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Company registration number: 08932782
CV Electrical Limited
Unaudited filleted financial statements
31 March 2023
CV Electrical Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
CV Electrical Limited
Directors and other information
Directors Mr Darren James Royal
Mr Paul Galley
Company number 08932782
Registered office 80 Tytton Lane East
Wyberton
Boston
Lincs
PE21 7HP
Business address 80 Tytton Lane East
Wyberton
Boston
Lincs
PE21 7HP
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
CV Electrical Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of CV Electrical Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CV Electrical Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of CV Electrical Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CV Electrical Limited and state those matters that we have agreed to state to the board of directors of CV Electrical Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CV Electrical Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that CV Electrical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CV Electrical Limited. You consider that CV Electrical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CV Electrical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
6 September 2023
CV Electrical Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 36,630 32,370
_______ _______
36,630 32,370
Current assets
Stocks 5,500 26,000
Debtors 6 321,025 237,580
Cash at bank and in hand - 8,718
_______ _______
326,525 272,298
Creditors: amounts falling due
within one year 7 ( 107,292) ( 91,028)
_______ _______
Net current assets 219,233 181,270
_______ _______
Total assets less current liabilities 255,863 213,640
Creditors: amounts falling due
after more than one year 8 ( 8,116) -
Provisions for liabilities ( 7,091) ( 6,150)
_______ _______
Net assets 240,656 207,490
_______ _______
Capital and reserves
Called up share capital 9 600 600
Profit and loss account 240,056 206,890
_______ _______
Shareholders funds 240,656 207,490
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 September 2023 , and are signed on behalf of the board by:
Mr Darren James Royal
Director
Company registration number: 08932782
CV Electrical Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 80 Tytton Lane East, Wyberton, Boston, Lincs, PE21 7HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover represents the total invoice value ,of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.The total turnover of the company for the year has been derived from its principle activity wholly undertaken in the UK
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 2,841 6,223 78,131 87,195
Additions - 1,352 14,980 16,332
Disposals - - ( 15,443) ( 15,443)
_______ _______ _______ _______
At 31 March 2023 2,841 7,575 77,668 88,084
_______ _______ _______ _______
Depreciation
At 1 April 2022 1,050 2,970 50,805 54,825
Charge for the year 450 565 7,087 8,102
Disposals - - ( 11,473) ( 11,473)
_______ _______ _______ _______
At 31 March 2023 1,500 3,535 46,419 51,454
_______ _______ _______ _______
Carrying amount
At 31 March 2023 1,341 4,040 31,249 36,630
_______ _______ _______ _______
At 31 March 2022 1,791 3,253 27,326 32,370
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 308,953 230,193
Prepayments and accrued income 1,624 553
Other debtors 10,448 6,834
_______ _______
321,025 237,580
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,497 -
Trade creditors 39,617 34,774
Accruals and deferred income 2,100 1,650
Social security and other taxes 7,963 26,694
Obligations under finance leases 3,944 -
Director loan accounts 52,171 21,610
Other creditors - 6,300
_______ _______
107,292 91,028
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 8,116 -
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 600 600 600 600
_______ _______ _______ _______