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Registration number: 10820846

Elec Developments Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Elec Developments Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Elec Developments Limited

(Registration number: 10820846)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

573,374

878,382

Investments

5

2,055,351

1,534,966

Cash at bank and in hand

 

305,668

412,625

 

2,934,393

2,825,973

Creditors: Amounts falling due within one year

6

(35,749)

(2,639,158)

Net assets

 

2,898,644

186,815

Capital and reserves

 

Called up share capital

1

1

Retained earnings

2,898,643

186,814

Shareholders' funds

 

2,898,644

186,815

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 31 January 2025
 

.........................................
Mr David Brimblecombe
Director

   
     
 

Elec Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 1, Burnham Close
Burnham Trading Park
Burnley
Lancashire
BB11 4AJ

These financial statements were authorised for issue by the director on 31 January 2025.

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Elec Developments Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 the director) during the year, was 2 (2023 - 1).

4

Debtors

2024
£

2023
£

Prepayments

31,602

-

Other debtors

541,772

878,382

573,374

878,382

Details of non-current trade and other debtors

£312,869 (2023 -£875,682) of other debtors is classified as non current.

5

Current asset investments

2024
£

2023
£

Other investments

2,055,351

1,534,966

 

Elec Developments Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

31,609

20,643

Accruals and deferred income

4,140

3,900

Other creditors

-

2,614,615

35,749

2,639,158

7

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr David Brimblecombe

Advances to the director, repayable on demand with interest charged at HMRC's official rate

-

43,917

43,917

Summary of transactions with other related parties


Zodav Limited

 
(Mr David Brimblecombe is a director of Zodav Limited and Elec Developments Limited)
 A loan for £2,614,591 owed by Elec Developments Limited to Zodav Limited was written off during the year.