Source Electrical Supplies Ltd
Registered number: 07953198
Statement of Financial Position
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 5,216 3,105
Current assets
Stocks 74,000 75,000
Debtors 5 101,136 156,098
Cash at bank and in hand 9,326 20,175
184,462 251,273
Creditors: amounts falling due within one year 6 (167,700) (221,188)
Net current assets 16,762 30,085
Total assets less current liabilities 21,978 33,190
Creditors: amounts falling due after more than one year 7 (21,575) (32,500)
Provisions for liabilities (303) (590)
Net assets 100 100
Capital and reserves
Called up share capital 100 100
Shareholders' funds 100 100
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 members have 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.
S Pask
Director
Approved by the board on 12 February 2024
Source Electrical Supplies Ltd
Notes to the Accounts
for the year ended 28 February 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 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Inventories
Inventories 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, 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.
Provisions
Provisions 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 4 4
3 Government grants
During the prior year, 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 - 417
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 5,262 - 5,262
Additions - 3,850 3,850
At 28 February 2023 5,262 3,850 9,112
Depreciation
At 1 March 2022 2,157 - 2,157
Charge for the year 776 963 1,739
At 28 February 2023 2,933 963 3,896
Net book value
At 28 February 2023 2,329 2,887 5,216
At 28 February 2022 3,105 - 3,105
5 Debtors 2023 2022
£ £
Trade debtors 89,355 123,353
Prepayments 1,350 2,278
Other debtors 10,431 30,467
101,136 156,098
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,925 33,864
Obligations under finance lease and hire purchase contracts - 6,351
Trade creditors 89,662 111,878
Accruals 1,230 1,170
Corporation tax 40,263 40,725
Other taxes and social security costs 23,226 26,681
Other creditors 2,394 519
167,700 221,188
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,575 32,500
8 Loans to directors & shareholders
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Pask
Repayable on demand 19,985 2,763 19,985 2,763
19,985 2,763 19,985 2,763
9 Other information
Source Electrical Supplies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 Avondale Business Centre
Avondale Road
Fleet
GU51 3FL
Source Electrical Supplies Ltd 07953198 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 S Pask No description of principal activity 07953198 2021-03-01 2022-02-28 07953198 core:WithinOneYear 2022-02-28 07953198 core:AfterOneYear 2022-02-28 07953198 core:ShareCapital 2022-02-28 07953198 2022-03-01 2023-02-28 07953198 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07953198 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07953198 bus:Director40 2022-03-01 2023-02-28 07953198 1 2022-03-01 2023-02-28 07953198 2 2022-03-01 2023-02-28 07953198 core:PlantMachinery 2022-03-01 2023-02-28 07953198 core:Vehicles 2022-03-01 2023-02-28 07953198 bus:Director1 2022-03-01 2023-02-28 07953198 bus:Director1 1 2022-03-01 2023-02-28 07953198 countries:England 2022-03-01 2023-02-28 07953198 bus:FRS102 2022-03-01 2023-02-28 07953198 bus:FullAccounts 2022-03-01 2023-02-28 07953198 2023-02-28 07953198 core:WithinOneYear 2023-02-28 07953198 core:AfterOneYear 2023-02-28 07953198 core:ShareCapital 2023-02-28 07953198 core:PlantMachinery 2023-02-28 07953198 core:Vehicles 2023-02-28 07953198 bus:Director1 1 2023-02-28 07953198 2022-02-28 07953198 core:PlantMachinery 2022-02-28 07953198 core:Vehicles 2022-02-28 07953198 bus:Director1 1 2022-02-28 iso4217:GBP xbrli:pure