IRIS Accounts Production v25.1.3.33 01753503 Board of Directors Board of Directors 31.7.24 1.8.23 31.7.24 31.7.24 Manufacture of electronic circuit boards. true true true false true true false false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017535032023-07-31017535032024-07-31017535032023-08-012024-07-31017535032022-07-31017535032022-08-012023-07-31017535032023-07-3101753503ns15:EnglandWales2023-08-012024-07-3101753503ns14:PoundSterling2023-08-012024-07-3101753503ns10:Director12023-08-012024-07-3101753503ns10:Director22023-08-012024-07-3101753503ns10:Consolidated2024-07-3101753503ns10:ConsolidatedGroupCompanyAccounts2023-08-012024-07-3101753503ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3101753503ns10:Consolidatedns10:FRS1022023-08-012024-07-3101753503ns10:Consolidatedns10:Audited2023-08-012024-07-3101753503ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3101753503ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-08-012024-07-3101753503ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3101753503ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-08-012024-07-3101753503ns10:FullAccounts2023-08-012024-07-3101753503ns5:Subsidiary12023-08-012024-07-3101753503ns5:Subsidiary22023-08-012024-07-3101753503ns5:Subsidiary32023-08-012024-07-310175350312023-08-012024-07-3101753503ns10:OrdinaryShareClass12023-08-012024-07-3101753503ns10:Consolidated2023-08-012024-07-3101753503ns10:Director32023-08-012024-07-3101753503ns10:Director42023-08-012024-07-3101753503ns10:RegisteredOffice2023-08-012024-07-3101753503ns5:ContinuingOperationsns10:Consolidated2023-08-012024-07-3101753503ns5:DiscontinuedOperationsns10:Consolidated2023-08-012024-07-3101753503ns5:ContinuingOperationsns10:Consolidated2022-08-012023-07-3101753503ns5:DiscontinuedOperationsns10:Consolidated2022-08-012023-07-3101753503ns10:Consolidated2022-08-012023-07-3101753503ns5:CurrentFinancialInstruments2024-07-3101753503ns5:CurrentFinancialInstruments2023-07-3101753503ns5:Non-currentFinancialInstruments2024-07-3101753503ns5:Non-currentFinancialInstruments2023-07-3101753503ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3101753503ns5:CapitalRedemptionReserve2022-08-012023-07-3101753503ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-3101753503ns5:CapitalRedemptionReserve2023-08-012024-07-3101753503ns5:PlantMachinery2023-08-012024-07-3101753503ns5:FurnitureFittings2023-08-012024-07-3101753503ns5:MotorVehicles2023-08-012024-07-3101753503ns5:ComputerEquipment2023-08-012024-07-3101753503ns5:PlantMachinery2023-07-3101753503ns5:FurnitureFittings2023-07-3101753503ns5:MotorVehicles2023-07-3101753503ns5:ComputerEquipment2023-07-3101753503ns5:PlantMachinery2024-07-3101753503ns5:FurnitureFittings2024-07-3101753503ns5:MotorVehicles2024-07-3101753503ns5:ComputerEquipment2024-07-3101753503ns5:PlantMachinery2023-07-3101753503ns5:FurnitureFittings2023-07-3101753503ns5:MotorVehicles2023-07-3101753503ns5:ComputerEquipment2023-07-3101753503ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-07-3101753503ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-07-3101753503ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-07-3101753503ns5:CostValuation2023-07-3101753503ns5:Subsidiary112023-08-012024-07-3101753503ns5:Subsidiary12024-07-3101753503ns5:Subsidiary12023-07-3101753503ns5:Subsidiary12023-07-31017535033ns5:Subsidiary22023-08-012024-07-3101753503ns5:Subsidiary22024-07-3101753503ns5:Subsidiary22023-07-3101753503ns5:Subsidiary22022-08-012023-07-3101753503ns5:Subsidiary352023-08-012024-07-3101753503ns5:Subsidiary32024-07-3101753503ns5:Subsidiary32023-07-3101753503ns5:Subsidiary32022-08-012023-07-3101753503ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-07-3101753503ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3101753503ns5:DeferredTaxation2023-07-3101753503ns5:DeferredTaxation2023-08-012024-07-3101753503ns5:DeferredTaxation2024-07-3101753503ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 01753503 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2024

for

U.K Electronics Limited

U.K Electronics Limited (Registered number: 01753503)

Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


U.K Electronics Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: N G Carr
J I Duckworth
Mrs C Newton
M Ainsworth





REGISTERED OFFICE: Schofield House
Lion Mill Yard, Fitton Street
Royton
Oldham
Lancashire
OL2 5JX





REGISTERED NUMBER: 01753503 (England and Wales)





AUDITORS: Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
& Statutory Auditors
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

U.K Electronics Limited (Registered number: 01753503)

Group Strategic Report
for the Year Ended 31 July 2024


The directors present their strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
The Group's principal activity during the year was the manufacture of electronic boards.

Turnover decreased from £9.5 million to £7.7 million, with Pre-Tax Net Profits decreasing to £0.9 million compared to the 2023 figure of £1.9 million.

The electronics component market has now returning to a level previously seen prior to the shortages and problems of supply of the last three years. Many customers are finding their stock levels are too high and consequently deferring orders and deliveries which is impacting turnover in the current financial year.

On 31 October 2023, ownership of the Company was transferred to UKE Employee Ownership Trustee Limited, an Employee Ownership Trust.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk:
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

The Group manages the risk by maintaining regular contact with existing finance providers to evaluate options in future funding decisions.

Interest rate risk:
The Group is exposed to interest rate risk on deposits.

The Group manages the risk by constantly monitoring their policies to ensure that they are not exposed to short term interest rate movements.

Credit risk:
The Group is not exposed to a high degree of credit risk as surplus funds are minimised due to working capital requirements. These are then retained in either a short term current account or call deposit account as agreed by the Board of Directors.

The Group manages this risk by continuously considering the credit ratings of financial institutes that they have relationships with.

FINANCIAL INSTRUMENTS
The Group's principal instruments are cash balances. In addition, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising from its operations.

FUTURE DEVELOPMENTS
The Group continues to look at future opportunities to expand its range of products and services whilst ensuring the core business is secured.

ON BEHALF OF THE BOARD:





J I Duckworth - Director


29 July 2025

U.K Electronics Limited (Registered number: 01753503)

Report of the Directors
for the Year Ended 31 July 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

N G Carr
J I Duckworth

Other changes in directors holding office are as follows:

Mrs C Newton - appointed 31 October 2023
M Ainsworth - appointed 31 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

U.K Electronics Limited (Registered number: 01753503)

Report of the Directors
for the Year Ended 31 July 2024


AUDITORS
The auditors, Hardy & Company (Hyde) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



J I Duckworth - Director


29 July 2025

Report of the Independent Auditors to the Members of
U.K Electronics Limited


Opinion
We have audited the financial statements of U.K Electronics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
U.K Electronics Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
U.K Electronics Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition.

Audit procedures performed by the engagement team included:
- discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud.
- understanding of management's internal controls designed to prevent and detect irregularities.
- reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud.
- reviewing relevant meeting minutes.
- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
- testing transactions entered into outside of the normal course of the Group's business; and
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
U.K Electronics Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Robert Campbell (Senior Statutory Auditor)
for and on behalf of Hardy & Company (Hyde) Ltd
Chartered Certified Accountants
& Statutory Auditors
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

29 July 2025

U.K Electronics Limited (Registered number: 01753503)

Consolidated
Income Statement
for the Year Ended 31 July 2024

31.7.24 31.7.24 31.7.24
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 7,654,402 - 7,654,402
Cost of sales (4,976,421 ) - (4,976,421 )
GROSS PROFIT 2,677,981 - 2,677,981

Distribution costs (98,776 ) - (98,776 )
Administrative expenses (1,683,936 ) - (1,683,936 )

OPERATING PROFIT 4 895,269 - 895,269

Interest receivable and similar income 13,883 - 13,883
Interest payable and similar expenses 5 (396 ) - (396 )
PROFIT BEFORE TAXATION 908,756 - 908,756
Tax on profit 6 (219,722 ) - (219,722 )
PROFIT FOR THE FINANCIAL YEAR 689,034 - 689,034
Profit attributable to:
Owners of the parent 689,034

U.K Electronics Limited (Registered number: 01753503)

