ELECTRIC STAR LORD NAPIER LTD
Registered number: 10089013
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 325,840 373,443
Current assets
Stocks 23,236 20,556
Debtors 4 44,940 39,267
Cash at bank and in hand 21,498 65,028
89,674 124,851
Creditors: amounts falling due within one year 5 (259,088) (367,540)
Net current liabilities (169,414) (242,689)
Total assets less current liabilities 156,426 130,754
Provisions for liabilities (28,062) (43,034)
Net assets 128,364 87,720
Capital and reserves
Called up share capital 100 100
Profit and loss account 128,264 87,620
Shareholders' funds 128,364 87,720
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.
R Hives
Director
Approved by the board on 27 November 2023
ELECTRIC STAR LORD NAPIER LTD
Notes to the Accounts
for the year ended 31 October 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.
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:
Computer & Office Equipment 25% Reducing Balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 21 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 163,278 393,473 556,751
Additions 41,674 26,094 67,768
At 31 October 2023 204,952 419,567 624,519
Depreciation
At 1 November 2022 16,328 166,980 183,308
Charge for the year 10,479 104,892 115,371
At 31 October 2023 26,807 271,872 298,679
Net book value
At 31 October 2023 178,145 147,695 325,840
At 31 October 2022 146,950 226,493 373,443
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,607 494
Prepayments 38,333 38,773
44,940 39,267
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,000 40,000
Trade creditors 144,971 120,196
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 130,000
Corporation tax - 26,249
Other taxes and social security costs 35,053 24,962
Accruals 49,064 26,133
259,088 367,540
6 Controlling party
The Company is ultimately controlled by Rob Hives Esq
7 Other information
ELECTRIC STAR LORD NAPIER LTD is a private company limited by shares and incorporated in England. Its registered office is:
359 Bethnal Green Road
London
E2 6LG
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