Company Registration No. SC524662 (Scotland)
DM Electrical Limited
Unaudited accounts
for the year ended 31 December 2023
DM Electrical Limited
Unaudited accounts
Contents
DM Electrical Limited
Company Information
for the year ended 31 December 2023
Company Number
SC524662 (Scotland)
Registered Office
92 Clement Rise
Livingston
EH54 6JZ
Scotland
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
DM Electrical Limited
Statement of financial position
as at 31 December 2023
Tangible assets
58,301
40,401
Cash at bank and in hand
23,688
20,670
Creditors: amounts falling due within one year
(34,147)
(29,688)
Net current assets
2,295
7,275
Total assets less current liabilities
60,596
47,676
Creditors: amounts falling due after more than one year
(39,538)
(24,127)
Provisions for liabilities
Deferred tax
(1,539)
(1,899)
Called up share capital
1
1
Profit and loss account
19,518
21,649
Shareholders' funds
19,519
21,650
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2024 and were signed on its behalf by
Douglas Merrick
Director
Company Registration No. SC524662
DM Electrical Limited
Notes to the Accounts
for the year ended 31 December 2023
DM Electrical Limited is a private company, limited by shares, registered in Scotland, registration number SC524662. The registered office is 92 Clement Rise, Livingston, EH54 6JZ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 Years
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
DM Electrical Limited
Notes to the Accounts
for the year ended 31 December 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
2,543
60,615
-
390
63,548
Additions
208
26,590
532
666
27,996
At 31 December 2023
2,751
87,205
532
1,056
91,544
At 1 January 2023
1,120
21,963
-
64
23,147
Charge for the year
814
9,049
90
143
10,096
At 31 December 2023
1,934
31,012
90
207
33,243
At 31 December 2023
817
56,193
442
849
58,301
At 31 December 2022
1,423
38,652
-
326
40,401
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
50,193
30,403
Amounts falling due within one year
Accrued income and prepayments
675
-
Other debtors
8,954
11,981
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
1,516
1,484
Obligations under finance leases and hire purchase contracts
6,418
11,960
Trade creditors
7,657
7,380
Taxes and social security
9,863
7,852
Loans from directors
7,769
133
A Bounce Back Loan of £3,726 is outstanding, of which £1,516 is due to be repaid within one year. The amounts due under finance leases are secured on the assets being financed.
DM Electrical Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
37,328
20,401
A Bounce Back Loan of £3,726 is outstanding, of which £2,210 is due to be repaid after more than one year. The amounts due under finance leases are secured on the assets being financed.
8
Deferred taxation
2023
2022
Accelerated capital allowances
1,539
1,899
Provision at start of year
1,899
180
(Credited)/charged to the profit and loss account
(360)
1,719
Provision at end of year
1,539
1,899
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Average number of employees
During the year the average number of employees was 6 (2022: 4).