Consolidated
Income Statement
for the Year Ended 31 July 2024

31.7.23 31.7.23 31.7.23
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 9,256,338 225,379 9,481,717
Cost of sales (5,852,528 ) (176,984 ) (6,029,512 )
GROSS PROFIT 3,403,810 48,395 3,452,205

Distribution costs (94,920 ) - (94,920 )
Administrative expenses (1,380,034 ) (48,958 ) (1,428,992 )
1,928,856 (563 ) 1,928,293

Other operating income - (5,638 ) (5,638 )


OPERATING PROFIT/(LOSS) 4 1,928,856 (6,201 ) 1,922,655

Interest receivable and similar income 7,128 - 7,128
Interest payable and similar expenses 5 (5,760 ) - (5,760 )
PROFIT/(LOSS) BEFORE TAXATION 1,930,224 (6,201 ) 1,924,023
Tax on profit/(loss) 6 (383,780 ) - (383,780 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,546,444

(6,201

)

1,540,243
Profit/(loss) attributable to:
Owners of the parent 1,540,243

U.K Electronics Limited (Registered number: 01753503)

Consolidated
Other Comprehensive Income
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

PROFIT FOR THE YEAR 689,034 1,540,243


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

689,034

1,540,243

Total comprehensive income attributable to:
Owners of the parent 689,034 1,540,243

U.K Electronics Limited (Registered number: 01753503)

Consolidated Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 17,702 22,127
Tangible assets 9 1,130,519 951,756
Investments 10 - -
1,148,221 973,883

CURRENT ASSETS
Stocks 11 1,854,905 2,349,445
Debtors 12 1,321,273 1,908,275
Cash at bank and in hand 351,534 2,303,054
3,527,712 6,560,774
CREDITORS
Amounts falling due within one year 13 1,326,012 1,742,694
NET CURRENT ASSETS 2,201,700 4,818,080
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,349,921

5,791,963

PROVISIONS FOR LIABILITIES 15 62,505 64,020
NET ASSETS 3,287,416 5,727,943

CAPITAL AND RESERVES
Called up share capital 16 946 946
Share premium 17 449,742 449,742
Capital redemption reserve 17 100 100
Retained earnings 17 2,836,628 5,277,155
SHAREHOLDERS' FUNDS 3,287,416 5,727,943

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2025 and were signed on its behalf by:




J I Duckworth - Director



N G Carr - Director


U.K Electronics Limited (Registered number: 01753503)

Company Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 252,385 258,960
Investments 10 492,038 492,038
744,423 750,998

CURRENT ASSETS
Stocks 11 1,850,427 2,318,611
Debtors 12 1,814,170 2,240,958
Cash at bank and in hand 340,050 2,250,102
4,004,647 6,809,671
CREDITORS
Amounts falling due within one year 13 1,313,129 1,732,884
NET CURRENT ASSETS 2,691,518 5,076,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,435,941

5,827,785

CREDITORS
Amounts falling due after more than one
year

14

(24,562

)

(24,562

)

PROVISIONS FOR LIABILITIES 15 (62,505 ) (64,020 )
NET ASSETS 3,348,874 5,739,203

CAPITAL AND RESERVES
Called up share capital 16 946 946
Share premium 17 449,742 449,742
Capital redemption reserve 17 100 100
Retained earnings 17 2,898,086 5,288,415
SHAREHOLDERS' FUNDS 3,348,874 5,739,203

Company's profit for the financial year 739,232 1,545,370

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:



J I Duckworth - Director



N G Carr - Director


U.K Electronics Limited (Registered number: 01753503)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 August 2022 900 3,736,912 - 100 3,737,912

Changes in equity
Issue of share capital 46 - 449,742 - 449,788
Total comprehensive income - 1,540,243 - - 1,540,243
Balance at 31 July 2023 946 5,277,155 449,742 100 5,727,943

Changes in equity
Total comprehensive income - 689,034 - - 689,034
Distribution - (3,129,561 ) - - (3,129,561 )
Balance at 31 July 2024 946 2,836,628 449,742 100 3,287,416

U.K Electronics Limited (Registered number: 01753503)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 August 2022 900 3,743,045 - 100 3,744,045

Changes in equity
Issue of share capital 46 - 449,742 - 449,788
Total comprehensive income - 1,545,370 - - 1,545,370
Balance at 31 July 2023 946 5,288,415 449,742 100 5,739,203

