Allelectrics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02123632 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

ALLELECTRICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P J H Snaith

SECRETARY:

Mr D S Tunstill

REGISTERED OFFICE:

Units 2-4 Reigate Road

Buckland

Reigate

Surrey

RH2 9RE

REGISTERED NUMBER:

02123632 (England and Wales)

ACCOUNTANTS:

FLB Accountants LLP

Chartered Accountants & Registered Auditors

Global House

1 Ashley Avenue

Epsom

Surrey

KT18 5FL

FIXED ASSETS

Intangible assets

4

-

40,000

Tangible assets

5

48,136

62,493

48,136

102,493

CURRENT ASSETS

Stocks

411,168

475,870

Debtors

6

545,040

557,234

Cash at bank and in hand

373,488

137,408

1,329,696

1,170,512

CREDITORS

Amounts falling due within one year

7

(403,080

)

(337,804

)

NET CURRENT ASSETS

926,616

832,708

TOTAL ASSETS LESS CURRENT LIABILITIES

974,752

935,201

PROVISIONS FOR LIABILITIES

(9,146

)

(9,536

)

NET ASSETS

965,606

925,665

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

965,506

925,565

965,606

925,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 19 August 2021 and were signed by:

Mr P J H Snaith - Director

1.	STATUTORY INFORMATION

Allelectrics 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Material uncertainty related to going concern

We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will have in the coming months. In establishing whether to continue to report under the going concern assumption we have considered the following points:

- The impact on the day to day trade of the business

- The impact on the ability of our suppliers to meet or needs

- The impact of our staff's ability to perform their duties

- The impact on our cash position of a period of minimum activity

We have put measures in place to try to ensure the company remains a going concern but due to the potential impact of Covid-19 and how rapidly the responses to Covid-19 are developing we see it as prudent to indicate a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.

Turnover

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

Goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of the asset as follows;

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

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

Taxation

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.

Hire purchase and leasing 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 and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

400,000

AMORTISATION

At 1 September 2019

360,000

Charge for year

40,000

At 31 August 2020

400,000

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

40,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

and 31 August 2020

187,599

DEPRECIATION

At 1 September 2019

125,106

Charge for year

14,357

At 31 August 2020

139,463

NET BOOK VALUE

At 31 August 2020

48,136

At 31 August 2019

62,493

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

490,864

519,517

Other debtors

54,176

37,717

545,040

557,234

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

214,825

245,166

Taxation and social security

167,188

75,638

Other creditors

21,067

17,000

403,080

337,804

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

5,908

11,709

Between one and five years

3,956

14,509

9,864

26,218