaid

89

89

PAYE and NIC creditor

286

1,213

VAT Control account

3,330

3,510

Corporation tax control

18,686

20,227

75,213

78,192

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr DJ Burridge

19,205

7,509

(19,205)

7,509

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr DJ Burridge

(277)

19,503

(21)

19,205

 

Elliott Electrical Supplies Limited

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

The overdrawn directors loan account will be repaid within 9 months of the balance sheet date.

Summary of transactions with other related parties

ALG Electrical Wholesale Limited
 
A company under common control.

During the year, sales to ALG Electrical Wholesale Limited totalled £6,429 (2023: £23,263) and purchases from ALG Electrical Wholesale Limited totalled £4,552 (2023: £1,208). At the balance sheet date £348 (2023: £44) was due from ALG Electrical Wholesale Limited.