Registered number
05305052
ElectrAssure Limited
Unaudited Filleted Accounts
30 June 2023
ElectrAssure Limited
Registered number: 05305052
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 64,821 29,733
Investments 5 100 -
64,921 29,733
Current assets
Stocks 5,886 2,317
Debtors 6 895,194 434,354
Cash at bank and in hand 215,349 192,150
1,116,429 628,821
Creditors: amounts falling due within one year 7 (743,341) (275,573)
Net current assets 373,088 353,248
Total assets less current liabilities 438,009 382,981
Creditors: amounts falling due after more than one year 8 (100,722) (135,649)
Provisions for liabilities (9,732) (7,433)
Net assets 327,555 239,899
Capital and reserves
Called up share capital 150 150
Profit and loss account 327,405 239,749
Shareholders' funds 327,555 239,899
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.
Mr L Davies
Director
Approved by the board on 17 November 2023
ElectrAssure Limited
Notes to the Accounts
for the year ended 30 June 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). The accounts are stated in sterling.
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.
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:
Right of use assets over 4 years
Motor vehicles over 4 years or lease term
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 3 years
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. Any losses arising from impairment are recognised in the profit and loss account under administrative expenses.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 12 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 23,000
At 30 June 2023 23,000
Amortisation
At 1 July 2022 23,000
At 30 June 2023 23,000
Net book value
At 30 June 2023 -
4 Tangible fixed assets
Right of use assets Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 16,350 20,922 37,272
Additions 27,279 25,851 15,000 68,130
Disposals - - (15,000) (15,000)
At 30 June 2023 27,279 42,201 20,922 90,402
Depreciation
At 1 July 2022 - 6,374 1,165 7,539
Charge for the year 1,383 9,685 8,740 19,808
On disposals - - (1,766) (1,766)
At 30 June 2023 1,383 16,059 8,139 25,581
Net book value
At 30 June 2023 25,896 26,142 12,783 64,821
At 30 June 2022 - 9,976 19,757 29,733
5 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 100
At 30 June 2023 100
6 Debtors 2023 2022
£ £
Trade debtors 798,625 345,983
Other debtors 96,569 88,371
895,194 434,354
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 47,453 42,913
Obligations under finance lease and hire purchase contracts 9,149 3,610
Trade creditors 256,424 89,262
Taxation and social security costs 193,507 95,089
Other creditors 236,808 44,699
743,341 275,573
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 71,172 118,625
Obligations under finance lease and hire purchase contracts 29,550 17,024
100,722 135,649
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 69,065 38,865
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr L Davies
Loans of £5,848 in aggregate (2022 - £37,005). £14,681 was repaid in aggregate (2022 - £40,158). Maximum outstanding during the period was £9,384 (2022 - £36,163). Interest free, unsecured and repayable on demand. 8,833 5,848 (14,681) -
Mr A Davies
Loans of £37,771 in aggregate (2022 - £42,759). £55,899 was repaid in aggregate (2022 - £58,928) . Maximum outstanding during the period was £25,568 (2022 - £70,229). Interest free, unsecured and repayable on demand. 18,128 37,771 (55,899) -
26,961 43,619 (70,580) -
11 Other information
ElectrAssure Limited is a private company limited by shares and incorporated in England. Its registered office is:
Exeter House
1 Amoy Way
Letchworth Garden City
Hertfordshire
SG6 1UG
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