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Registered Number: 11255261
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

NEC ELECTRICAL SUPPLIES LIMITED

Director Mr N E Cosway
Registered Number 11255261
Registered Office 10 Abbot Road
Salisbury
Wiltshire
SP1 3EA
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 383    349 
383    349 
Current assets      
Stocks 4 10,052    2,000 
Debtors: amounts falling due within one year 5 12,040    16,594 
Cash at bank and in hand 617    1,253 
22,709    19,847 
Creditors: amount falling due within one year 6 (23,068)   (19,975)
Net current liabilities (359)   (128)
 
Total assets less current liabilities 24    221 
Net assets 24    221 
 

Capital and reserves
     
Called up share capital 7 10    10 
Profit and loss account 14    211 
Shareholder's funds 24    221 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 01 November 2023 and were signed by:


-------------------------------
Mr N E Cosway
Director
2
General Information
NEC Electrical Supplies Limited is a private company, limited by shares, registered in England and Wales, registration number 11255261, registration address 10 Abbot Road, Salisbury, Wiltshire, SP1 3EA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:   

Plant and Machinery 20% Straight Line
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 April 2022 436    436 
Additions 149    149 
Disposals  
At 31 March 2023 585    585 
Depreciation
At 01 April 2022 87    87 
Charge for year 115    115 
On disposals  
At 31 March 2023 202    202 
Net book values
Closing balance as at 31 March 2023 383    383 
Opening balance as at 01 April 2022 349    349 


4.

Stocks

2023
£
  2022
£
Work in Progress 8,052   
Stocks 2,000    2,000 
10,052    2,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 920   
CIS Tax 11,120    16,594 
12,040    16,594 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,324    1,110 
Corporation Tax 16,752    15,149 
Accrued Expenses   979 
Directors' Current Accounts 4,992    2,737 
23,068    19,975 

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
10 Ordinary shares of £1.00 each 10    10 
10    10 

8.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr N E Cosway(4,992)(2,737)

The loan to the director is interest free with no fixed date of repayment.
9.

Dividend

During the year, total dividends of £37,180 (2022 - £36,960) were paid to the director.
3