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Registered number: 12313928
Vowles Electrical Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
TaxAssist Barnstaple
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12313928
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,667 15,667
Tangible Assets 5 24,276 37,222
37,943 52,889
CURRENT ASSETS
Stocks 6 7,000 7,000
Debtors 7 7,703 5,175
Cash at bank and in hand 28,034 28,341
42,737 40,516
Creditors: Amounts Falling Due Within One Year 8 (28,556 ) (33,865 )
NET CURRENT ASSETS (LIABILITIES) 14,181 6,651
TOTAL ASSETS LESS CURRENT LIABILITIES 52,124 59,540
Creditors: Amounts Falling Due After More Than One Year 9 (9,253 ) (15,324 )
NET ASSETS 42,871 44,216
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 42,771 44,116
SHAREHOLDERS' FUNDS 42,871 44,216
Page 1
Page 2
For the year ending 31 December 2023 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
Ms Bridget Quinn
Director
18/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vowles Electrical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12313928 . The registered office is 23 Crosspark Close, Barnstaple, EX31 4AN.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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 Straight Line Over 3 Years
Motor Vehicles Straight Line Over 5 Years
Computer Equipment Straight Line Over 3 Years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 20,000
As at 31 December 2023 20,000
Amortisation
As at 1 January 2023 4,333
Provided during the period 2,000
As at 31 December 2023 6,333
Net Book Value
As at 31 December 2023 13,667
As at 1 January 2023 15,667
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 7,409 38,402 871 46,682
Disposals (6,220 ) - (534 ) (6,754 )
As at 31 December 2023 1,189 38,402 337 39,928
Depreciation
As at 1 January 2023 2,072 7,137 251 9,460
Provided during the period 393 7,680 111 8,184
Disposals (1,834 ) - (158 ) (1,992 )
As at 31 December 2023 631 14,817 204 15,652
Net Book Value
As at 31 December 2023 558 23,585 133 24,276
As at 1 January 2023 5,337 31,265 620 37,222
6. Stocks
2023 2022
£ £
Stock 7,000 7,000
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 558 1,387
Prepayments and accrued income 590 351
Other debtors 4,526 3,437
Other taxes and social security 78 -
Directors' loan accounts 1,951 -
7,703 5,175
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,070 6,070
Trade creditors 3,585 3,349
Corporation tax 12,226 9,913
Other taxes and social security - 343
VAT 5,375 7,607
Accruals and deferred income 1,300 1,215
Directors' loan accounts - 5,368
28,556 33,865
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,253 15,324
9,253 15,324
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,070 6,070
Later than one year and not later than five years 9,253 15,324
15,323 21,394
15,323 21,394
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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