Company Registration No. 10905710 (England and Wales)
ELITE ELECTRICAL & AUTOMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
ELITE ELECTRICAL & AUTOMATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ELITE ELECTRICAL & AUTOMATION LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
579
1,233
Current assets
Stocks
900
900
Debtors
4
20,395
56,833
Cash at bank and in hand
66,855
60,842
88,150
118,575
Creditors: amounts falling due within one year
5
(20,488)
(44,991)
Net current assets
67,662
73,584
Net assets
68,241
74,817
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
68,141
74,717
Total equity
68,241
74,817
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 May 2022 and are signed on its behalf by:
Mr C Fowler
Mr G Freeman
Director
Director
Company Registration No. 10905710
ELITE ELECTRICAL & AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 2 -
1
Accounting policies
Company information
Elite Electrical & Automation Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line
The gain 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 credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ELITE ELECTRICAL & AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ELITE ELECTRICAL & AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020 and 31 October 2021
2,728
Depreciation and impairment
At 1 November 2020
1,495
Depreciation charged in the year
654
At 31 October 2021
2,149
Carrying amount
At 31 October 2021
579
At 31 October 2020
1,233
ELITE ELECTRICAL & AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
20,295
56,733
Other debtors
100
100
20,395
56,833
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
7,074
10,872
Taxation and social security
11,537
31,426
Other creditors
1,877
2,693
20,488
44,991
6
Financial commitments, guarantees and contingent liabilities
The company has entered into an agreement with Barclays Bank Plc where bank facilities are secured by debenture which secures monies due or becoming due by way of a fixed, and by way of floating charge which covers all the property or undertaking of the company not subject to fixed charge.
7
Related party transactions
Transactions with related parties
During the year Elite Southern Supplies Ltd, a company of which C M Fowler and G Freeman are directors, raised invoices to the company in relation to rent and service charge of £30,818 (2020 - £43,942). At the year end, the company owed Elite Southern Supplies Ltd £1,608 (2020 - £3,374) which is included in creditors due within one year. No interest is being charged on the balance.
During the year the company raised invoices to Elite Southern Supplies Ltd, a company of which C M Fowler and G Freeman are directors, in relation to labour and stock of £88,598 (2020 - £311,707). At the year end Elite Southern Supplies Ltd owed the company £5,924 (2020 - £46,560) which is included in trade debtors. No interest is being charged on the balance.