2023-03-012024-02-292024-02-29false13178561COMMON ELECTRICS LIMITED2024-11-26iso4217:GBPxbrli:pure131785612023-03-01131785612024-02-29131785612023-03-012024-02-29131785612022-03-01131785612023-02-28131785612022-03-012023-02-2813178561bus:SmallEntities2023-03-012024-02-2913178561bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2913178561bus:FullAccounts2023-03-012024-02-2913178561bus:PrivateLimitedCompanyLtd2023-03-012024-02-2913178561core:WithinOneYear2024-02-2913178561core:AfterOneYear2024-02-2913178561core:WithinOneYear2023-02-2813178561core:AfterOneYear2023-02-2813178561core:ShareCapital2024-02-2913178561core:SharePremium2024-02-2913178561core:RevaluationReserve2024-02-2913178561core:OtherReservesSubtotal2024-02-2913178561core:RetainedEarningsAccumulatedLosses2024-02-2913178561core:ShareCapital2023-02-2813178561core:SharePremium2023-02-2813178561core:RevaluationReserve2023-02-2813178561core:OtherReservesSubtotal2023-02-2813178561core:RetainedEarningsAccumulatedLosses2023-02-2813178561core:LandBuildings2024-02-2913178561core:PlantMachinery2024-02-2913178561core:Vehicles2024-02-2913178561core:FurnitureFittings2024-02-2913178561core:OfficeEquipment2024-02-2913178561core:NetGoodwill2024-02-2913178561core:IntangibleAssetsOtherThanGoodwill2024-02-2913178561core:ListedExchangeTraded2024-02-2913178561core:UnlistedNon-exchangeTraded2024-02-2913178561core:LandBuildings2023-02-2813178561core:PlantMachinery2023-02-2813178561core:Vehicles2023-02-2813178561core:FurnitureFittings2023-02-2813178561core:OfficeEquipment2023-02-2813178561core:NetGoodwill2023-02-2813178561core:IntangibleAssetsOtherThanGoodwill2023-02-2813178561core:ListedExchangeTraded2023-02-2813178561core:UnlistedNon-exchangeTraded2023-02-2813178561core:LandBuildings2023-03-012024-02-2913178561core:PlantMachinery2023-03-012024-02-2913178561core:Vehicles2023-03-012024-02-2913178561core:FurnitureFittings2023-03-012024-02-2913178561core:OfficeEquipment2023-03-012024-02-2913178561core:NetGoodwill2023-03-012024-02-2913178561core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2913178561core:ListedExchangeTraded2023-03-012024-02-2913178561core:UnlistedNon-exchangeTraded2023-03-012024-02-2913178561core:MoreThanFiveYears2023-03-012024-02-2913178561core:Non-currentFinancialInstruments2024-02-2913178561core:Non-currentFinancialInstruments2023-02-2813178561dpl:CostSales2023-03-012024-02-2913178561dpl:DistributionCosts2023-03-012024-02-2913178561core:LandBuildings2023-03-012024-02-2913178561core:PlantMachinery2023-03-012024-02-2913178561core:Vehicles2023-03-012024-02-2913178561core:FurnitureFittings2023-03-012024-02-2913178561core:OfficeEquipment2023-03-012024-02-2913178561dpl:AdministrativeExpenses2023-03-012024-02-2913178561core:NetGoodwill2023-03-012024-02-2913178561core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2913178561dpl:GroupUndertakings2023-03-012024-02-2913178561dpl:ParticipatingInterests2023-03-012024-02-2913178561dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-2913178561core:ListedExchangeTraded2023-03-012024-02-2913178561dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-2913178561core:UnlistedNon-exchangeTraded2023-03-012024-02-2913178561dpl:CostSales2022-03-012023-02-2813178561dpl:DistributionCosts2022-03-012023-02-2813178561core:LandBuildings2022-03-012023-02-2813178561core:PlantMachinery2022-03-012023-02-2813178561core:Vehicles2022-03-012023-02-2813178561core:FurnitureFittings2022-03-012023-02-2813178561core:OfficeEquipment2022-03-012023-02-2813178561dpl:AdministrativeExpenses2022-03-012023-02-2813178561core:NetGoodwill2022-03-012023-02-2813178561core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2813178561dpl:GroupUndertakings2022-03-012023-02-2813178561dpl:ParticipatingInterests2022-03-012023-02-2813178561dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2813178561core:ListedExchangeTraded2022-03-012023-02-2813178561dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2813178561core:UnlistedNon-exchangeTraded2022-03-012023-02-2813178561core:NetGoodwill2024-02-2913178561core:IntangibleAssetsOtherThanGoodwill2024-02-2913178561core:LandBuildings2024-02-2913178561core:PlantMachinery2024-02-2913178561core:Vehicles2024-02-2913178561core:FurnitureFittings2024-02-2913178561core:OfficeEquipment2024-02-2913178561core:AfterOneYear2024-02-2913178561core:WithinOneYear2024-02-2913178561core:ListedExchangeTraded2024-02-2913178561core:UnlistedNon-exchangeTraded2024-02-2913178561core:ShareCapital2024-02-2913178561core:SharePremium2024-02-2913178561core:RevaluationReserve2024-02-2913178561core:OtherReservesSubtotal2024-02-2913178561core:RetainedEarningsAccumulatedLosses2024-02-2913178561core:NetGoodwill2023-02-2813178561core:IntangibleAssetsOtherThanGoodwill2023-02-2813178561core:LandBuildings2023-02-2813178561core:PlantMachinery2023-02-2813178561core:Vehicles2023-02-2813178561core:FurnitureFittings2023-02-2813178561core:OfficeEquipment2023-02-2813178561core:AfterOneYear2023-02-2813178561core:WithinOneYear2023-02-2813178561core:ListedExch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COMMON ELECTRICS LIMITED

