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Registration number: 06427393

Electac Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Electac Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Electac Ltd

(Registration number: 06427393)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,243

29,812

Current assets

 

Stocks

5

52,124

42,353

Debtors

6

86,660

46,079

Cash at bank and in hand

 

56,631

12,478

 

195,415

100,910

Creditors: Amounts falling due within one year

7

(121,400)

(65,121)

Net current assets

 

74,015

35,789

Total assets less current liabilities

 

101,258

65,601

Creditors: Amounts falling due after more than one year

7

(25,637)

(32,829)

Net assets

 

75,621

32,772

Capital and reserves

 

Called up share capital

1

1

Retained earnings

75,620

32,771

Shareholders' funds

 

75,621

32,772

 

Electac Ltd

(Registration number: 06427393)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
C M Barton
Director

 

Electac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9
Brookway Trading Estate
Hambridge Lane
Newbury
Berkshire
RG14 5PE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Electac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Electac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,620

2,405

6,042

37,644

47,711

Additions

-

1,080

923

4,494

6,497

Disposals

-

-

-

(2,495)

(2,495)

At 31 December 2024

1,620

3,485

6,965

39,643

51,713

Depreciation

At 1 January 2024

1,131

945

5,134

10,689

17,899

Charge for the year

98

436

320

7,645

8,499

Eliminated on disposal

-

-

-

(1,928)

(1,928)

At 31 December 2024

1,229

1,381

5,454

16,406

24,470

Carrying amount

At 31 December 2024

391

2,104

1,511

23,237

27,243

At 31 December 2023

489

1,460

908

26,955

29,812

 

Electac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

52,124

42,353

6

Debtors

Current

2024
£

2023
£

Trade debtors

66,440

35,030

Prepayments

4,155

5,235

Other debtors

16,065

5,814

 

86,660

46,079

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

7,193

6,629

Trade creditors

 

5,454

1,011

Taxation and social security

 

56,582

29,184

Other creditors

 

52,171

28,297

 

121,400

65,121

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

25,637

32,829

 

Electac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,893

2,329

Hire purchase contracts

4,300

4,300

7,193

6,629

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,594

6,487

Hire purchase contracts

22,043

26,342

25,637

32,829

9

Related party transactions

Other transactions with directors

M A Barton and C M Barton (directors) had a loan account with the company. At the balance sheet date the amount due to M A Barton and C M Barton was £679 (2023: £616).