Changes in equity
Total comprehensive income - 739,232 - - 739,232
Distribution - (3,129,561 ) - - (3,129,561 )
Balance at 31 July 2024 946 2,898,086 449,742 100 3,348,874

U.K Electronics Limited (Registered number: 01753503)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,782,019 2,666,843
Interest paid (396 ) (2,009 )
Interest element of hire purchase or finance
lease rental payments paid

-

(3,751

)
Tax paid (288,712 ) (550,740 )
Net cash from operating activities 1,492,911 2,110,343

Cash flows from investing activities
Purchase of tangible fixed assets (329,099 ) (42,598 )
Purchase of fixed asset investments - 2,250
Sale of tangible fixed assets 33 17,748
Sale of fixed asset investments - 30,000
Interest received 13,883 7,128
Net cash from investing activities (315,183 ) 14,528

Cash flows from financing activities
Loan repayments in year - (152,197 )
Capital repayments in year - (43,679 )
Amount introduced by directors 313 -
Distribution (3,129,561 ) -
Net cash from financing activities (3,129,248 ) (195,876 )

(Decrease)/increase in cash and cash equivalents (1,951,520 ) 1,928,995
Cash and cash equivalents at beginning of
year

2

2,303,054

374,059

Cash and cash equivalents at end of year 2 351,534 2,303,054

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.7.24 31.7.23
£    £   
Profit before taxation 908,756 1,924,023
Depreciation charges 154,727 159,825
Loss on disposal of fixed assets - 36,416
Finance costs 396 5,760
Finance income (13,883 ) (7,128 )
1,049,996 2,118,896
Decrease in stocks 494,540 514,442
Decrease in trade and other debtors 587,002 345,886
Decrease in trade and other creditors (349,519 ) (312,381 )
Cash generated from operations 1,782,019 2,666,843

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 351,534 2,303,054
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 2,303,054 374,059


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 2,303,054 (1,951,520 ) 351,534
2,303,054 (1,951,520 ) 351,534
Total 2,303,054 (1,951,520 ) 351,534

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

U.K 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate those of U.K Electronics Limited and all of its group undertakings.

All intra- group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies into line with those by other other members of the group.

Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over 5 years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss accounts after or up to the date that control passes.

Significant judgements and estimates
The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit or loss.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant,
these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being
estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the
recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the
smallest identifiable group of assets that includes the asset and generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.

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 Balance sheet 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 in finance costs in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 1,913,198 1,952,922
Social security costs 225,190 174,374
Other pension costs 30,111 34,003
2,168,499 2,161,299

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.7.24 31.7.23

Directors 4 2
Administration 17 15
Sales 1 1
Production 50 57
72 75

The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2023 - 75 ) .

31.7.24 31.7.23
£    £   
Directors' remuneration 170,026 90,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.7.24 31.7.23
£    £   
Other operating leases 51,696 60,822
Depreciation - owned assets 150,303 134,681
Depreciation - assets on hire purchase contracts or finance leases - 16,552
Loss on disposal of fixed assets - 6,416
Goodwill amortisation 4,425 -
Foreign exchange differences (6,587 ) (1,524 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank loan interest 396 4,112
Other interest - on overdue tax - (2,103 )
Hire purchase - 3,751
396 5,760

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 221,237 389,083

Deferred tax (1,515 ) (5,303 )
Tax on profit 219,722 383,780

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 22,127
AMORTISATION
Amortisation for year 4,425
At 31 July 2024 4,425
NET BOOK VALUE
At 31 July 2024 17,702
At 31 July 2023 22,127

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023 635,665 944,112 168,587
Additions 214,948 105,428 1,285
Disposals - (33 ) -
At 31 July 2024 850,613 1,049,507 169,872
DEPRECIATION
At 1 August 2023 - 698,588 147,716
Charge for year 13,287 106,906 8,484
At 31 July 2024 13,287 805,494 156,200
NET BOOK VALUE
At 31 July 2024 837,326 244,013 13,672
At 31 July 2023 635,665 245,524 20,871

