The Electric Transport Shop Limited 05469003 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Sale, maintenance and repair of motorcycles and related parts and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 05469003 2022-06-01 2023-05-31 05469003 2023-05-31 05469003 bus:OrdinaryShareClass1 2023-05-31 05469003 core:RetainedEarningsAccumulatedLosses 2023-05-31 05469003 core:ShareCapital 2023-05-31 05469003 core:CurrentFinancialInstruments 2023-05-31 05469003 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05469003 core:Non-currentFinancialInstruments 2023-05-31 05469003 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05469003 core:FurnitureFittingsToolsEquipment 2023-05-31 05469003 core:MotorVehicles 2023-05-31 05469003 bus:SmallEntities 2022-06-01 2023-05-31 05469003 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05469003 bus:FullAccounts 2022-06-01 2023-05-31 05469003 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05469003 bus:RegisteredOffice 2022-06-01 2023-05-31 05469003 bus:Director1 2022-06-01 2023-05-31 05469003 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05469003 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05469003 core:FurnitureFittings 2022-06-01 2023-05-31 05469003 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05469003 core:MotorVehicles 2022-06-01 2023-05-31 05469003 countries:AllCountries 2022-06-01 2023-05-31 05469003 2022-05-31 05469003 core:FurnitureFittingsToolsEquipment 2022-05-31 05469003 core:MotorVehicles 2022-05-31 05469003 2021-06-01 2022-05-31 05469003 2022-05-31 05469003 bus:OrdinaryShareClass1 2022-05-31 05469003 core:RetainedEarningsAccumulatedLosses 2022-05-31 05469003 core:ShareCapital 2022-05-31 05469003 core:CurrentFinancialInstruments 2022-05-31 05469003 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05469003 core:Non-currentFinancialInstruments 2022-05-31 05469003 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05469003 core:FurnitureFittingsToolsEquipment 2022-05-31 05469003 core:MotorVehicles 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05469003

The Electric Transport Shop Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

The Electric Transport Shop Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The Electric Transport Shop Limited

(Registration number: 05469003)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,186

1,581

Current assets

 

Stocks

5

580,263

699,777

Debtors

6

13,580

5,983

Cash at bank and in hand

 

339,308

335,628

 

933,151

1,041,388

Creditors: Amounts falling due within one year

7

(380,106)

(359,098)

Net current assets

 

553,045

682,290

Total assets less current liabilities

 

554,231

683,871

Creditors: Amounts falling due after more than one year

7

(23,371)

(32,253)

Provisions for liabilities

(534)

(534)

Net assets

 

530,326

651,084

Capital and reserves

 

Called up share capital

8

6,000

6,000

Retained earnings

524,326

645,084

Shareholders' funds

 

530,326

651,084

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 

 

The Electric Transport Shop Limited

(Registration number: 05469003)
Balance Sheet as at 31 May 2023

.........................................
Eddie Kehoe
Director

 

The Electric Transport Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
118-120 Newmarket Road
Cambridge
CB5 8HE

These financial statements were authorised for issue by the director on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents
amounts receivable for goods supplied and services rendered, stated net of discounts and of Value
Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods 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.
When the outcome of a transaction involving the rendering of services can be reliably estimated,
revenue from the rendering of services is measured by reference to the stage of completion of the
service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated,
revenue is recognised only to the extent that expenses recognised are recoverable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Electric Transport Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the Income Statement, 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Electric Transport Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 11).

 

The Electric Transport Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

4,574

13,770

18,344

At 31 May 2023

4,574

13,770

18,344

Depreciation

At 1 June 2022

4,574

12,189

16,763

Charge for the year

-

395

395

At 31 May 2023

4,574

12,584

17,158

Carrying amount

At 31 May 2023

-

1,186

1,186

At 31 May 2022

-

1,581

1,581

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

580,263

699,777

6

Debtors

Current

2023
£

2022
£

Trade debtors

643

5,983

Other debtors

12,937

-

 

13,580

5,983

 

The Electric Transport Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,648

10,648

Trade creditors

 

361,388

280,571

Taxation and social security

 

2,875

62,146

Accruals and deferred income

 

1,039

1,039

Other creditors

 

4,156

4,694

 

380,106

359,098

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

23,371

32,253

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

6,000

6,000

6,000

6,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,371

32,253

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

10,648