Registered number
SC153560
GENERAL ELECTRICAL SUPPLIES LTD
Filleted Accounts
31 October 2023
GENERAL ELECTRICAL SUPPLIES LTD
Registered number: SC153560
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,971 3,646
Current assets
Stocks 90,922 76,000
Debtors 4 96,578 134,427
Cash at bank and in hand 95,288 149,627
282,788 360,054
Creditors: amounts falling due within one year 5 (119,266) (189,010)
Net current assets 163,522 171,044
Total assets less current liabilities 167,493 174,690
Creditors: amounts falling due after more than one year 6 (30,800) (40,823)
Net assets 136,693 133,867
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 126,693 123,867
Shareholders' funds 136,693 133,867
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.
Craig Forrest
Director
Approved by the board on 21 February 2024
GENERAL ELECTRICAL SUPPLIES LTD
Notes to the Accounts
for the year ended 31 October 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 15% reducing balance
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.
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 November 2022 15,151
Additions 1,026
At 31 October 2023 16,177
Depreciation
At 1 November 2022 11,505
Charge for the year 701
At 31 October 2023 12,206
Net book value
At 31 October 2023 3,971
At 31 October 2022 3,646
4 Debtors 2023 2022
£ £
Trade debtors 96,578 134,427
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,750 4,725
Trade creditors 99,196 159,647
Taxation and social security costs 13,450 23,085
Other creditors 1,870 1,553
119,266 189,010
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,023
Other creditors 15,800 15,800
30,800 40,823
7 Other information
GENERAL ELECTRICAL SUPPLIES LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
Unit 5
25 Motrose Avenue
Hillington Park
Glasgow
G52 4LA
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