Company Registration No. 12493164 (England and Wales)
TIB ELECTRICAL LTD
Unaudited accounts
for the year ended 31 March 2023
TIB ELECTRICAL LTD
Unaudited accounts
Contents
TIB ELECTRICAL LTD
Company Information
for the year ended 31 March 2023
Director
Ion Bogdan Teodorescu
Secretary
Ion Bogdan Teodorescu
Company Number
12493164 (England and Wales)
Registered Office
80 Cedar Road
Romford
Essex
RM7 7JU
United Kingdom
TIB ELECTRICAL LTD
Statement of financial position
as at 31 March 2023
Tangible assets
12,187
13,268
Cash at bank and in hand
8,061
5,901
Creditors: amounts falling due within one year
(4,303)
242
Net current assets
3,758
7,043
Total assets less current liabilities
15,945
20,311
Creditors: amounts falling due after more than one year
(3,937)
(5,834)
Called up share capital
1
1
Profit and loss account
12,007
14,476
Shareholders' funds
12,008
14,477
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 February 2024 and were signed on its behalf by
Ion Bogdan Teodorescu
Director
Company Registration No. 12493164
TIB ELECTRICAL LTD
Notes to the Accounts
for the year ended 31 March 2023
TIB ELECTRICAL LTD is a private company, limited by shares, registered in England and Wales, registration number 12493164. The registered office is 80 Cedar Road, Romford, Essex, RM7 7JU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15 % on RBM
Computer equipment
15 % on RBM
The company obtained a Bounce Back Loan from its bankers, of £9,500 . The loan is supported by a Government guarantee of up to 80% of the loan and the first year's interest is also met by the Government. This interest is recorded in the profit and loss in the period that it is payable.
The accounts are presented in £ sterling.
TIB ELECTRICAL LTD
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
15,000
740
15,740
Disposals
(15,000)
-
(15,000)
At 31 March 2023
13,819
740
14,559
At 1 April 2022
2,250
222
2,472
Charge for the year
2,072
78
2,150
On disposals
(2,250)
-
(2,250)
At 31 March 2023
2,072
300
2,372
At 31 March 2023
11,747
440
12,187
At 31 March 2022
12,750
518
13,268
Amounts falling due within one year
Accrued income and prepayments
-
900
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,040
1,900
Taxes and social security
1,092
746
Loans from directors
(4)
(3,528)
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 3 (2022: 2).