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REGISTERED NUMBER: 02141960 (England and Wales)


















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Northcott Electronics Limited

Northcott Electronics Limited (Registered number: 02141960)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Northcott Electronics Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr R Latter
Mrs Y P Latter





SECRETARY: Mrs Y P Latter





REGISTERED OFFICE: Unit 1, The Granary
Fairclough Hall Farm
Halls Green
Hitchin
Hertfordshire
SG4 7DP





REGISTERED NUMBER: 02141960 (England and Wales)





ACCOUNTANTS: George Hay Partnership LLP
Chartered Accountants
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

Northcott Electronics Limited (Registered number: 02141960)

Abridged Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 12,936 15,710
Investments 6 3 3
12,939 15,713

CURRENT ASSETS
Stocks 364,415 560,491
Debtors 163,649 222,618
Cash at bank 214,761 56,417
742,825 839,526
CREDITORS
Amounts falling due within one year 101,425 225,335
NET CURRENT ASSETS 641,400 614,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

654,339

629,904

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 654,239 629,804
SHAREHOLDERS' FUNDS 654,339 629,904

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Northcott Electronics Limited (Registered number: 02141960)

Abridged Balance Sheet - continued
30 April 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2025 and were signed on its behalf by:





Mrs Y P Latter - Director


Northcott Electronics Limited (Registered number: 02141960)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Northcott Electronics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Northcott Electronics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:

Sale of goods

Turnover from the sale of electronic components is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover 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 transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Northcott Electronics Limited (Registered number: 02141960)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Northcott Electronics Limited (Registered number: 02141960)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023 51,817
Additions 940
At 30 April 2024 52,757
DEPRECIATION
At 1 May 2023 36,107
Charge for year 3,714
At 30 April 2024 39,821
NET BOOK VALUE
At 30 April 2024 12,936
At 30 April 2023 15,710

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 May 2023
and 30 April 2024 3
NET BOOK VALUE
At 30 April 2024 3
At 30 April 2023 3

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 2,922

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
65 A Ordinary £1 65 65
35 B Ordinary £1 35 35
100 100