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NEWMARK ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

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


NEWMARK ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: S P Markey





REGISTERED OFFICE: 1 Dimples Lane
East Morton
KEIGHLEY
West Yorkshire
BD20 5SU





REGISTERED NUMBER: 05107749 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,641 14,811

CURRENT ASSETS
Stocks 5,518 2,255
Debtors 5 51,574 25,444
Cash at bank - 8,986
57,092 36,685
CREDITORS
Amounts falling due within one year 6 61,717 38,527
NET CURRENT LIABILITIES (4,625 ) (1,842 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,016 12,969

CREDITORS
Amounts falling due after more than one
year

7

(4,334

)

(9,851

)

PROVISIONS FOR LIABILITIES 9 (2,402 ) (2,814 )
NET ASSETS 1,280 304

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,180 204
SHAREHOLDERS' FUNDS 1,280 304

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 director acknowledges his 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.

NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 February 2024 and were signed by:





S P Markey - Director


NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Newmark 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.

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 10,643 25,500 4,681 40,824
Additions 400 2,000 - 2,400
At 31 March 2023 11,043 27,500 4,681 43,224
DEPRECIATION
At 1 April 2022 9,907 12,352 3,754 26,013
Charge for year 284 3,787 499 4,570
At 31 March 2023 10,191 16,139 4,253 30,583
NET BOOK VALUE
At 31 March 2023 852 11,361 428 12,641
At 31 March 2022 736 13,148 927 14,811

The net book value of tangible fixed assets includes £ 9,861 (2022 - £ 13,148 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 51,574 25,444

NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 2,335 2,000
Hire purchase contracts 3,517 4,689
Trade creditors 31,455 19,659
Tax 4,447 3,512
Social security and other taxes (4,504 ) (3,302 )
Net Pay Control - 2,475
VAT 288 2,488
Other creditors 12,144 1,640
Directors' current accounts 9,125 3,946
Accrued expenses 2,910 1,420
61,717 38,527

The directors' loan account is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 2,000 2,000
Bank loans - 2-5 years 2,334 4,334
Hire purchase contracts - 3,517
4,334 9,851

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft 335 -
Hire purchase contracts 3,517 8,206
3,852 8,206

The bank overdraft is secured by a charge over the assets of the Company and by a personal guarantee provided by the directors.

The hire purchase debt is secured by a charge over the asset which is the subject of the agreement.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 2,402 2,814

NEWMARK ELECTRICAL LIMITED (REGISTERED NUMBER: 05107749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 2,814
Accelerated capital allowances (412 )
Balance at 31 March 2023 2,402

The entire provision for deferred taxation is in respect of accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1.00 100 100

11. ULTIMATE CONTROLLING PARTY

Mr S P Markey has a beneficial interest in the entire issued share capital and therefore controls the company.