Registered number
04424039
Simes (Electrician) Limited
Filleted Accounts
31 May 2023
Simes (Electrician) Limited
Registered number: 04424039
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 781 1,041
Current assets
Debtors 4 7,127 12,855
Creditors: amounts falling due within one year 5 (7,276) (10,695)
Net current (liabilities)/assets (149) 2,160
Net assets 632 3,201
Capital and reserves
Called up share capital 1 1
Profit and loss account 631 3,200
Shareholders' funds 632 3,201
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.
Mr. K. Simes
Director
Approved by the board on 25 August 2023
Simes (Electrician) Limited
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, 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:
Motor Vehicle 25% Reducing Balance
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.
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 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 June 2022 16,071
At 31 May 2023 16,071
Depreciation
At 1 June 2022 15,030
Charge for the year 260
At 31 May 2023 15,290
Net book value
At 31 May 2023 781
At 31 May 2022 1,041
4 Debtors 2023 2022
£ £
Trade debtors 1,550 9,772
Other debtors 5,577 3,083
7,127 12,855
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,171 2,226
Trade creditors 150 150
Taxation and social security costs 1,894 4,061
Other creditors 4,061 4,258
7,276 10,695
6 Other information
Simes (Electrician) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hughenden
West End
Herstmonceux
East Sussex
BN27 4NL
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