Registered number
04934738
Steve Wade Electrical Contractors Limited
Filleted Accounts
31 December 2023
Steve Wade Electrical Contractors Limited
Registered number: 04934738
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 750
Tangible assets 4 31,317 18,796
31,317 19,546
Current assets
Stocks 297,386 163,051
Debtors 5 171,029 99,457
Cash at bank and in hand 42,535 103,736
510,950 366,244
Creditors: amounts falling due within one year 6 (285,422) (214,729)
Net current assets 225,528 151,515
Total assets less current liabilities 256,845 171,061
Provisions for liabilities (7,131) (1,703)
Net assets 249,714 169,358
Capital and reserves
Called up share capital 100 100
Profit and loss account 249,614 169,258
Shareholders' funds 249,714 169,358
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.
Stephen Leslie Wade
Director
Approved by the board on 11 June 2024
Steve Wade Electrical Contractors Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 15,000
At 31 December 2023 15,000
Amortisation
At 1 January 2023 14,250
Provided during the year 750
At 31 December 2023 15,000
Net book value
At 31 December 2023 -
At 31 December 2022 750
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 24,934 10,199 35,133
Additions 1,197 25,495 26,692
Disposals - (9,750) (9,750)
At 31 December 2023 26,131 25,944 52,075
Depreciation
At 1 January 2023 11,021 5,316 16,337
Charge for the year 2,920 6,376 9,296
On disposals - (4,875) (4,875)
At 31 December 2023 13,941 6,817 20,758
Net book value
At 31 December 2023 12,190 19,127 31,317
At 31 December 2022 13,913 4,883 18,796
5 Debtors 2023 2022
£ £
Trade debtors 171,029 99,457
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,861 1,906
Obligations under finance lease and hire purchase contracts - 5,778
Trade creditors 247,639 226,055
Corporation tax 56,099 16,163
Other taxes and social security costs (30,065) (40,677)
Other creditors 6,888 5,504
285,422 214,729
7 Other information
Steve Wade Electrical Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Laurels Farm House
Main Street, Milton
Newark
Nottinghamshire
NG22 0PP
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