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COMPANY REGISTRATION NUMBER: 09254795
MJ Robinson Electrical Services Ltd
Filleted Unaudited Financial Statements
28 February 2023
MJ Robinson Electrical Services Ltd
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MJ Robinson Electrical Services Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,236
1,660
Current assets
Stocks
1,500
1,500
Debtors
6
74,688
66,232
Cash at bank and in hand
2,098
1,641
--------
--------
78,286
69,373
Creditors: amounts falling due within one year
7
40,548
23,957
--------
--------
Net current assets
37,738
45,416
--------
--------
Total assets less current liabilities
39,974
47,076
Creditors: amounts falling due after more than one year
8
39,110
45,333
--------
--------
Net assets
864
1,743
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
764
1,643
----
-------
Shareholders funds
864
1,743
----
-------
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 statement of income and retained earnings has not been delivered.
For the 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.
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 .
MJ Robinson Electrical Services Ltd
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
Mr M J Robinson
Director
Company registration number: 09254795
MJ Robinson Electrical Services Ltd
Notes to the Financial Statements
Year ended 28 February 2023
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 7 Deal Business Park, Southwall Road, Deal, Kent, CT14 9FH, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery
-
25% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual 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 it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 March 2022
5,135
17,995
3,515
26,645
Additions
1,041
1,041
-------
--------
-------
--------
At 28 February 2023
5,135
17,995
4,556
27,686
-------
--------
-------
--------
Depreciation
At 1 March 2022
5,136
17,995
1,854
24,985
Charge for the year
( 1)
466
465
-------
--------
-------
--------
At 28 February 2023
5,135
17,995
2,320
25,450
-------
--------
-------
--------
Carrying amount
At 28 February 2023
2,236
2,236
-------
--------
-------
--------
At 28 February 2022
( 1)
1,661
1,660
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
14,093
11,474
Other debtors
60,595
54,758
--------
--------
74,688
66,232
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,198
841
Trade creditors
18,727
7,274
Corporation tax
10,922
9,635
Social security and other taxes
2,878
1,897
Other creditors
4,823
4,310
--------
--------
40,548
23,957
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,110
45,333
--------
--------
9. Director's advances, credits and guarantees
At the year end the company was owed £46,841 (2022: £48,094) by the director. During the year the company made aggregate advances to the director of £45,165, the director made aggregate repayments of £47,205 and an interest of £787 was charged on the outstanding balance.