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
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
Eurolec Core Supply Limited
Statement of financial position
as at 31 July 2024
Tangible assets
137,975
83,989
Inventories
796,439
672,001
Cash at bank and in hand
464,695
384,030
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
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
Eurolec Core Supply Limited
Notes to the Accounts
for the year ended 31 July 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
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.
Eurolec Core Supply Limited
Notes to the Accounts
for the year ended 31 July 2024
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 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.
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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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
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
At 31 July 2024
80,646
55,297
2,032
137,975
At 31 July 2023
25,313
56,473
2,203
83,989
Amounts falling due within one year
Trade debtors
961,467
668,604
Other debtors
7,000
13,000
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
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).