Elite Transducers Ltd
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 05942278 (England and Wales)
Elite Transducers Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Elite Transducers Ltd
Balance Sheet
As at 30 September 2024
30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
40,000
60,000
Tangible assets
5
958
1,554
Current assets
Stock
544,269
377,500
Debtors
6
308,557
388,312
Cash at bank and in hand
118,915
172,021
971,741
937,833
Creditors: amounts falling due within one year
7
(337,027)
(413,013)
Net current assets
634,714
524,820
Total assets less current liabilities
675,672
586,374
Provisions for liabilities
8
(2,000)
(2,000)
Net assets
673,672
584,374
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
673,572
584,274
Total equity
673,672
584,374
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Elite Transducers Ltd
Balance Sheet (Continued)
As at 30 September 2024
30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
Mr N Brock
Mr C J Kleijwegt
Director
Director
Company Registration No. 05942278
Elite Transducers Ltd
Notes to the Financial Statements
For the year ended 30 September 2024
Page 3
1
Accounting policies
Company information
Elite Transducers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 5 & 6 Zephyr House, Calleva Park, Aldermaston, Berks, RG7 8JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In view of the healthy profit for the year, retained earnings, cash at the bank and forward order book, the directors are of the opinion that preparation of the accounts on a going concern basis is warranted. The global economic and geopolitical factors could affect the company’s international trade and therefore the directors remain cautiously optimistic for future trade and profitability.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10 - 20% straight line basis
Fixtures and fittings
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Elite Transducers Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Elite Transducers Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 5
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
For defined contribution schemes the amount charged to the profit and loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
19
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
143,000
143,000
Elite Transducers Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 6
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
400,000
Amortisation and impairment
At 1 October 2023
340,000
Amortisation charged for the year
20,000
At 30 September 2024
360,000
Carrying amount
At 30 September 2024
40,000
At 30 September 2023
60,000
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
62,185
19,246
81,431
Depreciation and impairment
At 1 October 2023
62,023
17,854
79,877
Depreciation charged in the year
58
538
596
At 30 September 2024
62,081
18,392
80,473
Carrying amount
At 30 September 2024
104
854
958
At 30 September 2023
162
1,392
1,554
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
252,330
315,175
Amounts owed by group undertakings
4,435
16,009
Other debtors
33,170
40,006
Prepayments and accrued income
18,622
17,122
308,557
388,312
Elite Transducers Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 7
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
267,171
320,204
Corporation tax
33,440
54,639
Other taxation and social security
17,623
17,689
Other creditors
2,485
2,404
Accruals and deferred income
16,308
18,077
337,027
413,013
8
Provisions for liabilities
2024
2023
£
£
Warranty provision
2,000
2,000
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Directors' transactions
Balances with directors included in other debtors at the year end were:
A balance of £3,156 (2023: £3,156) was owed by L Walsha.
A balance of £823 (2023: £823) was owed by N Brock.
11
Parent company
The ultimate controlling party is Pat-Kruger Systems BV. A company registered in Netherlands, whose address is Mangaan 6, 5234 GD 's-Hertogenbosch.