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COMPANY REGISTRATION NUMBER: 07969649
Mike's Electrical Supplies Ltd
Filleted Unaudited Financial Statements
31 March 2023
Mike's Electrical Supplies Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Mike's Electrical Supplies Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
158,356
144,263
Current assets
Stocks
84,811
84,406
Debtors
6
624,095
650,158
Cash at bank and in hand
6,713
72,194
---------
---------
715,619
806,758
Creditors: amounts falling due within one year
7
653,608
649,463
---------
---------
Net current assets
62,011
157,295
---------
---------
Total assets less current liabilities
220,367
301,558
Creditors: amounts falling due after more than one year
8
84,199
141,152
Provisions
Taxation including deferred tax
10,326
4,611
---------
---------
Net assets
125,842
155,795
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
20,000
20,000
Profit and loss account
104,842
134,795
---------
---------
Shareholders funds
125,842
155,795
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mike's Electrical Supplies Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
R J Lewis
Director
Company registration number: 07969649
Mike's Electrical Supplies Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mikes Electrical Supplies Unit 6, Deal Business Park, Southwall Road, Deal, Kent, CT14 9FH, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
140,000
126
14,092
9,000
23,078
186,296
Additions
18,119
419
18,538
Disposals
( 2,429)
( 2,429)
---------
----
--------
--------
--------
---------
At 31 Mar 2023
140,000
126
14,092
27,119
21,068
202,405
---------
----
--------
--------
--------
---------
Depreciation
At 1 Apr 2022
62
12,826
9,000
20,145
42,033
Charge for the year
32
714
1,132
877
2,755
Disposals
( 739)
( 739)
---------
----
--------
--------
--------
---------
At 31 Mar 2023
94
13,540
10,132
20,283
44,049
---------
----
--------
--------
--------
---------
Carrying amount
At 31 Mar 2023
140,000
32
552
16,987
785
158,356
---------
----
--------
--------
--------
---------
At 31 Mar 2022
140,000
64
1,266
2,933
144,263
---------
----
--------
--------
--------
---------
Tangible assets held at valuation
The freehold property was valued at 30 April 2021 by the Directors of the company.
6. Debtors
2023
2022
£
£
Trade debtors
269,006
295,069
Other debtors
355,089
355,089
---------
---------
624,095
650,158
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,508
21,673
Trade creditors
413,966
457,816
Corporation tax
58,890
47,138
Social security and other taxes
4,989
7,906
Other creditors
142,255
114,930
---------
---------
653,608
649,463
---------
---------
The bank loans disclosed under creditors falling due within one year are secured by the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
84,199
141,152
--------
---------
The bank loans disclosed under creditors falling due after more than one year are secured by the company.
9. Related party transactions
At the year end the company owed the Directors £62,086 (2022: £56,603). At the balance sheet date the company owed £78,000 (2022: £58,000) to companies related by virtue of common control. During the year dividends of £72,000 (2022: £72,000) were paid to the Directors of the company.