Registered number
04156314
East Finchley Electrical Contractors Limited
Unaudited Filleted Accounts
29 February 2024
East Finchley Electrical Contractors Limited
Registered number: 04156314
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,000 6,000
Tangible assets 4 267,311 287,862
270,311 293,862
Current assets
Stocks 79,000 82,500
Debtors 5 103,997 155,471
Cash at bank and in hand 114,882 63,963
297,879 301,934
Creditors: amounts falling due within one year 6 (49,319) (35,349)
Net current assets 248,560 266,585
Total assets less current liabilities 518,871 560,447
Provisions for liabilities (12,575) (9,114)
Net assets 506,296 551,333
Capital and reserves
Called up share capital 2 2
Profit and loss account 506,294 551,331
Shareholder's funds 506,296 551,333
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Constantine Loizou
Director
Approved by the board on 16 August 2024
East Finchley Electrical Contractors Limited
Notes to the Accounts
for the year ended 29 February 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).
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.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.
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:
Land and buildings Not provided
Plant and machinery 20% on 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
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.
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 7 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 60,000
At 29 February 2024 60,000
Amortisation
At 1 March 2023 54,000
Provided during the year 3,000
At 29 February 2024 57,000
Net book value
At 29 February 2024 3,000
At 28 February 2023 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 203,536 216,890 420,426
Disposals - (11,245) (11,245)
At 29 February 2024 203,536 205,645 409,181
Depreciation
At 1 March 2023 - 132,564 132,564
Charge for the year - 15,944 15,944
On disposals - (6,638) (6,638)
At 29 February 2024 - 141,870 141,870
Net book value
At 29 February 2024 203,536 63,775 267,311
At 28 February 2023 203,536 84,326 287,862
Freehold land and buildings: 2024 2023
£ £
Historical cost 203,536 203,536
Cumulative depreciation based on historical cost - -
203,536 203,536
Land and Building were valued on an open market basis on 28 February 2024 by the director.
5 Debtors 2024 2023
£ £
Trade debtors 15,497 16,471
Prepayments 3,500 3,500
Amounts recoverable on contracts 85,000 135,500
103,997 155,471
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 20,756 10,458
Other taxes and social security costs 23,537 20,291
Accrued expenses 4,600 4,600
Director's loan accounts 426 -
49,319 35,349
7 Other information
East Finchley Electrical Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
16 Aylmer Parade
Aylmer Road
London
N2 0PE
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