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 7,100 126,381 1,881,845
Additions - 7,438 329,099
Disposals - - (33 )
At 31 July 2024 7,100 133,819 2,210,911
DEPRECIATION
At 1 August 2023 6,390 77,395 930,089
Charge for year 710 20,916 150,303
At 31 July 2024 7,100 98,311 1,080,392
NET BOOK VALUE
At 31 July 2024 - 35,508 1,130,519
At 31 July 2023 710 48,986 951,756

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£   
COST
At 1 August 2023 110,347
Transfer to ownership (110,347 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 66,308
Transfer to ownership (66,308 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 44,039

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 827,580 161,827 7,100 126,381 1,122,888
Additions 105,428 1,285 - 7,438 114,151
Disposals (33 ) - - - (33 )
At 31 July 2024 932,975 163,112 7,100 133,819 1,237,006
DEPRECIATION
At 1 August 2023 639,187 140,956 6,390 77,395 863,928
Charge for year 90,583 8,484 710 20,916 120,693
At 31 July 2024 729,770 149,440 7,100 98,311 984,621
NET BOOK VALUE
At 31 July 2024 203,205 13,672 - 35,508 252,385
At 31 July 2023 188,393 20,871 710 48,986 258,960

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


9. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£   
COST
At 1 August 2023 110,347
Transfer to ownership (110,347 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 66,308
Transfer to ownership (66,308 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 44,039

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 502,438
PROVISIONS
At 1 August 2023
and 31 July 2024 10,400
NET BOOK VALUE
At 31 July 2024 492,038
At 31 July 2023 492,038

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Blackburn Circuit Design Holdings Limited
Registered office: Schofield House,Lion Mill Yard, Fitton Street, Royton,Oldham, Lancashire,OL2 5JX
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 6,320 6,320

Blackburn Circuit Design Limited
Registered office: Schofield House, Lion Mill Yard, Fitton Street, Royton, Oldham, OL2 5JX
Nature of business: Electronic design and PCB assembly
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 61,069 60,280
Profit for the year 789 1,074

Edgeton Solutions Limited
Registered office: Orrells Well Farm, Foden Lane, Alderley Edge, Cheshire SK9 7TH
Nature of business: Manufacture of electronic boards
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 383,349 429,911
(Loss)/profit for the year/period (46,562 ) 32,610


11. STOCKS

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Raw materials 1,259,135 1,639,830 1,254,657 1,608,996
Work-in-progress 468,963 607,209 468,963 607,209
Finished goods 126,807 102,406 126,807 102,406
1,854,905 2,349,445 1,850,427 2,318,611

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Trade debtors 1,289,225 1,862,297 1,282,714 1,850,729
Amounts owed by group undertakings - - 499,580 344,637
Other debtors 1,772 3,436 1,600 3,050
Prepayments and accrued income 30,276 42,542 30,276 42,542
1,321,273 1,908,275 1,814,170 2,240,958

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Payments on account 198,181 210,415 198,181 210,415
Trade creditors 801,980 1,079,350 796,454 1,076,712
Tax 96,074 163,549 95,893 163,303
Social security and other taxes 147,168 233,920 146,918 233,920
Other creditors 19,236 9,280 19,236 9,280
Directors' current accounts 313 - 313 -
Accrued expenses 63,060 46,180 56,134 39,254
1,326,012 1,742,694 1,313,129 1,732,884

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Company
31.7.24 31.7.23
£    £   
Other creditors 24,562 24,562

15. PROVISIONS FOR LIABILITIES

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Deferred tax 62,505 64,020 62,505 64,020

Group
Deferred
tax
£   
Balance at 1 August 2023 64,020
Credit to Income Statement during year (1,515 )
Balance at 31 July 2024 62,505

U.K Electronics Limited (Registered number: 01753503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024


15. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 August 2023 64,020
Utilised during year (1,515 )
Balance at 31 July 2024 62,505

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
946 Ordinary £1 946 946

17. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 August 2023 5,277,155 449,742 100 5,726,997
Profit for the year 689,034 689,034
Distribution (3,129,561 ) - - (3,129,561 )
At 31 July 2024 2,836,628 449,742 100 3,286,470

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 August 2023 5,288,415 449,742 100 5,738,257
Profit for the year 739,232 739,232
Distribution (3,129,561 ) - - (3,129,561 )
At 31 July 2024 2,898,086 449,742 100 3,347,928