REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
THE ELECTRIC SALVAGE COMPANY LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
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 |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
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 |
Amounts owed to group undertakings |
Tax |
VAT | 7,750 | 9,130 |
Other creditors |
Directors' current accounts | 375 | 125 |
Accrued expenses |
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: | £ | £ |
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 |