Registered number
12436160
A & J Electrical Engineering Ltd
Unaudited Filleted Accounts
31 January 2024
A & J Electrical Engineering Ltd
Registered number: 12436160
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 288,941 247,167
Current assets
Stocks 26,500 18,500
Debtors 4 426,393 489,153
Cash at bank and in hand 18,307 7,818
471,200 515,471
Creditors: amounts falling due within one year 5 (441,142) (393,939)
Net current assets 30,058 121,532
Total assets less current liabilities 318,999 368,699
Creditors: amounts falling due after more than one year 6 (115,934) (146,332)
Provisions for liabilities (38,774) (30,720)
Net assets 164,291 191,647
Capital and reserves
Called up share capital 2 2
Profit and loss account 164,289 191,645
Shareholders' funds 164,291 191,647
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.
Jack Banbury
Director
Approved by the board on 14 May 2024
A & J Electrical Engineering Ltd
Notes to the Accounts
for the year ended 31 January 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). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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.
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
Plant and machinery 25% 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/creditors
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 13 11
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 276,216 134,000 410,216
Additions 110,259 29,450 139,709
Disposals (4,300) - (4,300)
At 31 January 2024 382,175 163,450 545,625
Depreciation
At 1 February 2023 114,869 48,180 163,049
Charge for the year 67,096 27,614 94,710
On disposals (1,075) - (1,075)
At 31 January 2024 180,890 75,794 256,684
Net book value
At 31 January 2024 201,285 87,656 288,941
At 31 January 2023 161,347 85,820 247,167
4 Debtors 2024 2023
£ £
Trade debtors 386,678 463,478
Other debtors 39,715 25,675
426,393 489,153
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,551 9,309
Obligations under finance lease and hire purchase contracts 94,267 63,953
Trade creditors 307,017 231,909
Taxation and social security costs 26,774 67,044
Other creditors 2,533 21,724
441,142 393,939
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,564 22,594
Obligations under finance lease and hire purchase contracts 102,370 123,738
115,934 146,332
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 10,500 3,300
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest free loan, repayable on demand 23,005 40,980 (37,034) 26,951
Director
Interest free loan, repayable on demand (3,381) 114,342 (101,551) 9,410
19,624 155,322 (138,585) 36,361
9 Other information
A & J Electrical Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2, Clannaborough Barton
Bow
Crediton
Devon
EX17 6DA
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