Electrobase RP Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04581317 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

FOR

ELECTROBASE RP LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D J Chapman

P Salmon

J L Stapley

T Harrison

REGISTERED OFFICE:

Unit 7, Avery Way,

Questor,

Dartford

Kent

DA1 1JZ

REGISTERED NUMBER:

04581317 (England and Wales)

ACCOUNTANTS:

Gary Sargeant + Company

Chartered Accountants

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

138,563

183,648

138,563

183,648

CURRENT ASSETS

Stocks

506,463

73,168

Debtors

1,920,765

1,322,891

Cash at bank and in hand

163,629

175,604

2,590,857

1,571,663

CREDITORS

Amounts falling due within one year

1,013,822

772,248

NET CURRENT ASSETS

1,577,035

799,415

TOTAL ASSETS LESS CURRENT LIABILITIES

1,715,598

983,063

CREDITORS

Amounts falling due after more than one year

(45,913

)

(162,209

)

PROVISIONS FOR LIABILITIES

(6,299

)

(12,086

)

NET ASSETS

1,663,386

808,768

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

1,663,286

808,668

SHAREHOLDERS' FUNDS

1,663,386

808,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 June 2015 and were signed on its behalf by:

T Harrison - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% per annum on cost

Motor vehicles

-

25% per annum on cost

Computer equipment

-

20% per annum on cost

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete

and slow moving items. Cost represents purchase price and all relevant direct costs.

Work in progress includes those contracts that are in progress at the year end and not complete.

They are included at various stages of completion and are valued at cost including all direct costs.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they

relate.

Invoice discounting

The company discounts its sales invoices. The accounting policy is to disclose the full debt within

trade debtors and the factored proceeds presented separately within creditors. Factor charges and

interest are charged to the profit and loss account as incurred.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

and 30 September 2014

82,450

AMORTISATION

At 1 October 2013

and 30 September 2014

82,450

NET BOOK VALUE

At 30 September 2014

-

At 30 September 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

830,968

Additions

28,918

At 30 September 2014

859,886

DEPRECIATION

At 1 October 2013

647,320

Charge for year

74,003

At 30 September 2014

721,323

NET BOOK VALUE

At 30 September 2014

138,563

At 30 September 2013

183,648

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

25

Ordinary A

£1

25

25

25

Ordinary B

£1

25

25

25

Ordinary C

£1

25

25

25

Ordinary D

£1

25

25

100

100

On 30 July 2014 the entire issued share capital of the company was purchased by Electrobase RP

(Holdings) Limited for a consideration of £4,279,359.

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2014

and 30 September 2013:

2014

2013

£

£

D J Chapman

Balance outstanding at start of year

-

-

Amounts advanced

560

-

Amounts repaid

-

-

Balance outstanding at end of year

560

-

P Salmon

Balance outstanding at start of year

-

-

Amounts advanced

560

-

Amounts repaid

-

-

Balance outstanding at end of year

560

-

J L Stapley

Balance outstanding at start of year

-

-

Amounts advanced

560

-

Amounts repaid

-

-

Balance outstanding at end of year

560

-

During the year the company also made advances of £560 to D Salmon a director who resigned on 30

July 2014. At the year end £460 was outstanding, included within other debtors.

On 30 July 2014 the directors sold their shares (the entire issued share capital of the company) to

Electrobase RP (Holdings) Limited.

In previous years, the directors had provided personal guarantees to HSBC guaranteeing the

company's borrowings. During the year the company switched banks, and these guarantees are no

longer in place. No such guarantees have been given to the company's new bankers by the directors.

6.	GUARANTEES AND SECURITY

Electrobase RP Limited and Electrobase RP (Holdings) Limited have provided a joint and several

cross-guarantee to Santander UK plc for the granting of various facilities.

In consideration for the granting of these facilities, Electrobase RP Limited has granted Santander UK

plc a debenture.