25 false false false false false false false false false false true false false false false false false No description of principal activity 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC100047 2024-02-01 2024-07-31 SC100047 2024-07-31 SC100047 2024-01-31 SC100047 2022-08-01 2024-01-31 SC100047 2024-01-31 SC100047 2022-07-31 SC100047 core:PlantMachinery 2024-02-01 2024-07-31 SC100047 core:FurnitureFittings 2024-02-01 2024-07-31 SC100047 core:MotorVehicles 2024-02-01 2024-07-31 SC100047 bus:Director1 2024-02-01 2024-07-31 SC100047 bus:Director2 2024-02-01 2024-07-31 SC100047 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 SC100047 core:PlantMachinery 2024-01-31 SC100047 core:FurnitureFittings 2024-01-31 SC100047 core:MotorVehicles 2024-01-31 SC100047 core:LandBuildings core:LongLeaseholdAssets 2024-07-31 SC100047 core:PlantMachinery 2024-07-31 SC100047 core:FurnitureFittings 2024-07-31 SC100047 core:MotorVehicles 2024-07-31 SC100047 core:WithinOneYear 2024-07-31 SC100047 core:WithinOneYear 2024-01-31 SC100047 core:ShareCapital 2024-07-31 SC100047 core:ShareCapital 2024-01-31 SC100047 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC100047 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC100047 core:LandBuildings core:LongLeaseholdAssets 2024-02-01 2024-07-31 SC100047 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 SC100047 core:PlantMachinery 2024-01-31 SC100047 core:MotorVehicles 2024-01-31 SC100047 bus:Director1 2024-01-31 SC100047 bus:Director1 2024-07-31 SC100047 bus:Director1 2022-07-31 SC100047 bus:Director1 2024-01-31 SC100047 bus:Director2 2022-07-31 SC100047 bus:Director1 2022-08-01 2024-01-31 SC100047 bus:Director2 2022-08-01 2024-01-31 SC100047 bus:SmallEntities 2024-02-01 2024-07-31 SC100047 bus:AuditExemptWithAccountantsReport 2024-02-01 2024-07-31 SC100047 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2024-07-31 SC100047 bus:PrivateLimitedCompanyLtd 2024-02-01 2024-07-31 SC100047 bus:FullAccounts 2024-02-01 2024-07-31
COMPANY REGISTRATION NUMBER: SC100047
Advanced Electrics Limited
Filleted Unaudited Financial Statements
31 July 2024
Advanced Electrics Limited
Statement of Financial Position
31 July 2024
31 Jul 24
31 Jan 24
Note
£
£
Fixed assets
Tangible assets
5
139,149
158,690
Current assets
Stocks
193,025
181,000
Debtors
6
1,333,381
1,028,668
Cash at bank and in hand
963,091
692,936
------------
------------
2,489,497
1,902,604
Creditors: amounts falling due within one year
7
893,005
624,010
------------
------------
Net current assets
1,596,492
1,278,594
------------
------------
Total assets less current liabilities
1,735,641
1,437,284
Provisions
25,958
30,529
------------
------------
Net assets
1,709,683
1,406,755
------------
------------
Capital and reserves
Called up share capital
7
7
Profit and loss account
1,709,676
1,406,748
------------
------------
Shareholders funds
1,709,683
1,406,755
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 July 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Advanced Electrics Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr A J Green
Director
Company registration number: SC100047
Advanced Electrics Limited
Notes to the Financial Statements
Period from 1 February 2024 to 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit Q1, Isla Bank Mills, Station Road, Keith, AB55 5DD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
No depreciation charged
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 25 (2024: 25 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2024 and 31 Jul 2024
37,566
125,884
18,820
500,169
41,504
723,943
--------
---------
--------
---------
--------
---------
Depreciation
At 1 Feb 2024
36,447
117,771
18,820
352,711
39,504
565,253
Charge for the period
609
18,432
500
19,541
--------
---------
--------
---------
--------
---------
At 31 Jul 2024
36,447
118,380
18,820
371,143
40,004
584,794
--------
---------
--------
---------
--------
---------
Carrying amount
At 31 Jul 2024
1,119
7,504
129,026
1,500
139,149
--------
---------
--------
---------
--------
---------
At 31 Jan 2024
1,119
8,113
147,458
2,000
158,690
--------
---------
--------
---------
--------
---------
6. Debtors
31 Jul 24
31 Jan 24
£
£
Trade debtors
771,622
417,088
Other debtors
561,759
611,580
------------
------------
1,333,381
1,028,668
------------
------------
7. Creditors: amounts falling due within one year
31 Jul 24
31 Jan 24
£
£
Trade creditors
48,288
44,739
Corporation tax
159,638
134,377
Social security and other taxes
221,521
126,881
Other creditors
463,558
318,013
---------
---------
893,005
624,010
---------
---------
8. Frequency of reporting
The end of the reporting period was extended by 6 months in the previous period at the request of the shareholders due to mitigating circumstances. The normal accounting period has been reinstated during this period resulting in a 6 month period of accounts.
Comparative amounts represented in the financial statements (including the related notes) are not entirely comparable.
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Jul 24
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A J Green
374,589
3,268
( 69,000)
308,857
Mr J Walker
---------
-------
--------
---------
374,589
3,268
( 69,000)
308,857
---------
-------
--------
---------
31 Jan 24
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A J Green
363,502
11,087
374,589
Mr J Walker
352,112
( 352,112)
---------
--------
---------
---------
715,614
11,087
( 352,112)
374,589
---------
--------
---------
---------