Registered number
09625079
Whitney's Electrical Limited
Filleted Accounts
30 June 2023
Gray & Company Partners Limited
Chartered Certified Accountants & Registered Auditors
Greensleeves House
Highfield, Banstead
Surrey
SM7 3LJ
Whitney's Electrical Limited
Registered number: 09625079
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,053 15,358
Current assets
Debtors 4 90,639 123,486
Cash at bank and in hand 275,107 70,080
365,746 193,566
Creditors: amounts falling due within one year 5 (182,755) (165,028)
Net current assets 182,991 28,538
Total assets less current liabilities 199,044 43,896
Creditors: amounts falling due after more than one year 6 (21,605) (32,253)
Net assets 177,439 11,643
Capital and reserves
Called up share capital 200 200
Profit and loss account 177,239 11,443
Shareholders' funds 177,439 11,643
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.
D Whitney
Director
Approved by the board on 10 January 2024
Whitney's Electrical Limited
Notes to the Accounts
for the year ended 30 June 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 over 4 years
Motor Vans 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. 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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 376 38,671 39,047
Additions - 13,817 13,817
At 30 June 2023 376 52,488 52,864
Depreciation
At 1 July 2022 376 23,313 23,689
Charge for the year - 13,122 13,122
At 30 June 2023 376 36,435 36,811
Net book value
At 30 June 2023 - 16,053 16,053
At 30 June 2022 - 15,358 15,358
4 Debtors 2023 2022
£ £
Trade debtors 90,639 123,486
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 35,460 63,294
Corporation tax 70,478 24,031
Other taxes and social security costs 40,350 41,236
Other creditors 25,819 25,819
182,755 165,028
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,605 32,253
7 Other information
Whitney's Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
Greensleeves House
Highfield
Banstead
Surrey
SM7 3LJ
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