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Logo On Report
Registered Number: 06136755
England and Wales

 

 

 

CHOICE ELECTRICAL LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Choice Electrical Ltd for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Choice Electrical Ltd for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Choice Electrical Ltd , as a body, in accordance with the terms of our engagement letter dated 25 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of Choice Electrical Ltd and state those matters that we have agreed to state to the Board of Directors of Choice Electrical Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Choice Electrical Ltd and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Choice Electrical Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Choice Electrical Ltd. You consider that Choice Electrical Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Choice Electrical Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Rivington Accounts Ltd
Bank House
6-8 Church Street
Adlington
Lancashire
PR7 4EX
25 July 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 161,282    213,163 
161,282    213,163 
Current assets      
Stocks 30,000    20,000 
Debtors 800,712    559,646 
Cash at bank and in hand 64,134    4,987 
894,846    584,633 
Creditors: amount falling due within one year (797,566)   (490,876)
Net current assets 97,280    93,757 
 
Total assets less current liabilities 258,562    306,920 
Creditors: amount falling due after more than one year (87,316)   (177,320)
Provisions for liabilities (1,431)   (3,953)
Net assets 169,815    125,647 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 169,813    125,645 
Shareholders' funds 169,815    125,647 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 July 2024 and were signed on its behalf by:


-------------------------------
Simon Almond
Director
2
General Information
Choice Electrical Ltd is a private company, limited by shares, registered in England and Wales, registration number 06136755, registration address Unit 4 Gladstone Court, Farnworth, Bolton, Greater Manchester, BL4 7EU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20 Reducing Balance
Motor Vehicles 20 Reducing Balance
Fixtures and Fittings 20 Reducing Balance
Computer Equipment 20 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 29 (2023 : 23).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 2,685    430,558    13,271    729    447,243 
Additions       374    374 
Disposals   (31,398)       (31,398)
At 31 March 2024 2,685    399,160    13,271    1,103    416,219 
Depreciation
At 01 April 2023 1,846    221,229    10,391    614    234,080 
Charge for year 168    39,461    576    26    40,231 
On disposals   (19,374)       (19,374)
At 31 March 2024 2,014    241,316    10,967    640    254,937 
Net book values
Closing balance as at 31 March 2024 671    157,844    2,304    463    161,282 
Opening balance as at 01 April 2023 839    209,329    2,880    115    213,163 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

3