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Elect Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2017

Registration number: 06470405

 

Elect Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Elect Holdings Limited

Company Information

Directors

Mr M P Harding

Mr A J R Farebrother

Company secretary

Mr M P Harding

Registered office

Canada House
272 Field End Road
Eastcote
Middlesex
HA4 9NA

Accountants

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

 

Elect Holdings Limited

Balance Sheet

31 January 2017

Note

2017
£

2016
£

Fixed assets

 

Investments

4

200

200

Current assets

 

Debtors

5

485,839

522,429

Cash at bank and in hand

 

315

62,050

 

486,154

584,479

Creditors: Amounts falling due within one year

6

(482,527)

(396,922)

Net current assets

 

3,627

187,557

Net assets

 

3,827

187,757

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

3,627

187,557

Total equity

 

3,827

187,757

 

Elect Holdings Limited

Balance Sheet

31 January 2017

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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.

Approved and authorised by the Board on 31 October 2017 and signed on its behalf by:
 

.........................................

Mr M P Harding

Director

.........................................

Mr A J R Farebrother

Director

Company Registration Number: 06470405

 

Elect Holdings Limited

Notes to the Financial Statements

Year Ended 31 January 2017

1

General information

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

The address of its registered office is:
Canada House
272 Field End Road
Eastcote
Middlesex
HA4 9NA

These financial statements were authorised for issue by the Board on 31 October 2017.

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.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 February 2015. There are no material departures from FRS102.

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 value added tax and trade discounts.

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 Financial Statements

Year Ended 31 January 2017

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.

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.

Financial instruments

Classification
The company holds the following financial instruments:

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

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.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

Elect Holdings Limited

Notes to the Financial Statements

Year Ended 31 January 2017

4

Investments

2017
£

2016
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 February 2016

200

Provision

Carrying amount

At 31 January 2017

200

At 31 January 2016

200

5

Debtors

Note

2017
 £

2016
 £

Amounts due from group undertakings

8

444,614

303,814

Other debtors

 

41,225

218,615

 

485,839

522,429

6

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Trade creditors

 

711

-

Amounts due to group undertakings

8

420,509

360,187

Social security and other taxes

 

206

1,200

Other creditors

 

90

-

Accrued expenses

 

2,000

435

Corporation tax

59,011

35,100

 

482,527

396,922

 

Elect Holdings Limited

Notes to the Financial Statements

Year Ended 31 January 2017

7

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £ 1 each

200

200

200

200

         

8

Related party transactions

Advances to directors

2017

At 1 February 2016
£

Advances to director
£

Repayments by director
£

At 31 January 2017
£

Mr M P Harding

During the year, a loan existed between the director and the company. Interest has been charged at HMRC's official rate.

89,088

161,246

(240,000)

10,334

         
         

Mr A J R Farebrother

During the year, a loan existed between the director and the company. Interest has been charged at HMRC's official rate.

112,110

142,147

(240,000)

14,257

         
         

 

2016

At 1 February 2015
£

Advances to director
£

Repayments by director
£

At 31 January 2016
£

Mr M P Harding

During the year, a loan existed between the director and the company. Interest has been charged at HMRC's official rate.

-

163,338

(74,250)

89,088

         
         

Mr A J R Farebrother

During the year, a loan existed between the director and the company. Interest has been charged at HMRC's official rate.

-

142,583

(30,473)

112,110

         
         

 

9

Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 February 2015.

There were no changes to the previously stated equity as at 1 February 2015 and 31 January 2016 or in the profit for the year ended 31 January 2016 as a result of the transition to FRS102.