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COMPANY REGISTRATION NUMBER: 14153231
Agile Electronics Ltd
Unaudited financial statements
30 June 2024
Agile Electronics Ltd
Statement of financial position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
112,593
82,545
Current assets
Stocks
91,704
94,495
Debtors
6
731,275
581,606
Cash at bank and in hand
743,250
617,584
-----------
-----------
1,566,229
1,293,685
Prepayments and accrued income
86,473
3,942
Creditors: Amounts falling due within one year
7
( 991,153)
( 660,631)
-----------
-----------
Net current assets
661,549
636,996
---------
---------
Total assets less current liabilities
774,142
719,541
Creditors: Amounts falling due after more than one year
8
( 10,000)
( 230,000)
Provisions
Taxation including deferred tax
( 20,164)
( 20,064)
Accruals and deferred income
( 33,583)
( 4,650)
---------
---------
Net assets
710,395
464,827
---------
---------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
705,395
459,827
---------
---------
Shareholders funds
710,395
464,827
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Agile Electronics Ltd
Statement of financial position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
S E Eddowes
Director
Company registration number: 14153231
Agile Electronics Ltd
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 21, Wymondham Business Park, Chestnut Drive, Wymondham, NR18 9SB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Exceptional items
Exceptional items relate to material items which possess a high degree of abnormality and which are not expected to arise again.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
Over the term of the lease
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% straight line
Computer equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 7 (2023: 3 ).
5. Tangible assets
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
15,512
46,569
7,738
17,831
87,650
Additions
2,756
42,705
280
6,038
51,779
-------
-------
------
-------
---------
At 30 June 2024
18,268
89,274
8,018
23,869
139,429
-------
-------
------
-------
---------
Depreciation
At 1 July 2023
853
2,385
549
1,318
5,105
Charge for the year
3,568
12,221
1,580
4,362
21,731
-------
-------
------
-------
---------
At 30 June 2024
4,421
14,606
2,129
5,680
26,836
-------
-------
------
-------
---------
Carrying amount
At 30 June 2024
13,847
74,668
5,889
18,189
112,593
-------
-------
------
-------
---------
At 30 June 2023
14,659
44,184
7,189
16,513
82,545
-------
-------
------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
716,729
547,474
Other debtors
14,546
34,132
---------
---------
731,275
581,606
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
568,443
155,573
Social security and other taxes
221,005
333,130
Other creditors
201,705
171,928
---------
---------
991,153
660,631
---------
---------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,000
230,000
-------
---------
9. Exceptional items
Exceptional items relate to the settlement of a legal case and associated legal fees. The case has been settled and recognised in full in the comparative period, with no further costs expected to arise.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
27,178
27,178
Later than 1 year and not later than 5 years
6,322
33,500
-------
-------
33,500
60,678
-------
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Director
23,382
45,414
( 65,000)
3,796
-------
-------
-------
------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Director
23,382
23,382
----
-------
----
-------
The directors loan and advances was subject to the HMRC standard rate of interest in the current and prior year.