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REGISTERED NUMBER: 04940332 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th April 2024

for

liGo Electronics Limited

liGo Electronics Limited (Registered number: 04940332)

Contents of the Financial Statements
for the Year Ended 30th April 2024










Page

Company Information 1

Report of the Accountants 2

Statement of Financial Position 3

Notes to the Financial Statements 4


liGo Electronics Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: Mrs M L Brophy
Mr D J Brophy





REGISTERED OFFICE: C/O Aberdein Considine
30 Cloth Market
Newcastle
NE1 1EE





REGISTERED NUMBER: 04940332 (England and Wales)





ACCOUNTANTS: McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE

liGo Electronics Limited

Report of the Accountants to the Directors of
liGo Electronics Limited


The following reproduces the text of the report prepared for the directors in respect of the Company's annual unaudited financial statements. In accordance with the Companies Act 2006, the Company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30th April 2024 set out on pages four to nine and you consider that the Company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE


3rd March 2025

liGo Electronics Limited (Registered number: 04940332)

Statement of Financial Position
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,817 95,902

CURRENT ASSETS
Stocks 1,784,800 2,097,577
Debtors 5 815,030 695,903
Cash at bank 636,858 570,054
3,236,688 3,363,534
CREDITORS
Amounts falling due within one year 6 1,985,955 2,121,808
NET CURRENT ASSETS 1,250,733 1,241,726
TOTAL ASSETS LESS CURRENT LIABILITIES 1,336,550 1,337,628

CREDITORS
Amounts falling due after more than one year 7 57,292 194,792
NET ASSETS 1,279,258 1,142,836

CAPITAL AND RESERVES
Called up share capital 135 135
Retained earnings 1,279,123 1,142,701
SHAREHOLDERS' FUNDS 1,279,258 1,142,836

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd March 2025 and were signed on its behalf by:





Mr D J Brophy - Director


liGo Electronics Limited (Registered number: 04940332)

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


1. STATUTORY INFORMATION

liGo Electronics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor
effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


liGo Electronics Limited (Registered number: 04940332)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are changed to the provision carried in the Statement of Financial Position.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

liGo Electronics Limited (Registered number: 04940332)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1st May 2023 347,271
Additions 6,408
At 30th April 2024 353,679
Depreciation
At 1st May 2023 251,369
Charge for year 16,493
At 30th April 2024 267,862
Net book value
At 30th April 2024 85,817
At 30th April 2023 95,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 251,352 360,515
Amounts owed by group undertakings 363,111 140,558
Other debtors 104,171 64,293
Deferred tax asset 3,565 3,565
Prepayments and accrued income 92,831 126,972
815,030 695,903

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 137,500 148,958
Trade creditors 1,476,397 1,418,160
Amounts owed to group undertakings - 20,425
Tax 151,106 207,939
Social security and other taxes 3,780 4,112
VAT 80,237 117,741
Other creditors 19,935 48,986
Accruals and deferred income 117,000 155,487
1,985,955 2,121,808

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 57,292 194,792

liGo Electronics Limited (Registered number: 04940332)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 137,500 148,958

Amounts falling due between one and two years:
Bank loans - 1-2 years 57,292 137,500

Amounts falling due between two and five years:
Bank loans - 2-5 years - 57,292

In the year ended April 2021, the company received a Business Bounce Back Loan from Barclays Bank PLC. The loan term is 60 months at a fixed rate of interest at 3.3% per annum.

There are no capital repayments in the first 12 months and interest charges for that period are covered by the Government Business Interruption Payment ("BIP").

Capital and interest repayments commence 12 months after drawdown. Capital repayments are payable in equal monthly installments over the remaining 60 months, along with the relevant monthly interest charge.

For the period where BIP is applied to interest charges, these costs are simultaneously treated as Government grants receivable and finance costs payable in the profit and loss account.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 30,000 30,000
Between one and five years 120,000 120,000
In more than five years 56,137 86,137
206,137 236,137

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the ultimate parent company owed Ligo Electronics Limited £363,111 (2023: £140,558).

11. ULTIMATE CONTROLLING PARTY

On 25 April 2023, the shares of the company were transferred from AR1 Ltd to Carleton Holdings Limited.

The directors are considered to be the ultimate controlling party through virtue of their shareholding in Carleton Holdings Limited.