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Registration number: 05635655

Banelec Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Banelec Limited

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Notes to the Unaudited Financial Statements | 5 to 13

Banelec Limited

Company Information

Director | Mr D Banner

Company secretary | Mr C L Gennard

Registered office | 3 Old Bush Street Brierley Hill West Midlands DY5 1UB

Accountants | CLG Accountants & Business Advisors Hagley Road Business Hub 8 Hagley Road Stourbridge West Midlands DY8 1PS

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Banelec Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Banelec Limited for the year ended 31 March 2025 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Banelec Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Banelec Limited. You consider that Banelec Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Banelec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
CLG Accountants & Business Advisors
Hagley Road Business Hub
8 Hagley Road
Stourbridge
West Midlands
DY8 1PS

20 October 2025

Banelec Limited

(Registration number: 05635655)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,164,892 | 131,573
Current assets |  |  |
Stocks | 5 | 140,696 | 680,284
Debtors | 6 | 260,963 | 329,158
Cash at bank and in hand |  | 203,371 | 419,817
|  | 605,030 | 1,429,259
Creditors: Amounts falling due within one year | 7 | (387,445) | (714,215)
Net current assets |  | 217,585 | 715,044
Total assets less current liabilities |  | 1,382,477 | 846,617
Creditors: Amounts falling due after more than one year | 7 | (650,298) | (40,296)
Provisions for liabilities |  | (26,891) | (32,900)
Net assets |  | 705,288 | 773,421
Capital and reserves |  |  |
Called up share capital | 8 | 2 | 2
Retained earnings |  | 705,286 | 773,419
Shareholders' funds |  | 705,288 | 773,421

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 October 2025

Banelec Limited

(Registration number: 05635655)
Balance Sheet as at 31 March 2025

......................................... Mr D Banner Director

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Old Bush Street
Brierley Hill
West Midlands
DY5 1UB
England

The principal place of business is:
3 Old Bush Street
Brierley Hill
West Midlands
DY5 1UB
England

These financial statements were authorised for issue by the director on 20 October 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis with the Director having given due consideration to the potential impact of Brexi. He is of the opinion that neither the Company's ability to trade nor the value of its assets will be significantly impaired.

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government revenue grants are recognised as other operating income in the financial period in which they are received. Any directly attibutable costs are also recognised in the same period as the income but are not offset being shown separately within the financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 15% reducing balance
Motor vehicles | 25% reducing balance
Computer equipment | 15% reducing balance

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Land and buildings | Revalued on an annual basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2024 - 15).

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2024 | - | 90,680 | 117,215 | 193,625 | 401,520
Additions | 1,049,082 | - | 10,995 | - | 1,060,077
At 31 March 2025 | 1,049,082 | 90,680 | 128,210 | 193,625 | 1,461,597
Depreciation
At 1 April 2024 | - | 58,135 | 74,474 | 137,338 | 269,947
Charge for the year | - | 4,881 | 13,434 | 8,443 | 26,758
At 31 March 2025 | - | 63,016 | 87,908 | 145,781 | 296,705
Carrying amount
At 31 March 2025 | 1,049,082 | 27,664 | 40,302 | 47,844 | 1,164,892
At 31 March 2024 | - | 32,545 | 42,741 | 56,287 | 131,573

Included within the net book value of land and buildings above is £1,049,082 (2024 - £Nil) in respect of freehold land and buildings.

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 62,000 | 680,284
Finished goods and goods for resale | 78,696 | -
| 140,696 | 680,284

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 249,572 | 270,651
Prepayments | 11,391 | 14,898
Other debtors | - | 43,609
| 260,963 | 329,158

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 48,049 | 27,160
Trade creditors |  | 125,834 | 563,175
Taxation and social security |  | 20,274 | 79,403
Accruals and deferred income |  | 49,473 | 21,025
Other creditors |  | 143,815 | 23,452
|  | 387,445 | 714,215

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 31,057 | 10,168
HP and finance lease liabilities | 16,992 | 16,992
| 48,049 | 27,160

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 650,298 | 40,296

| 2025 £ | 2024 £
Due after more than five years |  |
After more than five years by instalments | 407,160 | -

| - | -

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 489,232 | 12,238
HP and finance lease liabilities | 11,066 | 28,058
Other borrowings | 150,000 | -
| 650,298 | 40,296

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 2 | 2 | 2 | 2

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Later than one year and not later than five years | 5,292 | 8,467

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,175 (2024 - £4,039).

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10 | Related party transactions

Loans to related parties

2024 | Key management £ | Total £
At start of period | 6,784 | 6,784
Repaid | (6,784) | (6,784)
At end of period | - | -

Loans from related parties

2025 | Key management £ | Total £
Advanced | 284,205 | 284,205
At end of period | 284,205 | 284,205

Terms of loans from related parties

The monies have been advanced by the Director on an unsecured, interest free basis. £134,205 is repayable upon demand with £150,000 not being due for repayment until 12 months after the signing of the accounts.

Banelec Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 489,232 | 12,238
Hire purchase contracts | 11,066 | 28,058
Other borrowings | 150,000 | -
| 650,298 | 40,296

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 31,057 | 10,168
Hire purchase contracts | 16,992 | 16,992
| 48,049 | 27,160

Bank borrowings

Bounce Bank Loan Scheme is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 30 April 2027. The carrying amount at year end is £12,239 (2024 - £22,406). The Government guarantees 100% of this loan under the Bounce Back Loan Scheme (BBLS).
Bank Loan is denominated in sterling with a nominal interest rate of 2.2% over base rate, and the final instalment is due on 31 July 2045. The carrying amount at year end is £500,000 (2024 - £Nil). There is a freehold 1st Legal Charge over Units 1-3, Old Bush Trading Estate, Old Bush Street, Brierley Hill, West Midlands and its associated assets.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Bank loan secured by a 1st legal charge over Units 1-3, Old BushTrading Estate, Old Bush Street, Brierley Hill, West Midlands and its associated assets. Interest charged being 2.2% over base rate.

The amount falling due after five years being £407,160.