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REGISTERED NUMBER: 02214168 (England and Wales)















Financial Statements for the Year Ended 31 August 2023

for

Fagan Electrical Limited

Fagan Electrical Limited (Registered number: 02214168)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fagan Electrical Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mrs C Fagan
J G Holmes
M J Savage





REGISTERED OFFICE: Highfield
School Lane
Knowsley Village
Prescot
Merseyside
L34 9ER





REGISTERED NUMBER: 02214168 (England and Wales)





ACCOUNTANTS: Cobham Murphy Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

Fagan Electrical Limited (Registered number: 02214168)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 136,291 114,615

CURRENT ASSETS
Stocks 88,444 34,211
Debtors 5 349,803 296,873
Cash at bank and in hand 390,945 411,945
829,192 743,029
CREDITORS
Amounts falling due within one year 6 183,885 187,021
NET CURRENT ASSETS 645,307 556,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

781,598

670,623

PROVISIONS FOR LIABILITIES 32,555 17,425
NET ASSETS 749,043 653,198

CAPITAL AND RESERVES
Called up share capital 2,200 2,200
Share premium 79,219 79,219
Capital redemption reserve 276 276
Retained earnings 667,348 571,503
SHAREHOLDERS' FUNDS 749,043 653,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fagan Electrical Limited (Registered number: 02214168)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





Mrs C Fagan - Director


Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Fagan Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received for electrical services excluding value added tax. Turnover is recognised on the completion of the service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress and finished goods includes all production overheads and depreciation and attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal.


Financial instruments
Directors loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 35,515 205,577 241,092
Additions - 59,561 59,561
Disposals - (37,208 ) (37,208 )
At 31 August 2023 35,515 227,930 263,445
DEPRECIATION
At 1 September 2022 27,952 98,525 126,477
Charge for year 1,421 21,287 22,708
Eliminated on disposal - (22,031 ) (22,031 )
At 31 August 2023 29,373 97,781 127,154
NET BOOK VALUE
At 31 August 2023 6,142 130,149 136,291
At 31 August 2022 7,563 107,052 114,615

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 337,522 269,277
Other debtors 12,281 27,596
349,803 296,873

Fagan Electrical Limited (Registered number: 02214168)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 38,907 42,144
Taxation and social security 114,433 110,339
Other creditors 30,545 34,538
183,885 187,021