Company registration number 02035607 (England and Wales)
IAN SMITH ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
IAN SMITH ELECTRICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IAN SMITH ELECTRICAL LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,501
26,315
Current assets
Stocks
15,290
10,830
Debtors
4
189,993
164,616
Cash at bank and in hand
109,167
190,190
314,450
365,636
Creditors: amounts falling due within one year
5
(136,124)
(189,226)
Net current assets
178,326
176,410
Net assets
212,827
202,725
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
212,727
202,625
Total equity
212,827
202,725

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr I P Smith
Director
Company Registration No. 02035607
IAN SMITH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Ian Smith Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is i2 Mansfield, Office Suite 0.3, Hamilton Court, Oakham Business Park, Mansfield, Nottinghamshire, NG18 5FB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable net of VAT and other sales related taxes. The policy adopted for recognition of turnover are as follows:

 

Revenue is recognised when the service has been completed or when goods are dispatched.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Furniture, fittings and equipment
20% and 33% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock where appropriate.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

IAN SMITH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

 

Debtors and creditors receivable/payable with a year

Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
14
IAN SMITH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
16,222
142,014
122,773
281,009
Additions
357
1,982
20,795
23,134
Disposals
-
0
(58,069)
(24,345)
(82,414)
At 31 July 2023
16,579
85,927
119,223
221,729
Depreciation and impairment
At 1 August 2022
15,247
141,353
98,094
254,694
Depreciation charged in the year
175
654
14,119
14,948
Eliminated in respect of disposals
-
0
(58,069)
(24,345)
(82,414)
At 31 July 2023
15,422
83,938
87,868
187,228
Carrying amount
At 31 July 2023
1,157
1,989
31,355
34,501
At 31 July 2022
975
661
24,679
26,315
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
183,208
159,618
Other debtors
6,785
4,998
189,993
164,616
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
47,167
55,104
Corporation tax
15,872
17,176
Other taxation and social security
29,705
30,582
Other creditors
43,380
86,364
136,124
189,226
IAN SMITH ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023-07-312022-08-01false17 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Joseph Kenneth SmithMr Ian Paul SmithMrs Sharon June SmithMr J K Smith020356072022-08-012023-07-31020356072023-07-31020356072022-07-3102035607core:PlantMachinery2023-07-3102035607core:ComputerEquipment2023-07-3102035607core:MotorVehicles2023-07-3102035607core:PlantMachinery2022-07-3102035607core:ComputerEquipment2022-07-3102035607core:MotorVehicles2022-07-3102035607core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3102035607core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3102035607core:CurrentFinancialInstruments2023-07-3102035607core:CurrentFinancialInstruments2022-07-3102035607core:ShareCapital2023-07-3102035607core:ShareCapital2022-07-3102035607core:RetainedEarningsAccumulatedLosses2023-07-3102035607core:RetainedEarningsAccumulatedLosses2022-07-3102035607bus:Director12022-08-012023-07-3102035607core:PlantMachinery2022-08-012023-07-3102035607core:ComputerEquipment2022-08-012023-07-3102035607core:MotorVehicles2022-08-012023-07-31020356072021-08-012022-07-3102035607core:PlantMachinery2022-07-3102035607core:ComputerEquipment2022-07-3102035607core:MotorVehicles2022-07-31020356072022-07-3102035607core:WithinOneYear2023-07-3102035607core:WithinOneYear2022-07-3102035607bus:PrivateLimitedCompanyLtd2022-08-012023-07-3102035607bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3102035607bus:FRS1022022-08-012023-07-3102035607bus:AuditExemptWithAccountantsReport2022-08-012023-07-3102035607bus:Director22022-08-012023-07-3102035607bus:Director32022-08-012023-07-3102035607bus:CompanySecretary12022-08-012023-07-3102035607bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP