Imperial Electrical Solutions Ltd
Registered number: 13219770
Statement of Financial Position
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 7,380 9,840
Tangible assets 4 8,953 11,314
16,333 21,154
Current assets
Debtors 5 23,821 19,002
Cash at bank and in hand 73,223 45,435
97,044 64,437
Creditors: amounts falling due within one year 6 (49,224) (51,337)
Net current assets 47,820 13,100
Total assets less current liabilities 64,153 34,254
Provisions for liabilities (1,701) (2,150)
Net assets 62,452 32,104
Capital and reserves
Called up share capital 100 100
Profit and loss account 62,352 32,004
Shareholder's funds 62,452 32,104
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 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.
Mr A Gooden
Director
Approved by the board on 17 November 2023
Imperial Electrical Solutions Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 12,300
At 28 February 2023 12,300
Amortisation
At 1 March 2022 2,460
Provided during the year 2,460
At 28 February 2023 4,920
Net book value
At 28 February 2023 7,380
At 28 February 2022 9,840
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 15,085
Additions 624
At 28 February 2023 15,709
Depreciation
At 1 March 2022 3,771
Charge for the year 2,985
At 28 February 2023 6,756
Net book value
At 28 February 2023 8,953
At 28 February 2022 11,314
5 Debtors 2023 2022
£ £
Trade debtors 15,925 10,509
Prepayments 348 -
Other debtors 7,548 8,493
23,821 19,002
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 314 1,729
Accruals 1,015 970
Corporation tax 16,310 12,751
Other taxes and social security costs 3,832 3,427
Other creditors 27,753 32,460
49,224 51,337
7 Other information
Imperial Electrical Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
41 Holbeck
Bracknell
Berkshire
RG12 8XE
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