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Company No: 01835617 (England and Wales)

CYGNET ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

CYGNET ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

CYGNET ELECTRONICS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
CYGNET ELECTRONICS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS T Arnaud (Appointed 09 February 2025)
B Swanson (Appointed 09 February 2025)
P Swanson
SECRETARY J Swanson
REGISTERED OFFICE Unit 12a Station Field Industrial Estate
Kidlington
OX5 1JD
United Kingdom
COMPANY NUMBER 01835617 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
CYGNET ELECTRONICS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
CYGNET ELECTRONICS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 47,622 61,010
Tangible assets 4 92,911 105,736
140,533 166,746
Current assets
Stocks 821,519 685,707
Debtors 5 981,889 952,824
Cash at bank and in hand 109,641 654,623
1,913,049 2,293,154
Creditors: amounts falling due within one year 6 ( 1,005,980) ( 1,155,694)
Net current assets 907,069 1,137,460
Total assets less current liabilities 1,047,602 1,304,206
Provision for liabilities ( 19,254) ( 21,294)
Net assets 1,028,348 1,282,912
Capital and reserves
Called-up share capital 7 219 219
Share premium account 36,474 36,474
Capital redemption reserve 14,659 14,659
Profit and loss account 976,996 1,231,560
Total shareholder's funds 1,028,348 1,282,912

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cygnet Electronics Limited (registered number: 01835617) were approved and authorised for issue by the Board of Directors on 25 June 2025. They were signed on its behalf by:

P Swanson
Director
CYGNET ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
CYGNET ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

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.

General information and basis of accounting

Cygnet Electronics 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 12a Station Field Industrial Estate, Kidlington, Oxfordshire, OX5 1JD, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life.

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Leasehold improvements 4 years straight line
Fixtures and fittings 25 % reducing balance
5 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 24

3. Intangible assets

Computer software Total
£ £
Cost
At 01 October 2023 104,185 104,185
Additions 5,824 5,824
Disposals ( 30,633) ( 30,633)
At 30 September 2024 79,376 79,376
Accumulated amortisation
At 01 October 2023 43,175 43,175
Charge for the financial year 19,212 19,212
Disposals ( 30,633) ( 30,633)
At 30 September 2024 31,754 31,754
Net book value
At 30 September 2024 47,622 47,622
At 30 September 2023 61,010 61,010

4. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Total
£ £ £ £
Cost
At 01 October 2023 5,984 312,235 245,909 564,128
Additions 0 10,221 17,621 27,842
At 30 September 2024 5,984 322,456 263,530 591,970
Accumulated depreciation
At 01 October 2023 3,588 281,477 173,327 458,392
Charge for the financial year 599 17,763 22,305 40,667
At 30 September 2024 4,187 299,240 195,632 499,059
Net book value
At 30 September 2024 1,797 23,216 67,898 92,911
At 30 September 2023 2,396 30,758 72,582 105,736

5. Debtors

2024 2023
£ £
Trade debtors 346,819 833,154
Amounts owed by Group undertakings 506,101 0
Other debtors 128,969 119,670
981,889 952,824

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 66,563 0
Trade creditors 599,653 819,462
Amounts owed to Group undertakings 178,272 0
Taxation and social security 118,599 323,218
Other creditors 42,893 13,014
1,005,980 1,155,694

The company's bankers hold a fixed and floating charge, dated 12 February 2024, over all the assets of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
12,375 Ordinary shares of £ 0.01 each 124 124
1,875 Ordinary B shares of £ 0.05 each 94 94
125 Ordinary C shares of £ 0.01 each 1 1
219 219

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 397,764 552,716

9. Related party transactions

Transactions with the entity's directors

During the year, advances totalling £109,817 (2023: £206,134) were made to a director of the company and interest was charged on this amount totalling £1,268 (2023: £2,598). Repayments made by the director totalled £111,085 (2023: £208,732). At the reporting date, no amounts were owed to the company by the director.

10. Ultimate controlling party

Parent Company:

Intertronics Holdings Ltd
12a Station Field Industrial Estate, Kidlington, Oxfordshire, OX5 1JD