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REGISTERED NUMBER: 03282301












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

THE ELECTRIC SALVAGE COMPANY LIMITED

THE ELECTRIC SALVAGE COMPANY LIMITED (REGISTERED NUMBER: 03282301)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE ELECTRIC SALVAGE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr R L Ellwood





REGISTERED OFFICE: Mackenzies Accountants
4 Kings Row
Armstrong Road
Maidstone
Kent
ME15 6AQ





REGISTERED NUMBER: 03282301





ACCOUNTANTS: Mackenzies Accountants Limited
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

THE ELECTRIC SALVAGE COMPANY LIMITED (REGISTERED NUMBER: 03282301)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 2,836 3,020

CURRENT ASSETS
Stocks 5 69,405 106,000
Debtors 6 140,330 59,634
Cash at bank 90,205 126,820
299,940 292,454
CREDITORS
Amounts falling due within one year 7 94,587 95,563
NET CURRENT ASSETS 205,353 196,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

208,189

199,911

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 208,089 199,811
SHAREHOLDERS' FUNDS 208,189 199,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by:



Mr R L Ellwood - Director


THE ELECTRIC SALVAGE COMPANY LIMITED (REGISTERED NUMBER: 03282301)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

The Electric Salvage Company Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

THE ELECTRIC SALVAGE COMPANY LIMITED (REGISTERED NUMBER: 03282301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 May 2023 7,760
Additions 609
At 30 April 2024 8,369
DEPRECIATION
At 1 May 2023 4,740
Charge for year 793
At 30 April 2024 5,533
NET BOOK VALUE
At 30 April 2024 2,836
At 30 April 2023 3,020

5. STOCKS
2024 2023
£ £
Stocks 69,405 106,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 53,994 38,198
Amounts owed by group undertakings 38,836 2,836
Other debtors 40,000 10,000
Prepayments and accrued income 7,500 8,600
140,330 59,634

Trade debtors include £7,128 (£2023: £Nil) from Ellwood Electrical Wholesalers Limited.

Amounts owed by group undertakings of relates to The Electric Salvage Group Limited of £38,836 (2023: £2,836).

Other debtors consists of an amount totalling £10,000 (2023: £10,000) in relation to rent deposit owed, and £30,000 (2023: £Nil) loan to made to an unconnected company. The loan is repayable on demand and the rolled up interest, which is charged at market rate is payable when the loan is repaid.

THE ELECTRIC SALVAGE COMPANY LIMITED (REGISTERED NUMBER: 03282301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,092 10,182
Amounts owed to group undertakings 81,996 72,613
Tax 1,986 2,168
VAT 7,750 9,130
Other creditors 215 97
Directors' current accounts 375 125
Accrued expenses 1,173 1,248
94,587 95,563

Trade creditors includes an amount of £1,100 (2023: £1,100) owing to Ellwood Electrical Wholesalers Limited, a company under common control.

Amounts owed to group undertakings are amounts owed to Ellwood Electrical Wholesalers Limited of £81,996 (2023: £72,613).

Other creditors includes an amount of £215 (2023: £97) due in relation to pension contributions.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

During the year the company traded with Ellwood Electrical Wholesalers Limited, a company under common control. Total sales to this company during the year were £12,280 (2023: £7,118) net of VAT. The director considers that all transactions were undertaken on an open market basis.

The company also rented business premises from Ellwood Electrical Wholesalers Limited with a total cost of £6,000 (2023: £6,000). The director considers that all transactions were undertaken on an open market basis.

As at the balance sheet date The Electric Salvage Group Limited owed The Electric Salvage Company Limited £38,836 (2023: £2,836).

As at the balance sheet date, The Electric Salvage Company Limited owed Ellwood Electrical Wholesalers Limited £81,996 (2023: £72,613).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R L Ellwood.