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Company Registration No. 13454604 (England and Wales)
Eurolec Core Supply Limited Unaudited accounts for the year ended 31 July 2024
Eurolec Core Supply Limited Unaudited accounts Contents
Page
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Eurolec Core Supply Limited Company Information for the year ended 31 July 2024
Directors
Michael Hadley William Hadley Adam Hadley
Company Number
13454604 (England and Wales)
Registered Office
UNIT 4 NORTH MOOR INDUSTRIAL ESTATE MOOR STREET BRIERLEY HILL WEST MIDLANDS DY5 3SU UNITED KINGDOM
Accountants
SL Accountancy Services Ltd First Floor Churchill House Pensnett Trading Estate West Midlands DY6 7XZ
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Eurolec Core Supply Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
137,975 
83,989 
Current assets
Inventories
796,439 
672,001 
Debtors
1,014,691 
717,753 
Cash at bank and in hand
464,695 
384,030 
2,275,825 
1,773,784 
Creditors: amounts falling due within one year
(669,714)
(504,899)
Net current assets
1,606,111 
1,268,885 
Total assets less current liabilities
1,744,086 
1,352,874 
Creditors: amounts falling due after more than one year
(5,410)
- 
Provisions for liabilities
Deferred tax
(34,494)
(20,998)
Net assets
1,704,182 
1,331,876 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,704,082 
1,331,776 
Shareholders' funds
1,704,182 
1,331,876 
For the year ending 31 July 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 11 March 2025 and were signed on its behalf by
Adam Hadley Director Company Registration No. 13454604
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Eurolec Core Supply Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Eurolec Core Supply Limited is a private company, limited by shares, registered in England and Wales, registration number 13454604. The registered office is UNIT 4 NORTH MOOR INDUSTRIAL ESTATE, MOOR STREET, BRIERLEY HILL, WEST MIDLANDS, DY5 3SU, UNITED KINGDOM.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Fixtures & fittings
20% Reducing balance
Computer equipment
20% Reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Eurolec Core Supply Limited Notes to the Accounts for the year ended 31 July 2024
Pension costs
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.
Turnover
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.
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 August 2023
38,241 
86,085 
3,202 
127,528 
Additions
89,790 
10,997 
300 
101,087 
Disposals
(32,991)
- 
- 
(32,991)
At 31 July 2024
95,040 
97,082 
3,502 
195,624 
Depreciation
At 1 August 2023
12,928 
29,612 
999 
43,539 
Charge for the year
15,102 
12,173 
471 
27,746 
On disposals
(13,636)
- 
- 
(13,636)
At 31 July 2024
14,394 
41,785 
1,470 
57,649 
Net book value
At 31 July 2024
80,646 
55,297 
2,032 
137,975 
At 31 July 2023
25,313 
56,473 
2,203 
83,989 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
46,224 
36,149 
Trade debtors
961,467 
668,604 
Other debtors
7,000 
13,000 
1,014,691 
717,753 
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Eurolec Core Supply Limited Notes to the Accounts for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
30,119 
- 
Trade creditors
216,977 
179,560 
Taxes and social security
125,860 
113,181 
Other creditors
296,758 
212,158 
669,714 
504,899 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
5,410 
- 
8
Average number of employees
During the year the average number of employees was 11 (2023: 11).
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