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Registration number: 08355627

Lundie Electrical Limited

Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Lundie Electrical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Lundie Electrical Limited

Company Information

Director

Mr N Lundie

Registered office

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Accountants

Alextra Group Limited
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Lundie Electrical Limited

(Registration number: 08355627)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

32,730

16,555

Current assets

 

Stocks

5

1,000

3,000

Debtors

6

15,657

43,577

Cash at bank and in hand

 

3,032

15,329

 

19,689

61,906

Creditors: Amounts falling due within one year

7

(68,126)

(34,353)

Net current (liabilities)/assets

 

(48,437)

27,553

Total assets less current liabilities

 

(15,707)

44,108

Creditors: Amounts falling due after more than one year

7

(67,876)

(40,542)

Provisions for liabilities

(6,219)

(3,146)

Net (liabilities)/assets

 

(89,802)

420

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(89,902)

320

Shareholders' (deficit)/funds

 

(89,802)

420

 

Lundie Electrical Limited

(Registration number: 08355627)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the director on 10 October 2023
 

.........................................
Mr N Lundie
Director

 

Lundie Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the directors. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lundie Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Government grants

Government grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Plant and machinery

33% Reducing balance

Motor vehicles

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lundie Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2021 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

8,062

16,500

5,710

30,272

Additions

1,249

25,745

1,723

28,717

At 31 December 2022

9,311

42,245

7,433

58,989

Depreciation

At 1 January 2022

6,440

4,125

3,152

13,717

Charge for the year

1,599

9,530

1,413

12,542

At 31 December 2022

8,039

13,655

4,565

26,259

Carrying amount

At 31 December 2022

1,272

28,590

2,868

32,730

At 31 December 2021

1,622

12,375

2,558

16,555

5

Stocks

2022
£

2021
£

Other inventories

1,000

3,000

6

Debtors

2022
£

2021
£

Trade debtors

9,376

3,354

Prepayments

767

457

Other debtors

5,514

39,766

15,657

43,577

 

Lundie Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

24,995

12,480

Trade creditors

 

30,074

7,262

Taxation and social security

 

9,110

12,265

Accruals and deferred income

 

963

963

Other creditors

 

2,984

1,383

 

68,126

34,353

Creditors include net obligations under hire purchase contracts which are secured upon the associated assets.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

67,876

40,542

Creditors include net obligations under hire purchase contracts which are secured upon the associated assets.