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Company Registration No. 12493164 (England and Wales)
TIB ELECTRICAL LTD Unaudited accounts for the year ended 31 March 2023
TIB ELECTRICAL LTD Unaudited accounts Contents
Page
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TIB ELECTRICAL LTD Company Information for the year ended 31 March 2023
Director
Ion Bogdan Teodorescu
Secretary
Ion Bogdan Teodorescu
Company Number
12493164 (England and Wales)
Registered Office
80 Cedar Road Romford Essex RM7 7JU United Kingdom
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TIB ELECTRICAL LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,187 
13,268 
Current assets
Debtors
- 
900 
Cash at bank and in hand
8,061 
5,901 
8,061 
6,801 
Creditors: amounts falling due within one year
(4,303)
242 
Net current assets
3,758 
7,043 
Total assets less current liabilities
15,945 
20,311 
Creditors: amounts falling due after more than one year
(3,937)
(5,834)
Net assets
12,008 
14,477 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
12,007 
14,476 
Shareholders' funds
12,008 
14,477 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 February 2024 and were signed on its behalf by
Ion Bogdan Teodorescu Director Company Registration No. 12493164
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TIB ELECTRICAL LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
TIB ELECTRICAL LTD is a private company, limited by shares, registered in England and Wales, registration number 12493164. The registered office is 80 Cedar Road, Romford, Essex, RM7 7JU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15 % on RBM
Computer equipment
15 % on RBM
Government grants
The company obtained a Bounce Back Loan from its bankers, of £9,500 . The loan is supported by a Government guarantee of up to 80% of the loan and the first year's interest is also met by the Government. This interest is recorded in the profit and loss in the period that it is payable.
Presentation currency
The accounts are presented in £ sterling.
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TIB ELECTRICAL LTD Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
15,000 
740 
15,740 
Additions
13,819 
- 
13,819 
Disposals
(15,000)
- 
(15,000)
At 31 March 2023
13,819 
740 
14,559 
Depreciation
At 1 April 2022
2,250 
222 
2,472 
Charge for the year
2,072 
78 
2,150 
On disposals
(2,250)
- 
(2,250)
At 31 March 2023
2,072 
300 
2,372 
Net book value
At 31 March 2023
11,747 
440 
12,187 
At 31 March 2022
12,750 
518 
13,268 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
900 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
2,040 
1,900 
Trade creditors
175 
- 
Taxes and social security
1,092 
746 
Loans from directors
(4)
(3,528)
Accruals
1,000 
640 
4,303 
(242)
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
3,937 
5,834 
8
Average number of employees
During the year the average number of employees was 3 (2022: 2).
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