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Registered number: 04361405
Electrical Plus UK Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Lewis Ballard BBB Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04361405
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,884 3,224
5,884 3,224
CURRENT ASSETS
Stocks 5 9,942 2,903
Debtors 6 28,360 91,178
Cash at bank and in hand 11,135 31,311
49,437 125,392
Creditors: Amounts Falling Due Within One Year 7 (53,594 ) (32,391 )
NET CURRENT ASSETS (LIABILITIES) (4,157 ) 93,001
TOTAL ASSETS LESS CURRENT LIABILITIES 1,727 96,225
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,471 ) (613 )
NET ASSETS 256 95,612
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 156 95,512
SHAREHOLDERS' FUNDS 256 95,612
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Page 2
For the year ending 31 January 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Keith Martin
Director
Mr Adrian Smith
Director
27/02/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Electrical Plus UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04361405 . The registered office is Unit 1, Melyn Mair Business Centre, Wentloog Avenue, South Glamorgan, CF3 2EX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 2 2
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 5,612 74,893 1,083 81,588
Additions 3,885 - - 3,885
As at 31 January 2024 9,497 74,893 1,083 85,473
Depreciation
As at 1 February 2023 4,599 72,683 1,082 78,364
Provided during the period 644 581 - 1,225
As at 31 January 2024 5,243 73,264 1,082 79,589
Net Book Value
As at 31 January 2024 4,254 1,629 1 5,884
As at 1 February 2023 1,013 2,210 1 3,224
5. Stocks
2024 2023
£ £
Stock 9,942 2,903
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 28,017 42,476
Prepayments and accrued income 343 391
Directors' loan accounts - 48,311
28,360 91,178
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,194 6,059
Corporation tax - 15,092
Other taxes and social security 504 633
VAT 15,045 9,148
Net wages 517 492
Other creditors - 1,411
Pension creditor 134 169
Accrued expenses (300 ) (613 )
Directors' loan accounts 7,500 -
Amounts owed to related parties 20,000 -
53,594 32,391
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
As at the balance sheet date the company owed the directors £7,500 (2023 : £48,311).
During the financial year, the company voted dividends of £66,014 (2023 : £48,500)
The directors shareholders of the company is also directors shareholders of CMB Electrical Limited. During the year the company owed the CMB Electrical Limited of £20,000.
10. Ultimate Controlling Party
The company's ultimate controlling party is Keith Martin and Adrian Smith by virtue of the issued share capital in the company.
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