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Company registration number:
10976175
TWB Electrical Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2023
TWB Electrical Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of TWB Electrical Limited
Year ended
30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
TWB Electrical Limited
for the year ended
30 September 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
TWB Electrical Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
TWB Electrical Limited
and state those matters that we have agreed to state to the Board of Directors of
TWB Electrical Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
TWB Electrical Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
TWB Electrical Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
TWB Electrical Limited
. You consider that
TWB Electrical Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TWB Electrical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8
Laceby Business Park
Laceby
North East Lincs
DN37 7DP
United Kingdom
Date:
21 March 2024
TWB Electrical Limited
Statement of Financial Position
30 September 2023
20232022
Note££
Fixed assets    
Tangible assets 5
38,535
 
29,421
 
Current assets    
Stocks
36,275
 
41,220
 
Debtors 6
92,384
 
93,191
 
Cash at bank and in hand
8,090
 
15,545
 
136,749
 
149,956
 
Creditors: amounts falling due within one year 7
(102,882
)
(30,536
)
Net current assets
33,867
 
119,420
 
Total assets less current liabilities 72,402   148,841  
Provisions for liabilities
(4,254
)
(5,590
)
Net assets
68,148
 
143,251
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
68,146
 
143,249
 
Shareholders funds
68,148
 
143,251
 
For the year ending
30 September 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 March 2024
, and are signed on behalf of the board by:
E Bell
Director
Company registration number:
10976175
TWB Electrical Limited
Notes to the Financial Statements
Year ended
30 September 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Corner House Church Street
,
Nettleton
,
Market Rasen
,
Lincolnshire
,
LN7 6NP
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in the transition to FRS 102 note.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
20% reducing balance
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
Land and buildings
2% Straight line

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 stocks to their present location and condition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
11
(2022:
8.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 October 2022
-  
66,475
 
66,475
 
Additions
16,147
 
755
 
16,902
 
At
30 September 2023
16,147
 
67,230
 
83,377
 
Depreciation      
At
1 October 2022
-  
37,054
 
37,054
 
Charge
323
 
7,465
 
7,788
 
At
30 September 2023
323
 
44,519
 
44,842
 
Carrying amount      
At
30 September 2023
15,824
 
22,711
 
38,535
 
At 30 September 2022 -  
29,421
 
29,421
 

6 Debtors

20232022
££
Trade debtors
69,252
 
72,698
 
Other debtors
23,132
 
20,493
 
92,384
 
93,191
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
94,682
 
1,650
 
Taxation and social security
5,563
 
26,693
 
Other creditors
2,637
 
2,193
 
102,882
 
30,536
 

8 Transition to FRS 102

These are the first financial statements that comply with FRS 102 Section 1A. The company transitioned to FRS 102 on 1 October 2021.
This has affected the previously reported financial position as follows:
At 1 October 2021At 30 September 2022
££
Reconciliation of equity    
Capital and reserves (as previously stated) 116,194   148,841  
Provision for liabilities (7,146 ) (5,590 )
Capital and reserves (restated)
109,048
 
143,251