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SPALDING ELECTRICAL LTD

Registered Number
08367143
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

SPALDING ELECTRICAL LTD
Company Information
for the year from 1 February 2022 to 31 January 2023

Director | FORSYTH, Steven

Registered Address | 38 Broad Lane
| Moulton
| PE12 6PN

Registered Number | 08367143 (England and Wales)

SPALDING ELECTRICAL LTD
Balance Sheet as at
31 January 2023

| Notes | 2023 |  | 2022
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Tangible assets | 5 |  |  | 18,189 |  |  |  | 17,085
|  |  |  | 18,189 |  |  |  | 17,085
Current assets |  |  |  |  |  |  |  |
Stocks | 6 | 20,000 |  |  |  | - |  |
Debtors | 7 | 62,287 |  |  |  | 61,937 |  |
Cash at bank and on hand |  | 575 |  |  |  | 58,582 |  |
|  | 82,862 |  |  |  | 120,519 |  |
Creditors amounts falling due within one year | 8 | (19,489) |  |  |  | (21,711) |  |
Net current assets (liabilities) |  |  |  | 63,373 |  |  |  | 98,808
Total assets less current liabilities |  |  |  | 81,562 |  |  |  | 115,893
Creditors amounts falling due after one year | 9 |  |  | (29,431) |  |  |  | (39,654)
Net assets |  |  |  | 52,131 |  |  |  | 76,239
Capital and reserves |  |  |  |  |  |  |  |
Profit and loss account |  |  |  | 52,131 |  |  |  | 76,239
Shareholders' funds |  |  |  | 52,131 |  |  |  | 76,239

- The company was entitled to exemption from audit for this reporting period 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 Director acknowledges 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 12 September 2023, and are signed on its behalf by:
FORSYTH, Steven Director Registered Company No. 08367143

SPALDING ELECTRICAL LTD
Notes to the Financial Statements
for the year ended 31 January 2023

1. | Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Compliance with applicable reporting framework
--- | ---
| The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3. | Accounting policies
--- | ---

| Property, plant and equipment policy
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

|  | Reducing balance (%)
| Plant and machinery | 25
| Fixtures and fittings | 25
| Vehicles | 25

| Stocks policy
--- | ---
| Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

| Revenue recognition policy
--- | ---
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

| Foreign currency translation and operations policy
--- | ---
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

4. | Employee information
--- | ---

|  | 2023 |  | 2022
| Average number of employees during the year | 2 |  | 2

5. | Property, plant and equipment
--- | ---

|  | Plant & machinery |  | Vehicles |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
| Cost or valuation
| At 01 February 22 | 8,813 |  | 23,540 |  | 11,469 |  | 43,822
| Additions | 5,861 |  | - |  | - |  | 5,861
| At 31 January 23 | 14,674 |  | 23,540 |  | 11,469 |  | 49,683
| Depreciation and impairment
| At 01 February 22 | 5,405 |  | 15,466 |  | 5,866 |  | 26,737
| Charge for year | 1,951 |  | 2,019 |  | 787 |  | 4,757
| At 31 January 23 | 7,356 |  | 17,485 |  | 6,653 |  | 31,494
| Net book value
| At 31 January 23 | 7,318 |  | 6,055 |  | 4,816 |  | 18,189
| At 31 January 22 | 3,408 |  | 8,074 |  | 5,603 |  | 17,085

6. | Stocks
--- | ---

|  | 2023 |  | 2022
--- | --- | --- | --- | ---
|  | £ |  | £
| Work in progress | 20,000 |  | -
| Total | 20,000 |  | -

7. | Debtors
--- | ---

|  | 2023 |  | 2022
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 35,586 |  | 49,752
| Other debtors | 26,701 |  | 12,185
| Total | 62,287 |  | 61,937

| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

8. | Creditors within one year
--- | ---

|  | 2023 |  | 2022
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 12,268 |  | 5,471
| Taxation and social security | 7,221 |  | 16,240
| Total | 19,489 |  | 21,711

| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9. | Creditors after one year
--- | ---

|  | 2023 |  | 2022
--- | --- | --- | --- | ---
|  | £ |  | £
| Bank borrowings and overdrafts | 29,431 |  | 39,654
| Total | 29,431 |  | 39,654