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Registration number: 03769187

Terry Baker Electrical Contractor Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Terry Baker Electrical Contractor Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Terry Baker Electrical Contractor Limited

Company Information

Directors

Mr T R Baker

Mrs C A Baker

Company secretary

Mrs C A Baker

Registered office

130A Godinton Road
Ashford
Kent
TN23 1LJ

 

Terry Baker Electrical Contractor Limited

(Registration number: 03769187)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

314,194

314,344

 

314,194

314,344

Current assets

 

Stocks

71,340

66,673

Debtors

6

352,182

266,434

Cash at bank and in hand

 

341,322

177,370

 

764,844

510,477

Creditors: Amounts falling due within one year

7

(258,733)

(237,846)

Net current assets

 

506,111

272,631

Total assets less current liabilities

 

820,305

586,975

Creditors: Amounts falling due after more than one year

7

-

(6,074)

Provisions for liabilities

(26,504)

(19,674)

Net assets

 

793,801

561,227

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

793,799

561,225

Total equity

 

793,801

561,227

 

Terry Baker Electrical Contractor Limited

(Registration number: 03769187)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:





 

.........................................

Mr T R Baker

Director

.........................................

Mrs C A Baker

Director

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
130A Godinton Road
Ashford
Kent
TN23 1LJ

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:

- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants in income when the conditions attached to a grant are met, and the company has reasonable assurance that the grant will be received. Where a government grant is unconditional then the company recognises the grant in income when it is receivable. If a government grant is received before the conditions attached to it are satisfied, the grant is recognised as a liability, and only released to income once the conditions are met.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred taxation is calculated with reference to the tax rates expected to apply when the timing differences crystallise, based on current tax rates and law.

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and impairment

Depreciation is charged so as to write off the cost of tangible assets less any estimated residual value, other than freehold land, over their estimated useful economic lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line, per annum

Fixtures and fittings

25% reducing balance, per annum

Motor vehicles

25% reducing balance, per annum

Office equipment

25% reducing balance, per annum

Tangible assets are subject to annual impairment reviews.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life.

Amortisation and impairment

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life, as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line, per annum

Intangible assets are subject to annual impairment reviews.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to profit or loss account as incurred.

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

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.

Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 26).

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 March 2022

151,455

151,455

At 28 February 2023

151,455

151,455

Amortisation

At 1 March 2022

151,455

151,455

At 28 February 2023

151,455

151,455

Carrying amount

At 28 February 2023

-

-

At 28 February 2022

-

-

5

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost

At 1 March 2022

253,276

9,640

225,902

40,000

528,818

Additions

-

-

35,320

-

35,320

Disposals

-

-

(17,545)

-

(17,545)

At 28 February 2023

253,276

9,640

243,677

40,000

546,593

Depreciation

At 1 March 2022

25,330

9,311

142,217

37,616

214,474

Charge for the year

2,533

82

29,477

596

32,688

Eliminated on disposals

-

-

(14,763)

-

(14,763)

At 28 February 2023

27,863

9,393

156,931

38,212

232,399

Carrying amount

At 28 February 2023

225,413

247

86,746

1,788

314,194

At 28 February 2022

227,946

329

83,685

2,384

314,344

6

Debtors

Current

2023
£

2022
£

Trade debtors

332,608

243,635

Prepayments

19,574

16,007

Other debtors

-

6,792

 

352,182

266,434

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,074

63,926

Trade creditors

 

79,920

105,895

Taxation and social security

 

130,987

34,794

Accruals and deferred income

 

24,508

18,217

Other creditors

 

17,244

15,014

 

258,733

237,846

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

6,074

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,074

63,926

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

6,074

 

Terry Baker Electrical Contractor Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

9

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr T R Baker

-

468

(468)

-

         
       

Mrs C A Baker

-

1,659

(1,659)

-

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mrs C A Baker

-

325

(325)

-

         
       

 

Other transactions with directors

Advances made to the directors and debit balances on directors' loan accounts are unsecured, interest-free and repayable on the company's demand.