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Registered number: 10007878
Balvin Electronics Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Accountancy Group Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10007878
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 99,091 99,091
Tangible Assets 5 11,268 15,024
110,359 114,115
CURRENT ASSETS
Stocks 6 28,790 36,648
Debtors 7 9,116 13,110
Cash at bank and in hand 4,007 6,584
41,913 56,342
Creditors: Amounts Falling Due Within One Year 8 (26,815 ) (23,099 )
NET CURRENT ASSETS (LIABILITIES) 15,098 33,243
TOTAL ASSETS LESS CURRENT LIABILITIES 125,457 147,358
Creditors: Amounts Falling Due After More Than One Year 9 (24,820 ) (38,197 )
NET ASSETS 100,637 109,161
CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Revaluation reserve 11 8,000 8,000
Profit and Loss Account (7,363 ) 1,161
SHAREHOLDERS' FUNDS 100,637 109,161
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jay De Croos
Director
22/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Balvin Electronics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10007878 . The registered office is 35 Quarry Gardens, Leatherhead, KT22 8UE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 99,091
As at 28 February 2024 99,091
Net Book Value
As at 28 February 2024 99,091
As at 1 March 2023 99,091
Page 3
Page 4
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 March 2023 20,876
As at 28 February 2024 20,876
Depreciation
As at 1 March 2023 5,852
Provided during the period 3,756
As at 28 February 2024 9,608
Net Book Value
As at 28 February 2024 11,268
As at 1 March 2023 15,024
6. Stocks
2024 2023
£ £
Stock 28,790 -
Finished goods - 36,648
28,790 36,648
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,116 13,110
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 403 7,641
Other taxes and social security 835 582
Other creditors 25,577 14,876
26,815 23,099
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 24,820 38,197
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,000 100,000
Page 4
Page 5
11. Reserves
Revaluation Reserve
£
As at 1 March 2023 8,000
As at 28 February 2024 8,000
Page 5