8 false false false false false false false false false true false false false false false false No description of principal activity 2021-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07429651 2021-12-01 2022-11-30 07429651 2022-11-30 07429651 2021-11-30 07429651 2020-12-01 2021-11-30 07429651 2021-11-30 07429651 core:MotorVehicles 2021-12-01 2022-11-30 07429651 bus:Director1 2021-12-01 2022-11-30 07429651 core:MotorVehicles 2021-11-30 07429651 core:MotorVehicles 2022-11-30 07429651 core:WithinOneYear 2022-11-30 07429651 core:WithinOneYear 2021-11-30 07429651 core:AfterOneYear 2022-11-30 07429651 core:AfterOneYear 2021-11-30 07429651 core:ShareCapital 2022-11-30 07429651 core:ShareCapital 2021-11-30 07429651 core:RetainedEarningsAccumulatedLosses 2022-11-30 07429651 core:RetainedEarningsAccumulatedLosses 2021-11-30 07429651 core:MotorVehicles 2021-11-30 07429651 bus:Director1 2021-11-30 07429651 bus:Director1 2022-11-30 07429651 bus:Director1 2020-11-30 07429651 bus:Director1 2021-11-30 07429651 bus:Director1 2020-12-01 2021-11-30 07429651 bus:SmallEntities 2021-12-01 2022-11-30 07429651 bus:AuditExemptWithAccountantsReport 2021-12-01 2022-11-30 07429651 bus:FullAccounts 2021-12-01 2022-11-30 07429651 bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-11-30 07429651 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 07429651 core:OfficeEquipment 2021-12-01 2022-11-30 07429651 core:OfficeEquipment 2022-11-30 07429651 core:OfficeEquipment 2021-11-30
COMPANY REGISTRATION NUMBER: 07429651
True Electrical Services Limited
Filleted Unaudited Financial Statements
30 November 2022
True Electrical Services Limited
Balance Sheet
30 November 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
7,797
11,426
Current assets
Debtors
6
225,339
250,696
Cash at bank and in hand
14,292
187,401
---------
---------
239,631
438,097
Creditors: amounts falling due within one year
7
114,456
124,110
---------
---------
Net current assets
125,175
313,987
---------
---------
Total assets less current liabilities
132,972
325,413
Creditors: amounts falling due after more than one year
8
119,475
155,750
---------
---------
Net assets
13,497
169,663
---------
---------
Capital and reserves
Called up share capital
101
2
Profit and loss account
13,396
169,661
--------
---------
Shareholders funds
13,497
169,663
--------
---------
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 profit and loss account has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
True Electrical Services Limited
Balance Sheet (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr S Frosdick
Director
Company registration number: 07429651
True Electrical Services Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting 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:
Motor vehicles
-
20% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 9 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2021 and 30 November 2022
18,145
417
18,562
--------
----
--------
Depreciation
At 1 December 2021
6,719
417
7,136
Charge for the year
3,629
3,629
--------
----
--------
At 30 November 2022
10,348
417
10,765
--------
----
--------
Carrying amount
At 30 November 2022
7,797
7,797
--------
----
--------
At 30 November 2021
11,426
11,426
--------
----
--------
6. Debtors
2022
2021
£
£
Trade debtors
124,875
221,858
Other debtors
100,464
28,838
---------
---------
225,339
250,696
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
39,989
22,250
Trade creditors
61,792
88,082
Corporation tax
8,849
Other creditors
12,675
4,929
---------
---------
114,456
124,110
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
119,475
155,750
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2022
2021
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
139,166
409,259
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
234,031
271,012
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
20,232
17,172
--------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S Frosdick
( 1,052)
524
( 528)
-------
----
----
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S Frosdick
( 116)
( 936)
( 1,052)
----
----
-------