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Registered number: 01824588
ABI Electronics Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
DEB Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01824588
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 145,554 104,883
145,554 104,883
CURRENT ASSETS
Stocks 596,694 1,093,894
Debtors 5 641,686 517,869
Cash at bank and in hand 1,660,970 1,123,137
2,899,350 2,734,900
Creditors: Amounts Falling Due Within One Year 6 (355,744 ) (627,111 )
NET CURRENT ASSETS (LIABILITIES) 2,543,606 2,107,789
TOTAL ASSETS LESS CURRENT LIABILITIES 2,689,160 2,212,672
Creditors: Amounts Falling Due After More Than One Year 7 (7,757 ) (10,343 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (36,389 ) (26,221 )
NET ASSETS 2,645,014 2,176,108
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 2,644,914 2,176,008
SHAREHOLDERS' FUNDS 2,645,014 2,176,108
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Shaun Hayes
Director
25/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
ABI Electronics Limited Registered number 01824588 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 2, Dodworth Business Park, Dodworth, Barnsley, South Yorkshire, S75 3SP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Structural Imrpovements Straight line over 5 years
Tools and equipment 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Office equipment 50% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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2.9. Group Companies
The financial statements present information about the company as an individual undertaking and not its group. Consolidated accounts are not being prepared as the group qualifies as a small group.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 24)
23 24
4. Tangible Assets
Land & Property
Structural Imrpovements Tools and equipment Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 11,900 669,209 - 66,262
Additions - 17,023 61,250 10,530
As at 30 June 2024 11,900 686,232 61,250 76,792
Depreciation
As at 1 July 2023 11,900 571,719 - 59,673
Provided during the period - 28,628 15,313 4,280
As at 30 June 2024 11,900 600,347 15,313 63,953
Net Book Value
As at 30 June 2024 - 85,885 45,937 12,839
As at 1 July 2023 - 97,490 - 6,589
Office equipment Total
£ £
Cost
As at 1 July 2023 118,483 865,854
Additions 983 89,786
As at 30 June 2024 119,466 955,640
Depreciation
As at 1 July 2023 117,679 760,971
Provided during the period 894 49,115
As at 30 June 2024 118,573 810,086
Net Book Value
As at 30 June 2024 893 145,554
As at 1 July 2023 804 104,883
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 641,603 517,786
Prepayments and accrued income 83 83
641,686 517,869
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 99,763 188,561
Corporation tax 190,192 244,197
PAYE 39,982 13,790
VAT 11,515 31,126
Pension creditor 6,962 -
Sales received in advance - 143,594
Credit card 56 270
Accruals and deferred income 2,125 2,125
Deferred capital grants within one year 2,586 3,448
Director's loan account 2,563 -
355,744 627,111
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Deferred capital grant after one year 7,757 10,343
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 36,389 26,221
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 26,221 26,221
Additions 10,168 10,168
Balance at 30 June 2024 36,389 36,389
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Other Commitments
At the end of the period the company had annual commitments under non-cancellable leases as follows:
2024 2023
£ £
Later than one year and not later than five years 102,312 100,000
102,312 100,000
12. Related Party Transactions
The company is controlled by Mr S D Hayes, director of the company.
The balance on the directors' loan account of Mr S D Hayes at 30th June 2024 was £2,563 (2023 - £Nil) due from the company.
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is ABI Electronics (Holdings) Limited . ABI Electronics (Holdings) Limited was incorporated in England. The ultimate controlling party is ABI Electronics (Holdings) Limited who controls 100% of the shares of ABI Electronics Limited .
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