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REGISTERED NUMBER: 10763766 (England and Wales)















1ST ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1ST ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: A Inskip





REGISTERED OFFICE: 12 Warwick Street
Coventry
West Midlands
CV5 6ET





REGISTERED NUMBER: 10763766 (England and Wales)





ACCOUNTANTS: Burrows Scarborough
Sovereign House
12 Warwick Street
Coventry
West Midlands
CV5 6ET

1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 27,674 23,680
27,674 23,680

CURRENT ASSETS
Stocks 158,125 238,989
Debtors 6 100,760 150,717
Prepayments and accrued income 4,757 10,136
Cash at bank 192,886 352,317
456,528 752,159
CREDITORS
Amounts falling due within one year 7 210,808 396,518
NET CURRENT ASSETS 245,720 355,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

273,394

379,321

CREDITORS
Amounts falling due after more than one
year

8

(9,167

)

(19,167

)

PROVISIONS FOR LIABILITIES (6,501 ) (4,854 )

ACCRUALS AND DEFERRED INCOME (3,379 ) (5,144 )
NET ASSETS 254,347 350,156

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 254,337 350,146
254,347 350,156

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

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

The director acknowledges his 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.

1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)

BALANCE SHEET - continued
30 JUNE 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 March 2025 and were signed by:





A Inskip - Director


1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

1st 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 (£).


These financial statements are rounded to the nearest £1.

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 32,500
AMORTISATION
At 1 July 2023
and 30 June 2024 32,500
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 12,040 35,374 47,414
Additions - 11,988 11,988
At 30 June 2024 12,040 47,362 59,402
DEPRECIATION
At 1 July 2023 2,408 21,326 23,734
Charge for year 2,408 5,586 7,994
At 30 June 2024 4,816 26,912 31,728
NET BOOK VALUE
At 30 June 2024 7,224 20,450 27,674
At 30 June 2023 9,632 14,048 23,680

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 100,760 150,717

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 160,289 278,788
Taxation and social security 39,238 106,765
Other creditors 1,281 965
210,808 396,518

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 9,167 19,167

1ST ELECTRONICS LIMITED (REGISTERED NUMBER: 10763766)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 29,103 27,428
Between one and five years 37,179 25,352
66,282 52,780