Registered number
05888629
FORTUNA ELECTRICAL CONTRACTORS LTD
Filleted Accounts
31 July 2023
FORTUNA ELECTRICAL CONTRACTORS LTD
Registered number: 05888629
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,701 1,648
Current assets
Stocks 17,520 13,000
Debtors 4 7,796 3,003
Cash at bank and in hand 17,920 41,834
43,236 57,837
Creditors: amounts falling due within one year 5 (30,855) (26,517)
Net current assets 12,381 31,320
Total assets less current liabilities 46,082 32,968
Creditors: amounts falling due after more than one year 6 (26,355) (44,073)
Provisions for liabilities (6,403) (313)
Net assets/(liabilities) 13,324 (11,418)
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,224 (11,518)
Shareholders' funds 13,324 (11,418)
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.
Maciej Fortuna
Director
Approved by the board on 23 February 2024
FORTUNA ELECTRICAL CONTRACTORS LTD
Notes to the Accounts
for the year ended 31 July 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 from the rendering of services is recognised by reference to the stage of completion of the contract.
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, vans and equipment over 4 years
Computer equipment over 4 years
Stocks
Stocks 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 (which is usually the invoice price), 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.
Taxation
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 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. Current and deferred tax liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 2,286 25,191 27,477
Additions - 39,150 39,150
Disposals - (25,191) (25,191)
At 31 July 2023 2,286 39,150 41,436
Depreciation
At 1 August 2022 638 25,191 25,829
Charge for the year 572 6,525 7,097
On disposals - (25,191) (25,191)
At 31 July 2023 1,210 6,525 7,735
Net book value
At 31 July 2023 1,076 32,625 33,701
At 31 July 2022 1,648 - 1,648
4 Debtors 2023 2022
£ £
Trade debtors 7,796 3,003
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 18,631 10,948
Taxation and social security costs 8,224 11,535
Other creditors, shareholders loans - 34
30,855 26,517
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,219 12,073
Other creditors, shareholders loans 18,136 32,000
26,355 44,073
7 Other information
FORTUNA ELECTRICAL CONTRACTORS LTD is a private company limited by shares and incorporated in England. Its registered office is:
5 Angel Walk
Hammersmith
London
W6 9HX
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