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Registered number: 05684330

East Lincs Electrical Ltd

ACCOUNTS
FOR THE YEAR ENDED 31/01/2024

Prepared By:
Greenhalgh Johnson Ltd
Accountants and Tax Advisers
22 High Street
Burgh le Marsh
Skegness
Lincolnshire
PE24 5JT

East Lincs Electrical Ltd

ACCOUNTS
FOR THE YEAR ENDED 31/01/2024
DIRECTORS
Miles Heston Hartley
REGISTERED OFFICE
26 South Parade
Skegness
Lincolnshire
PE25 3HW
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 05684330
BANKERS
LLoyds
ACCOUNTANTS
Greenhalgh Johnson Ltd
Accountants and Tax Advisers
22 High Street
Burgh le Marsh
Skegness
Lincolnshire
PE24 5JT

East Lincs Electrical Ltd

ACCOUNTS
FOR THEYEARENDED31/01/2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

East Lincs Electrical Ltd

BALANCE SHEET AT 31/01/2024
20242023
Notes££
FIXED ASSETS
Intangible assets230,00040,000
Tangible assets310,98213,987
40,98253,987
CURRENT ASSETS
Stock1,5004,500
Debtors516,79817,709
Cash at bank and in hand98,42780,287
116,725102,496
CREDITORS: Amounts falling due within one year6104,981107,153
NET CURRENT ASSETS / (LIABILITIES)11,744(4,657)
TOTAL ASSETS LESS CURRENT LIABILITIES52,72649,330
CREDITORS: Amounts falling due after more than one year73,0655,160
PROVISIONS FOR LIABILITIES AND CHARGES92,0872,658
NET ASSETS47,57441,512
CAPITAL AND RESERVES
Called up share capital1033
Profit and loss account47,57141,509
SHAREHOLDERS' FUNDS47,57441,512
For the year ending 31/01/2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 05/06/2024 and signed on their behalf by
.............................
Miles Heston Hartley
Director

East Lincs Electrical Ltd

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/01/2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
Fixtures and Fittingsreducing balance 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 10 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
1e. Government Grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

East Lincs Electrical Ltd

1f. Leasing Commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
1g. Basis Of Accounting FRS 1021 a
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 01/02/2023100,000100,000
At 31/01/2024100,000100,000
Depreciation
At 01/02/202360,00060,000
For the year10,00010,000
At 31/01/202470,00070,000
Net Book Amounts
At 31/01/202430,00030,000
At 31/01/202340,00040,000

East Lincs Electrical Ltd

3. TANGIBLE FIXED ASSETS
Plant andFixtures
Machineryand FittingsTotal
£££
Cost
At 01/02/202327,1254,60331,728
Additions-657657
At 31/01/202427,1255,26032,385
Depreciation
At 01/02/202313,6904,05117,741
For the year3,3603023,662
At 31/01/202417,0504,35321,403
Net Book Amounts
At 31/01/202410,07590710,982
At 31/01/202313,43555213,987
4. STOCK 20242023
££
Stock comprises:
Stock raw materials1,5004,500
1,5004,500
5. DEBTORS 20242023
££
Amounts falling due within one year
Trade debtors10,4829,121
Prepayments1,8032,195
Accrued income4,5136,393
16,79817,709

East Lincs Electrical Ltd

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
UK corporation tax14,12911,755
VAT7,3638,762
PAYE control14589
Salaries and wages control1,6613,289
Directors current account76,64071,640
Bank Loan2,0832,032
Trade creditors1,1297,163
Other creditors315315
Accruals1,6471,608
104,981107,153
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20242023
££
Loans >1yr3,0655,160
3,0655,160
8. EMPLOYEES
20242023
No.No.
Average number of employees44
9. PROVISIONS FOR LIABILITIES 20242023
££
Deferred taxation2,0872,658
2,0872,658

East Lincs Electrical Ltd

10. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
1 Class B shares of £1 each11
33
11. RELATED PARTY TRANSACTIONS
During the year the company rented an office from the Director. Rent paid amounted to £2,600 (2021: £2,600).
12. OPERATING LEASE COMMITMENTS
At the year end the company had total commitments under operating leases expiring after more than 2 years of £19,763. At the end of the primary term the company has the option to extend the agreement until 2030 at £120 per annum.