Registered number
08524446
POAM ELECTRONICS LIMITED
Filleted Accounts
31 May 2024
POAM ELECTRONICS LIMITED
Registered number: 08524446
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 35,707 17,448
Cash at bank and in hand 25,719 95,179
61,426 112,627
Creditors: amounts falling due within one year 4 (40,806) (85,505)
Net current assets 20,620 27,122
Total assets less current liabilities 20,620 27,122
Creditors: amounts falling due after more than one year 5 (20,545) (26,317)
Net assets 75 805
Capital and reserves
Called up share capital 100 100
Profit and loss account (25) 705
Shareholders' funds 75 805
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shahram Amiri
Director
Approved by the board on 12 November 2024
POAM ELECTRONICS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 6
3 Debtors 2024 2023
£ £
Trade debtors 10,767 11,055
Other debtors 24,940 6,393
35,707 17,448
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 40,806 31,806
Other creditors - 53,699
40,806 85,505
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,545 26,317
6 Other information
POAM ELECTRONICS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
G15 Landmark House
Station Road
Stockport
SK8 7BS
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