SPALDING ELECTRICAL LTD


Director	FORSYTH, Steven


Registered Address	38 Broad Lane
	Moulton
	PE12 6PN


Registered Number	08367143 (England and Wales)

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.

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.

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.

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