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Company Registration No. 10722995 (England and Wales)
ELECTRIC 88 LTD Unaudited accounts for the year ended 31 March 2023
ELECTRIC 88 LTD Unaudited accounts Contents
Page
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ELECTRIC 88 LTD Company Information for the year ended 31 March 2023
Director
Harry Hobbs
Company Number
10722995 (England and Wales)
Registered Office
HILL FARM CUDDESDON ROAD HORSPATH OXFORDSHIRE OX33 1JA
Accountants
J JENKIN & ASSOCIATES LIMITED POST OFFICE VAULTS 4 MARKET PLACE WANTAGE OXFORDSHIRE OX12 8AT
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ELECTRIC 88 LTD Accountants' report
Accountants' report to the director of ELECTRIC 88 LTD on the preparation of the unaudited statutory accounts for the 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 accounts of ELECTRIC 88 LTD for the year ended 31 March 2023 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of ELECTRIC 88 LTD, as a body, in accordance with the terms of our engagement letter dated 6 January 2017. Our work has been undertaken solely to prepare for your approval the accounts of ELECTRIC 88 LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ELECTRIC 88 LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that ELECTRIC 88 LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ELECTRIC 88 LTD. You consider that ELECTRIC 88 LTD 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 accounts of ELECTRIC 88 LTD. 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 accounts.
J JENKIN & ASSOCIATES LIMITED POST OFFICE VAULTS 4 MARKET PLACE WANTAGE OXFORDSHIRE OX12 8AT 5 June 2023
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ELECTRIC 88 LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
15,219 
18,519 
Current assets
Debtors
20,720 
8,928 
Cash at bank and in hand
6,215 
5,726 
26,935 
14,654 
Creditors: amounts falling due within one year
(14,640)
(14,292)
Net current assets
12,295 
362 
Total assets less current liabilities
27,514 
18,881 
Creditors: amounts falling due after more than one year
(7,780)
(11,399)
Net assets
19,734 
7,482 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
19,732 
7,480 
Shareholders' funds
19,734 
7,482 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 June 2023 and were signed on its behalf by
Harry Hobbs Director Company Registration No. 10722995
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ELECTRIC 88 LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
ELECTRIC 88 LTD is a private company, limited by shares, registered in England and Wales, registration number 10722995. The registered office is HILL FARM, CUDDESDON ROAD, HORSPATH, OXFORDSHIRE, OX33 1JA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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ELECTRIC 88 LTD Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
25,525 
2,120 
27,645 
Additions
- 
1,495 
1,495 
At 31 March 2023
25,525 
3,615 
29,140 
Depreciation
At 1 April 2022
7,839 
1,287 
9,126 
Charge for the year
4,421 
374 
4,795 
At 31 March 2023
12,260 
1,661 
13,921 
Net book value
At 31 March 2023
13,265 
1,954 
15,219 
At 31 March 2022
17,686 
833 
18,519 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
11,067 
8,928 
Other debtors
9,653 
- 
20,720 
8,928 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
(3,398)
(218)
Obligations under finance leases and hire purchase contracts
3,832 
4,277 
Trade creditors
191 
- 
Taxes and social security
(2,650)
(9,653)
Loans from directors
16,665 
19,886 
14,640 
14,292 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
7,780 
11,399 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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