PRC Electrical Ltd
Registered number: 06587868
Statement of Financial Position
as at 31 May 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 13,339 17,277
Cash at bank and in hand 1,711 250
15,050 17,527
Creditors: amounts falling due within one year 5 (7,196) (8,733)
Net current assets 7,854 8,794
Total assets less current liabilities 7,854 8,794
Creditors: amounts falling due after more than one year 6 (7,750) (8,680)
Net assets 104 114
Capital and reserves
Called up share capital 100 100
Profit and loss account 4 14
Shareholder's funds 104 114
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.
Peter Chandler
Director
Approved by the board on 5 February 2024
PRC Electrical Ltd
Notes to the Accounts
for the year ended 31 May 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. Turnover includes revenue earned from the rendering of services. 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.
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 Government grants
The company received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2023 2022
£ £
Business interruption payments - 155
4 Debtors 2023 2022
£ £
Trade debtors 3,420 1,440
Accrued income - 320
Other debtors 9,919 15,517
13,339 17,277
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,395 2,378
Trade creditors 717 840
Accruals 1,056 1,008
Corporation tax 3,228 3,424
Other taxes and social security costs - 283
Other creditors 800 800
7,196 8,733
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,750 8,680
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Peter Chandler
Repayable on demand 12,986 - 7,174 5,812
12,986 - 7,174 5,812
8 Other information
PRC Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Shute Close
Hayling Island
Hampshire
PO11 9FS
PRC Electrical Ltd 06587868 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts April 2022 Peter Chandler No description of principal activity 06587868 2021-06-01 2022-05-31 06587868 core:WithinOneYear 2022-05-31 06587868 core:AfterOneYear 2022-05-31 06587868 core:ShareCapital 2022-05-31 06587868 core:RetainedEarningsAccumulatedLosses 2022-05-31 06587868 2022-06-01 2023-05-31 06587868 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06587868 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06587868 bus:Director40 2022-06-01 2023-05-31 06587868 1 2022-06-01 2023-05-31 06587868 2 2022-06-01 2023-05-31 06587868 bus:Director1 2022-06-01 2023-05-31 06587868 bus:Director1 1 2022-06-01 2023-05-31 06587868 countries:England 2022-06-01 2023-05-31 06587868 bus:FRS102 2022-06-01 2023-05-31 06587868 bus:FullAccounts 2022-06-01 2023-05-31 06587868 2023-05-31 06587868 core:WithinOneYear 2023-05-31 06587868 core:AfterOneYear 2023-05-31 06587868 core:ShareCapital 2023-05-31 06587868 core:RetainedEarningsAccumulatedLosses 2023-05-31 06587868 bus:Director1 1 2023-05-31 06587868 2022-05-31 06587868 bus:Director1 1 2022-05-31 iso4217:GBP xbrli:pure