Registered number
04596255
Afan Electrical Ltd
Filleted Accounts
31 October 2023
Afan Electrical Ltd
Registered number: 04596255
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 388,993 426,542
388,993 426,542
Current assets
Stocks and work in progress 93,358 458,423
Debtors 4 1,155,879 667,534
Cash at bank and in hand 72,774 16,911
1,322,011 1,142,868
Creditors: amounts falling due within one year 5 (232,392) (205,560)
Net current assets 1,089,619 937,308
Total assets less current liabilities 1,478,612 1,363,850
Creditors: amounts falling due after more than one year 6 (123,532) (47,070)
Net assets 1,355,080 1,316,780
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,355,078 1,316,778
Shareholders' funds 1,355,080 1,316,780
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.
E A Davies
Director
Approved by the board on 30 July 2024
Afan Electrical Ltd
Notes to the Accounts
for the year ended 31 October 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Land and buildings Not depreciated
Motor vehicles 15% Reducing Balance
Plant and machinery 15% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
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 2023 2022
Number Number
Average number of persons employed by the company 15 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 188,800 316,587 356,422 861,809
Additions - - - -
Disposals - - - -
At 31 October 2023 188,800 316,587 356,422 861,809
Depreciation
At 1 November 2022 - 213,801 221,466 435,267
Charge for the year - 15,419 22,130 37,549
On disposals - - - -
At 31 October 2023 - 229,220 243,596 472,816
Net book value
At 31 October 2023 188,800 87,367 112,826 388,993
At 31 October 2022 188,800 102,786 134,956 426,542
4 Debtors 2023 2022
£ £
Trade debtors 126,947 2,929
Other debtors 1,028,932 664,605
1,155,879 667,534
Amounts due after more than one year included above 694,918 593,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 80,115 133,937
Taxation and social security costs 82,115 13,313
Other creditors 70,162 58,310
232,392 205,560
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 123,532 47,070
7 Other information
Afan Electrical Ltd is a private company limited by shares and incorporated in Wales. Its registered office is:
Unit 24
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JQ
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