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Company Registration No. 01756840 (England and Wales)
Eurolec Components (Midlands) Limited Unaudited accounts for the year ended 31 July 2024
Eurolec Components (Midlands) Limited Unaudited accounts Contents
Page
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Eurolec Components (Midlands) Limited Company Information for the year ended 31 July 2024
Directors
Michael Hadley William Hadley
Secretary
Michael Hadley
Company Number
01756840 (England and Wales)
Registered Office
UNIT 4 NORTH MOOR INDUSTRIAL ESTATE, MOOR STREET BRIERLEY HILL WEST MIDLANDS DY5 3SU England
Accountants
SL Accountancy Services Ltd First Floor Churchill House Pensnett Trading Estate West Midlands DY6 7XZ
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Eurolec Components (Midlands) Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
147,740 
204,468 
Current assets
Inventories
120,621 
185,303 
Debtors
121,592 
134,562 
Cash at bank and in hand
(24,948)
(4,157)
217,265 
315,708 
Creditors: amounts falling due within one year
(114,854)
(223,641)
Net current assets
102,411 
92,067 
Total assets less current liabilities
250,151 
296,535 
Creditors: amounts falling due after more than one year
(18,333)
(28,333)
Provisions for liabilities
Deferred tax
(28,071)
(38,743)
Net assets
203,747 
229,459 
Capital and reserves
Called up share capital
23,312 
23,312 
Capital redemption reserve
(23,412)
(43,598)
Profit and loss account
203,847 
249,745 
Shareholders' funds
203,747 
229,459 
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 10 March 2025 and were signed on its behalf by
Michael Hadley Director Company Registration No. 01756840
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Eurolec Components (Midlands) Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Eurolec Components (Midlands) Limited is a private company, limited by shares, registered in England and Wales, registration number 01756840. The registered office is UNIT 4 NORTH MOOR INDUSTRIAL, ESTATE, MOOR STREET, BRIERLEY HILL, WEST MIDLANDS, DY5 3SU, England.
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:
Land & buildings
25% Reducing Balance
Plant & machinery
15% Straight Line
Motor vehicles
20% Reducing Balance
Fixtures & fittings
15% Straight Line
Computer equipment
33% Reducing Balance
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.
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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.
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Eurolec Components (Midlands) Limited Notes to the Accounts for the year ended 31 July 2024
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.
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.
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.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 August 2023
11,259 
314,775 
28,991 
49,870 
99,517 
504,412 
Additions
- 
- 
- 
2,862 
2,570 
5,432 
Disposals
(356)
- 
- 
- 
(26,090)
(26,446)
At 31 July 2024
10,903 
314,775 
28,991 
52,732 
75,997 
483,398 
Depreciation
At 1 August 2023
10,903 
161,374 
17,097 
44,286 
66,284 
299,944 
Charge for the year
- 
30,680 
2,379 
1,432 
1,223 
35,714 
At 31 July 2024
10,903 
192,054 
19,476 
45,718 
67,507 
335,658 
Net book value
At 31 July 2024
- 
122,721 
9,515 
7,014 
8,490 
147,740 
At 31 July 2023
356 
153,401 
11,894 
5,584 
33,233 
204,468 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
121,592 
134,562 
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Eurolec Components (Midlands) Limited Notes to the Accounts for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
26,655 
25,811 
Trade creditors
65,727 
115,382 
Taxes and social security
14,423 
12,906 
Other creditors
8,049 
68,942 
Loans from directors
- 
600 
114,854 
223,641 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
18,333 
28,333 
8
Average number of employees
During the year the average number of employees was 22 (2023: 22).
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