Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false102023-04-01No description of principal activity12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 2699307 2023-04-01 2024-03-31 2699307 2022-04-01 2023-03-31 2699307 2024-03-31 2699307 2023-03-31 2699307 c:Director1 2023-04-01 2024-03-31 2699307 c:Director2 2023-04-01 2024-03-31 2699307 d:FurnitureFittings 2023-04-01 2024-03-31 2699307 d:FurnitureFittings 2024-03-31 2699307 d:FurnitureFittings 2023-03-31 2699307 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 2699307 d:OfficeEquipment 2023-04-01 2024-03-31 2699307 d:OfficeEquipment 2024-03-31 2699307 d:OfficeEquipment 2023-03-31 2699307 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 2699307 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 2699307 d:CurrentFinancialInstruments 2024-03-31 2699307 d:CurrentFinancialInstruments 2023-03-31 2699307 d:Non-currentFinancialInstruments 2024-03-31 2699307 d:Non-currentFinancialInstruments 2023-03-31 2699307 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 2699307 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 2699307 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 2699307 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 2699307 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 2699307 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 2699307 d:ShareCapital 2024-03-31 2699307 d:ShareCapital 2023-03-31 2699307 d:RetainedEarningsAccumulatedLosses 2024-03-31 2699307 d:RetainedEarningsAccumulatedLosses 2023-03-31 2699307 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 2699307 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 2699307 c:FRS102 2023-04-01 2024-03-31 2699307 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 2699307 c:FullAccounts 2023-04-01 2024-03-31 2699307 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 2699307 2 2023-04-01 2024-03-31 2699307 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 2699307









ELECTRIKA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ELECTRIKA LIMITED
REGISTERED NUMBER: 2699307

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
477
1,478

  
477
1,478

Current assets
  

Debtors: amounts falling due within one year
 5 
72,780
69,425

Cash at bank and in hand
 6 
180,377
193,406

  
253,157
262,831

Creditors: amounts falling due within one year
 7 
(171,303)
(185,782)

Net current assets
  
 
 
81,854
 
 
77,049

Total assets less current liabilities
  
82,331
78,527

Creditors: amounts falling due after more than one year
 8 
(30,004)
(40,013)

  

Net assets
  
52,327
38,514


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
52,227
38,414

  
52,327
38,514


Page 1

 
ELECTRIKA LIMITED
REGISTERED NUMBER: 2699307
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Dr P G Violaris
Mrs G Violaris
Director
Director


Date: 15 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Electrika Limited (company number 02699307) is a private company limited by shares, registered in England and Wales. Its registered office is at 2A Victoria Road, Northenden, M22 4JP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15%
Reducing balance
Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Page 5

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is
Page 6

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
209,245
217,078

Social security costs
12,551
13,717

Cost of defined contribution scheme
122,502
318,916

344,298
549,711


The average monthly number of employees, including directors, during the year was 10 (2023 - 12).

Page 7

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
2,463
62,184
64,647



At 31 March 2024

2,463
62,184
64,647



Depreciation


At 1 April 2023
2,385
60,784
63,169


Charge for the year on owned assets
12
989
1,001



At 31 March 2024

2,397
61,773
64,170



Net book value



At 31 March 2024
66
411
477



At 31 March 2023
78
1,400
1,478


5.


Debtors

2024
2023
£
£


Trade debtors
72,555
57,978

Other debtors
-
11,222

Prepayments and accrued income
225
225

72,780
69,425



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
180,377
193,406

180,377
193,406


Page 8

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
31,237
46,606

Other creditors
138,291
137,451

Accruals and deferred income
1,775
1,725

171,303
185,782



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,004
40,013

30,004
40,013


Included in creditors after more than one year is an unsecured bounce back loan. Interest is charged on the loan at 2.5% per annum. The loan is fully backed by the UK Government under the BBLS rules.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Bank loans
30,004
40,013


30,004
40,013



30,004
40,013


Page 9

 
ELECTRIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
180,377
193,406




Financial assets measured at fair value through profit or loss comprise of cash at bank.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £122,502 (2023 - £318,916). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10