Company Registration No. 01364984 (England and Wales)
NORTEK ELECTRONIC CIRCUITS LIMITED
Unaudited accounts
for the year ended 30 April 2024
NORTEK ELECTRONIC CIRCUITS LIMITED
Unaudited accounts
Contents
NORTEK ELECTRONIC CIRCUITS LIMITED
Company Information
for the year ended 30 April 2024
Directors
Rachael Watson
Gareth Davies
Company Number
01364984 (England and Wales)
Registered Office
Nortek Electronic Circuits Ltd
Bridge Mill
Royle Street
Congleton
Cheshire
CW12 1HR
England
Accountants
Omega Accounting Ltd
NORTEK ELECTRONIC CIRCUITS LIMITED
Statement of financial position
as at 30 April 2024
Tangible assets
133,316
109,061
Cash at bank and in hand
857,777
989,587
Creditors: amounts falling due within one year
(151,791)
(234,613)
Net current assets
1,071,784
1,063,051
Total assets less current liabilities
1,205,100
1,172,112
Provisions for liabilities
Deferred tax
(23,179)
(15,899)
Net assets
1,181,921
1,156,213
Called up share capital
3,800
3,800
Capital redemption reserve
200
200
Profit and loss account
1,176,921
1,151,213
Shareholders' funds
1,181,921
1,156,213
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by
Gareth Davies
Director
Company Registration No. 01364984
NORTEK ELECTRONIC CIRCUITS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
NORTEK ELECTRONIC CIRCUITS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01364984. The registered office is Nortek Electronic Circuits Ltd, Bridge Mill, Royle Street, Congleton, Cheshire, CW12 1HR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Judgements and Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
NORTEK ELECTRONIC CIRCUITS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash- generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Land & buildings
2% reducing balance
Plant & machinery
10& reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
10& reducing balance
Computer equipment
10% reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
NORTEK ELECTRONIC CIRCUITS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2023
20,754
502,610
35,243
17,358
64,078
640,043
Additions
32,960
-
-
651
2,065
35,676
At 30 April 2024
53,714
502,610
35,243
18,009
66,143
675,719
At 1 May 2023
9,204
424,194
31,859
15,660
50,065
530,982
Charge for the year
890
7,842
846
235
1,608
11,421
At 30 April 2024
10,094
432,036
32,705
15,895
51,673
542,403
At 30 April 2024
43,620
70,574
2,538
2,114
14,470
133,316
At 30 April 2023
11,550
78,416
3,384
1,698
14,013
109,061
Amounts falling due within one year
Trade debtors
243,019
170,256
Other debtors
67,600
84,061
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
53,446
83,190
Taxes and social security
68,243
133,305
Other creditors
30,102
18,118
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
48,323
53
13,800
34,576
The company is a wholly owned subsidiary of Nortek Electronic Holdings Limited, a company registered in England and Wales.
9
Post balance sheet events
There were no material events up to the date of approval of the financial statements by the board.
NORTEK ELECTRONIC CIRCUITS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
10
Average number of employees
During the year the average number of employees was 14 (2023: 16).