Registered number
03111108
Vickery Electrical Ltd
Filleted Accounts
31 May 2023
Vickery Electrical Ltd
Registered number: 03111108
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 93,841 97,541
Current assets
Stocks 16,000 8,000
Debtors 5 277,814 523,046
Cash at bank and in hand 16,851 187,376
310,665 718,422
Creditors: amounts falling due within one year 6 (318,994) (616,993)
Net current (liabilities)/assets (8,329) 101,429
Total assets less current liabilities 85,512 198,970
Creditors: amounts falling due after more than one year 7 (18,470) (9,711)
Provisions for liabilities - deferred tax (17,438) (15,480)
Net assets 49,604 173,779
Capital and reserves
Called up share capital 100 100
Profit and loss account 49,504 173,679
Shareholders' funds 49,604 173,779
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Vickery
Director
Approved by the board on 7 November 2023
Vickery Electrical Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leashold property 10% per annum reducing balance basis
Plant, machinery and equipment 15% & 30% per annum reducing balance basis
Motor vehicles 25% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 130,000
At 31 May 2023 130,000
Amortisation
At 1 June 2022 130,000
At 31 May 2023 130,000
Net book value
At 31 May 2023 -
4 Tangible fixed assets
Leasehold property Plant and machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 41,445 46,482 136,625 224,552
Additions - - 39,139 39,139
Disposals - - (43,434) (43,434)
At 31 May 2023 41,445 46,482 132,330 220,257
Depreciation
At 1 June 2022 25,380 40,177 61,454 127,011
Charge for the year 1,607 1,202 24,761 27,570
On disposals - - (28,165) (28,165)
At 31 May 2023 26,987 41,379 58,050 126,416
Net book value
At 31 May 2023 14,458 5,103 74,280 93,841
At 31 May 2022 16,065 6,305 75,171 97,541
5 Debtors 2023 2022
£ £
Trade debtors 41,538 186,855
Work in Progress & Retentions 147,648 151,343
Current Account - Vickery Electrical Partnership 77,635 109,141
Loan account - J Vickery : repaid in July 2023 6,853 -
Other debtors 4,140 75,707
277,814 523,046
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 19,630 10,457
Trade creditors 233,013 532,608
Corporation tax - 3,581
Other taxes and social security costs 7,543 10,114
Directors' loan accounts 959 3,367
Loan accounts - Shareholders 45,878 40,057
Other creditors 11,971 16,809
318,994 616,993
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 18,470 9,711
8 Related party transactions
Vickery Electrical Partnership is jointly owned by T and J Vickery (Directors) and traded with this Company as follows:-
Sales to Vickery Electrical Partnership in the year were £7,045 (2022 £Nil).
Purchases from Vickery Electrical Partnership in the year were £43,453 (2022: £40,300).

Trade and Other creditors includes £30,000 (2022: £23,333) owing to Vickery Electrical Partnership.
9 Controlling party
The ultimate controlling parties are Mr J & Mr T Vickery (Directors), by virtue of their ownership of 60% of the issued shares.
10 Other information
Vickery Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3a Perry Way
Freebournes Industrial Estate
Witham
Essex
CM8 3SX
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