Electric Assisted Vehicles Limited

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Registered number: 11639420
Electric Assisted Vehicles Limited
Unaudited Financial Statements
For The Year Ended 31 March 2023
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11639420
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 277,478 198,362
277,478 198,362
CURRENT ASSETS
Stocks 5 949,651 562,210
Debtors 6 1,366,916 851,209
Cash at bank and in hand 93,969 966,684
2,410,536 2,380,103
Creditors: Amounts Falling Due Within One Year 7 (1,841,487 ) (1,366,949 )
NET CURRENT ASSETS (LIABILITIES) 569,049 1,013,154
TOTAL ASSETS LESS CURRENT LIABILITIES 846,527 1,211,516
Creditors: Amounts Falling Due After More Than One Year 8 (512,150 ) (167,814 )
NET ASSETS 334,377 1,043,702
CAPITAL AND RESERVES
Called up share capital 9 139 129
Share premium account 4,966,864 2,793,380
Profit and Loss Account (4,632,626 ) (1,749,807 )
SHAREHOLDERS' FUNDS 334,377 1,043,702
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Barmby
Director
11 March 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Electric Assisted Vehicles Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11639420 . The registered office is 337 Heyford Park Camp Road, Upper Heyford, Bicester, Oxfordshire, OX25 5HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% Reducing Balance
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2022: 19)
48 19
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2022 9,784 77,970 71,923 8,068
Additions 12,870 99,490 - 1,884
As at 31 March 2023 22,654 177,460 71,923 9,952
Depreciation
As at 1 April 2022 465 12,556 2,997 944
Provided during the period 3,820 22,046 17,231 1,604
As at 31 March 2023 4,285 34,602 20,228 2,548
Net Book Value
As at 31 March 2023 18,369 142,858 51,695 7,404
As at 1 April 2022 9,319 65,414 68,926 7,124
Computer Equipment Total
£ £
Cost
As at 1 April 2022 54,250 221,995
Additions 33,711 147,955
As at 31 March 2023 87,961 369,950
...CONTINUED
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Depreciation
As at 1 April 2022 6,671 23,633
Provided during the period 24,138 68,839
As at 31 March 2023 30,809 92,472
Net Book Value
As at 31 March 2023 57,152 277,478
As at 1 April 2022 47,579 198,362
5. Stocks
2023 2022
£ £
Finished goods 949,651 562,210
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 170,656 156,619
Prepayments and accrued income 17,394 38,523
Deferred tax current asset 1,094,641 387,578
VAT 71,490 17,312
Net wages 639 -
Directors' loan accounts 2,096 -
Amounts owed by other participating interests 10,000 251,177
1,366,916 851,209
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 695,052 152,826
Bank loans and overdrafts 30,255 23,449
Other taxes and social security 185,564 21,348
Net wages - 62,219
Other creditors 6,751 2,718
Accruals and deferred income 923,865 1,104,029
Directors' loan accounts - 360
1,841,487 1,366,949
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Trade creditors 345,899 124,923
Bank loans 166,251 42,891
512,150 167,814
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 139 129
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at the year end,the director Mr Nigel Stewart owed the company, £2,336 by way of directors loan.
11. Related Party Transactions
As at the year end, the company owed an inter company balance to it's connected companies, EAV As A Service Ltd of £10,000. The loans are unsecured, interest free and repayable on demand.
Trade Creditors include balance payable to related party BAMD Ltd of £345,899 as at the year end.
Trade Creditors include balance payable to related party John Barmby Ltd £26,050 as at the year end.
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