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Company Registration No. SC524662 (Scotland)
DM Electrical Limited Unaudited accounts for the year ended 31 December 2023
DM Electrical Limited Unaudited accounts Contents
Page
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DM Electrical Limited Company Information for the year ended 31 December 2023
Director
Douglas Merrick
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
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DM Electrical Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
58,301 
40,401 
Current assets
Inventories
450 
600 
Debtors
12,304 
15,693 
Cash at bank and in hand
23,688 
20,670 
36,442 
36,963 
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)
Net assets
19,519 
21,650 
Capital and reserves
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
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DM Electrical Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Plant & machinery
3 Years
Motor vehicles
4 Years
Computer equipment
3 Years
Deferred taxation
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.
Leased assets
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.
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DM Electrical Limited Notes to the Accounts for the year ended 31 December 2023
Financial instruments
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 
Depreciation
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 
Net book value
At 31 December 2023
817 
56,193 
442 
849 
58,301 
At 31 December 2022
1,423 
38,652 
- 
326 
40,401 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
50,193 
30,403 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,997 
1,392 
Trade debtors
678 
2,320 
Accrued income and prepayments
675 
- 
Other debtors
8,954 
11,981 
12,304 
15,693 
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 
Other creditors
324 
279 
Loans from directors
7,769 
133 
Accruals
600 
600 
34,147 
29,688 
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.
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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 
£ 
£ 
Bank loans
2,210 
3,726 
Obligations under finance leases and hire purchase contracts
37,328 
20,401 
39,538 
24,127 
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 
2023 
2022 
£ 
£ 
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 
9
Share capital
2023 
2022 
£ 
£ 
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).
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