Company No:
Contents
DIRECTORS | D Demetriou |
Mrs A Kenyon |
SECRETARY | Mrs A Kenyon |
REGISTERED OFFICE | Unit 70 Hillgrove Business Park Nazeing Road |
Nazeing | |
Waltham Abbey | |
EN9 2HB | |
United Kingdom |
COMPANY NUMBER | 05337637 (England and Wales) |
ACCOUNTANT | Gravita Essex Limited |
Treviot House | |
186-192 High Road | |
Ilford | |
Essex | |
IG1 1LR | |
United Kingdom |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
666,835 | 721,311 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
1,048,624 | 1,084,257 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 801,290 | 640,036 | ||
Total assets less current liabilities | 1,468,125 | 1,361,347 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Fair value reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Neotek Electrics Limited (registered number:
D Demetriou
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Neotek Electrics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 70 Hillgrove Business Park Nazeing Road, Nazeing, Waltham Abbey, EN9 2HB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings | not depreciated |
Plant and machinery etc. |
|
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost/Valuation | |||||
At 01 January 2024 |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 December 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 January 2024 |
|
|
|
||
Charge for the financial year |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 December 2024 |
|
|
|
||
Net book value | |||||
At 31 December 2024 |
|
|
|
||
At 31 December 2023 |
|
|
|
Revaluation of tangible assets
If freehold property had not been revalued it would have been included at the following historical cost:
2024 | 2023 | ||
£ | £ | ||
Historical cost | 508,746 | 508,746 | |
Carrying value |
|
|
Freehold property was valued on fair value basis on 31st December 2024 by directors.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|