Elect Holdings Limited - Period Ending 2022-01-31

Elect Holdings Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Elect Holdings Limited

Company Information

Director

Mr M P Harding

Company secretary

Mr M P Harding

Registered office

Jubilee Place 6 High Road Ickenham UB10 8LJ

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Elect Holdings Limited

Balance Sheet

31 January 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	200	200
Current assets
Debtors	5	998,472	795,582
Cash at bank and in hand		16,704	199,984
		1,015,176	995,566
Creditors: Amounts falling due within one year	6	(805,762)	(871,124)
Net current assets		209,414	124,442
Total assets less current liabilities		209,614	124,642
Creditors: Amounts falling due after more than one year	6	(50,000)	(50,000)
Net assets		159,614	74,642
Capital and reserves
Called up share capital	7	100	112
Capital redemption reserve		100	88
Profit and loss account		159,414	74,442
Shareholders' funds		159,614	74,642

Elect Holdings Limited

Balance Sheet

31 January 2022

For the financial year ending 31 January 2022 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2022
 

......................................... Mr M P Harding Director

Company Registration Number: 06470405

Elect Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

1	General information

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

The address of its registered office is:
Jubilee Place
6 High Road
Ickenham
UB10 8LJ

These financial statements were authorised for issue by the director on 31 October 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

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

In the opinion of the director, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax .

The company recognises revenue when the value of services provided to date can be reliably measured.

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 corporation 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.

Elect Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Bank loans.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4	Investments

	2022 £	2021 £
Investments in subsidiaries	200	200

Elect Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

Subsidiaries	£
Cost or valuation
At 1 February 2021	200
Provision
Carrying amount
At 31 January 2022	200
At 31 January 2021	200

5

Debtors

	2022 £	2021 £
Amounts due from group undertakings	732,930	610,123
Other debtors	265,542	185,459
	998,472	795,582

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Amounts due to group undertakings	717,850	797,696
Taxation and social security	85,726	70,064
Other creditors	161	1,614
Accruals and deferred income	2,025	1,750
	805,762	871,124

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	50,000	50,000

Elect Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2022

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	112	112	112	112

8	Loans and borrowings

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	50,000	50,000