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COMPANY REGISTRATION NUMBER: 06413859
M.L.S. Electrics Limited
Filleted Unaudited Financial Statements
31 October 2023
M.L.S. Electrics Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
131,621
19,750
Current assets
Stocks
7,000
5,175
Debtors
6
91,658
103,847
Cash at bank and in hand
140,840
182,635
---------
---------
239,498
291,657
Creditors: amounts falling due within one year
7
71,358
53,002
---------
---------
Net current assets
168,140
238,655
---------
---------
Total assets less current liabilities
299,761
258,405
Provisions
Taxation including deferred tax
2,735
2,885
---------
---------
Net assets
297,026
255,520
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
296,926
255,420
---------
---------
Shareholders funds
297,026
255,520
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M.L.S. Electrics Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr M L Stango
Director
Company registration number: 06413859
M.L.S. Electrics Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
15% reducing balance
Motor vehciles
-
20% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
10,212
23,501
10,187
43,900
Additions
113,818
3,071
116,889
Disposals
( 308)
( 308)
---------
--------
--------
---------
At 31 October 2023
124,030
23,501
12,950
160,481
---------
--------
--------
---------
Depreciation
At 1 November 2022
4,948
13,073
6,129
24,150
Charge for the year
1,180
2,086
1,449
4,715
Disposals
( 5)
( 5)
---------
--------
--------
---------
At 31 October 2023
6,128
15,159
7,573
28,860
---------
--------
--------
---------
Carrying amount
At 31 October 2023
117,902
8,342
5,377
131,621
---------
--------
--------
---------
At 31 October 2022
5,264
10,428
4,058
19,750
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
87,989
46,346
Other debtors
3,669
57,501
--------
---------
91,658
103,847
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,648
6,323
Corporation tax
29,054
19,852
Social security and other taxes
24,229
16,883
Other creditors
4,427
9,944
--------
--------
71,358
53,002
--------
--------
8. Director's advances, credits and guarantees
During the year the director repaid the brought forward loan of £36,387 in full. Interest at HM Revenue and Customs's official rate is chargeable on the loan which is unsecured and repayable on demand.