Registered number
04534430
M.I ELECTRICAL & DATA LIMITED
Filleted Accounts for the year ended
30 September 2023
M.I ELECTRICAL & DATA LIMITED
Registered number: 04534430
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,791 4,585
Current assets
Debtors 4 47,251 53,023
Cash at bank and in hand 41,644 57,975
88,895 110,998
Creditors: amounts falling due within one year 5 (82,004) (92,885)
Net current assets 6,891 18,113
Total assets less current liabilities 22,682 22,698
Creditors: amounts falling due after more than one year 6 (17,171) (26,741)
Net assets/(liabilities) 5,511 (4,043)
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,411 (4,143)
Shareholders' funds 5,511 (4,043)
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.
I R Schooley
Director
Approved by the board on 23 April 2024
M.I ELECTRICAL & DATA LIMITED
Notes to the Accounts
for the year ended 30 September 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.
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 25% Reducing balance
Fixtures, fittings, tools and equipment 25% Reducing balance
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).
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.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 48,390
Additions 16,470
At 30 September 2023 64,860
Depreciation
At 1 October 2022 43,805
Charge for the year 5,264
At 30 September 2023 49,069
Net book value
At 30 September 2023 15,791
At 30 September 2022 4,585
4 Debtors 2023 2022
£ £
Trade debtors 46,558 52,393
Other debtors 693 630
47,251 53,023
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,389 10,389
Trade creditors 4,544 9,697
Taxation and social security costs 20,486 18,070
Directors loan 37,803 28,925
VAT 3,927 19,024
Accruals 2,065 2,065
Other creditors 2,790 4,715
82,004 92,885
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,171 26,741
7 Transactions with the director
As at 30th September 2023 the directors, I R Schooley and M J Woolcott, were owed £37,803 (2022: £28,925) by the company. This loan was made on an interest free basis.

During the year the directors I R Schooley and M J Woolcott who own 50% of the company each, received dividends totalling £74,860 (2022: £74,860).
8 Controlling party
There is no one controlling party. The directors, I R Schooley and M J Woolcott, hold 50% of the shares each.
9 Other information
M.I ELECTRICAL & DATA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit F1, Addington Business Centre
Vulcan Way
New Addington
Croydon
CR0 9UG
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