Registered number
10578507
Adept Electrical South LTD
Unaudited Filleted Accounts
30 January 2023
Adept Electrical South LTD
Registered number: 10578507
Balance Sheet
as at 30 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 44,036 3,246
Current assets
Stocks 42,499 1,925
Debtors 4 229,425 50,024
Cash at bank and in hand 120,121 9,041
392,045 60,990
Creditors: amounts falling due within one year 5 (135,217) (41,114)
Net current assets 256,828 19,876
Total assets less current liabilities 300,864 23,122
Creditors: amounts falling due after more than one year 6 (25,820) (22,500)
Provisions for liabilities (7,980) -
Net assets 267,064 622
Capital and reserves
Called up share capital 1 1
Profit and loss account 267,063 621
Shareholder's funds 267,064 622
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Hook
Director
Approved by the board on 16 October 2023
Adept Electrical South LTD
Notes to the Accounts
for the year ended 30 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 20% reducing balance
Tools and equipment 20% reducing balance
Office equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Office equipment Tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 31 January 2022 86 2,440 7,000 9,526
Additions 378 1,280 45,154 46,812
Disposals - - (7,000) (7,000)
At 30 January 2023 464 3,720 45,154 49,338
Depreciation
At 31 January 2022 3 1,624 4,653 6,280
Charge for the year 67 206 3,638 3,911
On disposals - - (4,889) (4,889)
At 30 January 2023 70 1,830 3,402 5,302
Net book value
At 30 January 2023 394 1,890 41,752 44,036
At 30 January 2022 83 816 2,347 3,246
4 Debtors 2023 2022
£ £
Trade debtors 129,062 13,165
Other debtors 100,363 36,859
229,425 50,024
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 15,362 -
Trade creditors 23,022 16,723
Taxation and social security costs 75,871 11,981
Director's current account 2,649 -
Other creditors 12,313 6,410
135,217 41,114
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,781 22,500
Obligations under finance lease and hire purchase contracts 9,039 -
25,820 22,500
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S. Hook
Overdrawn Loan Account 22,531 44,820 (70,000) (2,649)
22,531 44,820 (70,000) (2,649)
8 Controlling party
The company is ultimately controlled by S. Hook.
9 Other information
Adept Electrical South LTD is a private company limited by shares and incorporated in England. Its registered office is:
22 Bramshaw Gardens
Bournemouth
Dorset
BH8 0BS
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