Registered Number
13178561
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

COMMON ELECTRICS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Izabela Gollent
Piotr Gollent

Registered Address

Ritzy Offices 2-3 Dorcan Business Village
Murdock Road
Swindon
SN3 5HY

Registered Number

13178561 (England and Wales)
COMMON ELECTRICS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,01319,374
2,01319,374
Current assets
Stocks4-500
Debtors9,2946,545
Cash at bank and on hand2,3245,957
11,61813,002
Creditors amounts falling due within one year5(22,419)(30,456)
Net current assets (liabilities)(10,801)(17,454)
Total assets less current liabilities(8,788)1,920
Creditors amounts falling due after one year6(2,551)(17,044)
Provisions for liabilities8(3,929)(3,681)
Net assets(15,268)(18,805)
Capital and reserves
Called up share capital100100
Profit and loss account(15,368)(18,905)
Shareholders' funds(15,268)(18,805)
The financial statements were approved and authorised for issue by the Board of Directors on 26 November 2024, and are signed on its behalf by:
Piotr Gollent
Director
Registered Company No. 13178561
COMMON ELECTRICS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Vehicles20-
Office Equipment253
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 March 231,64723,0162,21426,877
Additions607-189796
Disposals-(23,016)-(23,016)
At 29 February 242,254-2,4034,657
Depreciation and impairment
At 01 March 235935,8871,0237,503
Charge for year332-6961,028
On disposals-(5,887)-(5,887)
At 29 February 24925-1,7192,644
Net book value
At 29 February 241,329-6842,013
At 28 February 231,05417,1291,19119,374
4.Stocks

2024

2023

££
Finished goods-500
Total-500
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-7,923
Bank borrowings and overdrafts1,3591,560
Taxation and social security19,41518,584
Other creditors44210
Accrued liabilities and deferred income1,6012,179
Total22,41930,456
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts2,5513,510
Other creditors-13,534
Total2,55117,044
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-13,534
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,9293,681
Total3,9293,681
9.Operating lease commitments
At 29 February 2024 (Company year end), the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £20,253 (2023 – £23,371)