Registered number
SC326388
Quigley Electrical Contractors Limited
Filleted Accounts
29 February 2024
Quigley Electrical Contractors Limited
Registered number: SC326388
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,055 18,397
Current assets
Stocks 1,674 566
Debtors 4 70,039 40,778
Cash at bank and in hand 182,547 181,635
254,260 222,979
Creditors: amounts falling due within one year 5 (60,848) (49,475)
Net current assets 193,412 173,504
Total assets less current liabilities 208,467 191,901
Creditors: amounts falling due after more than one year 6 (30,556) (36,667)
Net assets 177,911 155,234
Capital and reserves
Called up share capital 100 100
Profit and loss account 177,811 155,134
Shareholders' funds 177,911 155,234
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.
Jonathan Devoy
Director
Approved by the board on 9 April 2024
Quigley Electrical Contractors Limited
Notes to the Accounts
for the year ended 29 February 2024
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:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 3,954 21,471 25,425
Additions 1,443 - 1,443
At 29 February 2024 5,397 21,471 26,868
Depreciation
At 1 March 2023 1,998 5,030 7,028
Charge for the year 676 4,109 4,785
At 29 February 2024 2,674 9,139 11,813
Net book value
At 29 February 2024 2,723 12,332 15,055
At 28 February 2023 1,956 16,441 18,397
4 Debtors 2024 2023
£ £
Trade debtors 70,039 40,778
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,167 4,167
Trade creditors 8,775 9,668
Taxation and social security costs 43,055 31,204
Other creditors 4,851 4,436
60,848 49,475
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,556 36,667
7 Other information
Quigley Electrical Contractors Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
17 Flowerhill Street
Airdrie
ML6 6AP
Quigley Electrical Contractors Limited SC326388 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts October 2023 release 2 Jonathan Devoy No description of principal activity SC326388 2022-03-01 2023-02-28 SC326388 core:WithinOneYear 2023-02-28 SC326388 core:AfterOneYear 2023-02-28 SC326388 core:ShareCapital 2023-02-28 SC326388 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC326388 2023-03-01 2024-02-29 SC326388 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC326388 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC326388 bus:Director40 2023-03-01 2024-02-29 SC326388 1 2023-03-01 2024-02-29 SC326388 2 2023-03-01 2024-02-29 SC326388 core:PlantMachinery 2023-03-01 2024-02-29 SC326388 core:Vehicles 2023-03-01 2024-02-29 SC326388 countries:England 2023-03-01 2024-02-29 SC326388 bus:FRS102 2023-03-01 2024-02-29 SC326388 bus:FullAccounts 2023-03-01 2024-02-29 SC326388 2024-02-29 SC326388 core:WithinOneYear 2024-02-29 SC326388 core:AfterOneYear 2024-02-29 SC326388 core:ShareCapital 2024-02-29 SC326388 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC326388 core:PlantMachinery 2024-02-29 SC326388 core:Vehicles 2024-02-29 SC326388 2023-02-28 SC326388 core:PlantMachinery 2023-02-28 SC326388 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure