Astoria Electrical Contractors Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08531756

Astoria Electrical Contractors Limited

Filleted Unaudited Financial Statements

30 November 2022

Astoria Electrical Contractors Limited

Balance Sheet

30 November 2022

	30 Nov 22		31 May 21
Note	£	£	£

Fixed assets

Tangible assets	5		163	927

Current assets

Debtors	6	15,864	12,343
Cash at bank and in hand		3,993	1,023
		--------	--------
		19,857	13,366

Creditors: amounts falling due within one year	7	15,594		9,370
		--------		--------
Net current assets			4,263	3,996
			-------	-------
Total assets less current liabilities			4,426	4,923
			-------	-------
Net assets			4,426	4,923
			-------	-------

Capital and reserves

Called up share capital	102	102
Profit and loss account	4,324	4,821
	-------	-------
Shareholders funds	4,426	4,923
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the period ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 14 September 2023 , and are signed on behalf of the board by:

Mr R J Kiernan
Director

Company registration number: 08531756

Astoria Electrical Contractors Limited

Notes to the Financial Statements

Period from 1 June 2021 to 30 November 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% straight line
Motor Vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 3 (2021: Nil).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 June 2021 and 30 November 2022	954	3,000	3,954
	----	-------	-------
Depreciation
At 1 June 2021	627	2,400	3,027
Charge for the period	164	600	764
	----	-------	-------
At 30 November 2022	791	3,000	3,791
	----	-------	-------
Carrying amount
At 30 November 2022	163	–	163
	----	-------	-------
At 31 May 2021	327	600	927
	----	-------	-------

6. Debtors

	30 Nov 22	31 May 21
	£	£
Trade debtors	1,900	–
Other debtors	13,964	12,343
	--------	--------
	15,864	12,343
	--------	--------

7. Creditors: amounts falling due within one year

	30 Nov 22	31 May 21
	£	£
Trade creditors	–	1,055
Corporation tax	2,288	–
Social security and other taxes	–	769
Other creditors	13,306	7,546
	--------	-------
	15,594	9,370
	--------	-------

8. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	30 Nov 22	31 May 21
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	17,435	1,023
	--------	-------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	13,408	8,704
	--------	-------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	30 Nov 22	31 May 21
	£	£
Not later than 1 year	2,760	–
Later than 1 year and not later than 5 years	690	–
	-------	----
	3,450	–
	-------	----

10. Director's advances, credits and guarantees

During the period the director entered into the following advances and credits with the company:

	30 Nov 22
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr R J Kiernan	( 696)	663	( 33)
	----	----	----

	31 May 21
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr R J Kiernan	( 176)	( 520)	( 696)
	----	----	----

11. Related party transactions

Included in other creditors is a loan of £10,956 (2021 £5,385) from Team5 Limited, a company which the Mr Kiernan is also a director and a shareholder.