Registered number
04303798
Hustings Electrical Limited
Filleted Accounts
31 October 2023
Hustings Electrical Limited
Registered number: 04303798
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 25,357 22,722
Current assets
Stocks 28,350 31,500
Debtors 5 48,078 38,975
Cash at bank and in hand 105,583 104,306
182,011 174,781
Creditors: amounts falling due within one year 6 (152,057) (161,615)
Net current assets 29,954 13,166
Total assets less current liabilities 55,311 35,888
Provisions for liabilities (3,946) (4,317)
Net assets 51,365 31,571
Capital and reserves
Called up share capital 2 2
Profit and loss account 51,363 31,569
Shareholders' funds 51,365 31,571
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.
Mrs Helen Jayne Hustings
Director
Approved by the board on 12 March 2024
Hustings Electrical Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Workshop equipment 15% Reducing balance
Motor vehicles 25% Reducing balance
Office equipment 10%/15% Reducing balance/over 3 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. 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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 and other deferred tax assets 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 30,000
At 31 October 2023 30,000
Amortisation
At 1 November 2022 30,000
At 31 October 2023 30,000
Net book value
At 31 October 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Workshop equipment Motor vehicles Office equipment Total
£ £ £ £
Cost
At 1 November 2022 28,595 23,045 23,491 75,131
Additions 625 6,500 866 7,991
At 31 October 2023 29,220 29,545 24,357 83,122
Depreciation
At 1 November 2022 17,698 20,740 13,971 52,409
Charge for the year 1,730 2,201 1,425 5,356
At 31 October 2023 19,428 22,941 15,396 57,765
Net book value
At 31 October 2023 9,792 6,604 8,961 25,357
At 31 October 2022 10,897 2,305 9,520 22,722
5 Debtors 2023 2022
£ £
Trade debtors 45,736 37,775
Other debtors 2,342 1,200
48,078 38,975
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,811 3,672
Taxation and social security costs 37,760 43,753
Other creditors 106,486 114,190
152,057 161,615
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 16,200 14,400
8 Other information
Hustings Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
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