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REGISTERED NUMBER: SC227363 (Scotland)




















City Electrics Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






City Electrics Limited (Registered number: SC227363)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 9

City Electrics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M D Lyall
M Lyall



SECRETARY: M Lyall



REGISTERED OFFICE: 16 Kedslie Place
Edinburgh
EH16 6NU



REGISTERED NUMBER: SC227363 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
1 Liberton Drive
Edinburgh
EH16 6NL

City Electrics Limited (Registered number: SC227363)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 381 2,167
381 2,167

CURRENT ASSETS
Stocks 500 500
Debtors 6 14,332 23,421
Cash at bank 1,013 1,694
15,845 25,615
CREDITORS
Amounts falling due within one year 7 19,675 25,326
NET CURRENT (LIABILITIES)/ASSETS (3,830 ) 289
TOTAL ASSETS LESS CURRENT LIABILITIES (3,449 ) 2,456

CREDITORS
Amounts falling due after more than one
year

8

-

(1,011

)

PROVISIONS FOR LIABILITIES - (412 )
NET (LIABILITIES)/ASSETS (3,449 ) 1,033

City Electrics Limited (Registered number: SC227363)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,549 ) 933
SHAREHOLDERS' FUNDS (3,449 ) 1,033

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 13 March 2024 and were signed on its behalf by:





M D Lyall - Director


City Electrics Limited (Registered number: SC227363)

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

1. STATUTORY INFORMATION

City Electrics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, less value added tax and CIS withheld. Revenue is recognised in line with performance, to the extent that a right to consideration arises. Included in current assets, as "accrued sales", are amounts in respect of income that has been recognised but not billed by the end of the period. Provision is made against unbilled amounts where the right to receive payment is contingent and dependant on factors outside the control of the company.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.


City Electrics Limited (Registered number: SC227363)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the
company will continue to trade for the foreseeable future. In order to do so the company will require
the continued support of its other creditors.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

City Electrics Limited (Registered number: SC227363)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 25,000
AMORTISATION
At 1 April 2022
and 31 March 2023 25,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 14,342
Additions 508
Disposals (1,117 )
At 31 March 2023 13,733
DEPRECIATION
At 1 April 2022 12,175
Charge for year 2,251
Eliminated on disposal (1,074 )
At 31 March 2023 13,352
NET BOOK VALUE
At 31 March 2023 381
At 31 March 2022 2,167

City Electrics Limited (Registered number: SC227363)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 8,495
DEPRECIATION
At 1 April 2022 6,371
Charge for year 2,124
At 31 March 2023 8,495
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 2,124

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,427 17,375
Other debtors 7,905 6,046
14,332 23,421

Included within other debtors is a loan to the directors. This balance is unsecured and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,011 2,427
Taxation and social security 11,261 16,227
Other creditors 7,403 6,672
19,675 25,326

City Electrics Limited (Registered number: SC227363)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 1,011

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
M D Lyall and M Lyall
Balance outstanding at start of year (447 ) (6,404 )
Amounts advanced 34,690 15,947
Amounts repaid (31,747 ) (9,990 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,496 (447 )

City Electrics Limited

Report of the Accountants to the Directors of
City Electrics Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT


13 March 2024