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COMPANY REGISTRATION NUMBER: 05357272
A.G. Electricals Limited
Filleted Unaudited Financial Statements
31 January 2023
A.G. Electricals Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
6,677
8,384
Current assets
Stocks
200
200
Debtors
5
266
1,030
Cash at bank and in hand
2,419
1,245
------------
------------
2,885
2,475
Creditors: amounts falling due within one year
6
( 10,475)
( 12,736)
------------
------------
Net current liabilities
( 7,590)
( 10,261)
------------
------------
Total assets less current liabilities
( 913)
( 1,877)
Provisions
Taxation including deferred tax
( 1,269)
( 1,593)
------------
------------
Net liabilities
( 2,182)
( 3,470)
------------
------------
A.G. Electricals Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 2,184)
( 3,472)
------------
------------
Shareholders deficit
( 2,182)
( 3,470)
------------
------------
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.
For the year ending 31 January 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 were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr A P Greening
Director
Company registration number: 05357272
A.G. Electricals Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stubbs Farm, Mockerkin, Cockermouth, Cumbria, CA13 0ST, United Kingdom.
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 goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet 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:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.
4. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
4,321
14,000
18,321
Additions
455
455
------------
------------
------------
At 31 January 2023
4,776
14,000
18,776
------------
------------
------------
Depreciation
At 1 February 2022
3,812
6,125
9,937
Charge for the year
193
1,969
2,162
------------
------------
------------
At 31 January 2023
4,005
8,094
12,099
------------
------------
------------
Carrying amount
At 31 January 2023
771
5,906
6,677
------------
------------
------------
At 31 January 2022
509
7,875
8,384
------------
------------
------------
5. Debtors
2023
2022
£
£
Other debtors
266
1,030
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
110
Corporation tax
1,449
13
Other creditors
8,916
12,723
------------
------------
10,475
12,736
------------
------------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A P Greening
( 11,069)
3,847
( 7,222)
------------
------------
------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A P Greening
( 15,653)
4,584
( 11,069)
------------
------------
------------