REGISTERED NUMBER: 01389153 (England and Wales)

RELEC ELECTRONICS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L C Ansell-Kleszcz

M T Rehm

N S Pain

C G Beal

REGISTERED OFFICE:

Animal House

Justin Business Park

Sandford Lane

Wareham

Dorset

BH20 4DY

REGISTERED NUMBER:

01389153 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gary Brown FCCA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

HSBC Bank Plc

165-167 High Street

Poole

Dorset

BH15 1AU

FIXED ASSETS

Tangible assets

4

67,267

57,601

CURRENT ASSETS

Stocks

900,323

1,237,525

Debtors

5

858,409

4,502,715

Cash at bank

1,272,020

905,977

3,030,752

6,646,217

CREDITORS

Amounts falling due within one year

6

(739,777

)

(1,031,603

)

NET CURRENT ASSETS

2,290,975

5,614,614

TOTAL ASSETS LESS CURRENT LIABILITIES

2,358,242

5,672,215

PROVISIONS FOR LIABILITIES

8

(9,512

)

(5,974

)

NET ASSETS

2,348,730

5,666,241

CAPITAL AND RESERVES

Called up share capital

10,796

10,796

Share premium

220,242

220,242

Capital redemption reserve

18,750

18,750

Retained earnings

2,098,942

5,416,453

SHAREHOLDERS' FUNDS

2,348,730

5,666,241

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 Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

L C Ansell-Kleszcz - Director

M T Rehm - Director

1.	STATUTORY INFORMATION

Relec 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.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

The turnover shown in the profit and loss account represents the invoiced value of sales of goods, net of Value Added Tax, during the period.

Invoices are raised as the goods are despatched and the risks and rewards of ownership pass to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Over 80 years, the length of the lease

Leasehold improvements

-

Straight line over 5 years

Fixtures, fittings, equipment & computers

-

Straight line over 5 years and Straight line over 4 years

Motor vehicles

-

Straight line over 4 years

The profit 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 recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued using the FIFO basis.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments

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

Pension costs

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic Financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial Liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings,

Long

Leasehold

equipment &

Motor

leasehold

improvements

computers

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

20,000

55,362

254,317

92,615

422,294

Additions

-

18,380

14,107

-

32,487

Disposals

-

-

(48,570

)

(56,765

)

(105,335

)

At 31 December 2024

20,000

73,742

219,854

35,850

349,446

DEPRECIATION

At 1 January 2024

3,854

52,610

228,311

79,918

364,693

Charge for year

250

2,631

10,880

8,963

22,724

Eliminated on disposal

-

-

(48,473

)

(56,765

)

(105,238

)

At 31 December 2024

4,104

55,241

190,718

32,116

282,179

NET BOOK VALUE

At 31 December 2024

15,896

18,501

29,136

3,734

67,267

At 31 December 2023

16,146

2,752

26,006

12,697

57,601

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

555,626

812,307

Amounts owed by group undertakings

189,028

3,614,968

Other debtors

113,755

75,440

858,409

4,502,715

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

288,830

360,682

Taxation and social security

153,681

287,502

Other creditors

297,266

383,419

739,777

1,031,603

7.	LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £97,644 (2023 - £21,500).

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

9,512

5,974

Deferred tax

£

Balance at 1 January 2024

5,974

Movement

3,538

Balance at 31 December 2024

9,512

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with S444 (5B) of the Companies Act 2006:

- The audit report was unqualified

- The senior statutory auditor was Gary Brown (FCCA)

- The auditor was Hopper Williams & Bell Limited.

10.	ULTIMATE PARENT COMPANY

Giga-tronics, incorporated d/b/a Gresham Worldwide is regarded by the directors as the company's ultimate parent company.

Copies of the consolidated financial statements of Giga-tronics, incorporated d/b/a Gresham Worldwide can be obtained from 5990 Gleason Drive, Dublin, CA, 94568, USA.